ETH是数字白银？Bitfinex：以太坊ETF将吸引1到2成的比特币ETF资金

Bitfinex分析师提供了一个历史例子，说明基金经理人如何在多个相关ETF之间转移资金以平衡风险。黄金ETF的推出提供了历史上的相似之处，因为当新的黄金ETF推出时，它们吸引了大量投资，进而影响了与黄金相关的现有金融产品的流向。同样的，以太坊ETF的推出可能会导致基金经理人重新分配资金来平衡他们对比特币和以太坊的曝险。

Bitfinex analysts provide a historical example of how fund managers can transfer funds between multiple related ETFs in order to balance risks. The launch of the gold ETF provides historical similarities, as when the new ETF was launched, they attracted significant investments, which in turn affected the flow of existing gold-related financial products.

第一个黄金现货ETF于2004年11月推出，当时SPDR Gold Trust(GLD)在纽约证券交易所首次亮相，该ETF彻底改变了黄金交易，为投资者提供了一种便捷且流动性强的方式来投资黄金，而无需实质(物理上)持有，当2006年第一个白银ETF推出时，投资者增加了这些部位并将资金转移到其中，特别是由于工业用途对白银的需求不断增加。

When the first gold spot ETF was launched in November 2004, when SPDR Gold Trust (GLD) showed its first appearance on the New York Stock Exchange, the ETF completely changed the gold trade, providing investors with an easy and liquid way to invest in gold without having to hold it physically, and when the first silver ETF was launched in 2006, investors increased these shares and transferred funds to it, particularly because of the increasing demand for silver for industrial use.

因此他推测，若以太坊现货ETF正式推出，将可捕获目前流向比特币ETF的10-20%的资金。

He therefore assumed that if the ETF was officially launched as a spot in the Taiku, 10-20 per cent of the funds currently flowing to ETF in Bitcoin would be captured.

当人们一直把比特币视于数字黄金，拥有像黄金一样的避险价值。将以太币类比为白银的方式也有其道理，因为白银和黄金都是贵重金属，在古代都曾被视为货币，然而，白银也是重要的工业金属，它的导电性与导热率在金属中名列前矛，所以白银在电子电气、感光材料、医药化工等工业生产都有广泛的应用。

When bitcoin has always been regarded as digital gold, and has the same value as gold. There is also reason to compare it to silver, because silver and gold are precious metals, which in ancient times were considered to be currencies, but silver is also an important industrial metal whose conductivity and heat rates are among the leading spears in metals, so that it is widely used in industrial production such as electronics, light-sighting materials, pharmaceuticals, etc.

而相对于比特币的支付应用，ETH具有更多实用性和嵌入式应用程序，也支持着以太币被喻为数字白银的重要理由。

ETH has more practical and embedded applications than payment applications in Bitcoin, and also supports the important reason that the tautco is described as digital silver.

不过Balchunas预估以太坊现货ETF的表现，约有10%比特币现货ETF的成绩就已经是相当不错了。

Balchunas, however, predicted that some 10 per cent of the spot ETF performance was already quite good.