TechFlow reported on July 23 that investors were more cautious before the launch of Ethereum ETF in the United States, in stark contrast to the enthusiasm before the launch of Bitcoin ETF. The main problem is that the U.S. Securities and Exchange Commission (SEC) has ruled out Ethereum's "staking" mechanism, which allows users to get rewards by locking up Ether to help protect the network.
Under current regulations, the SEC only allows ETFs to hold regular, uncollateralized Ethereum. CoinShares analyst McClurg pointed out: "Institutional investors who pay attention to Ethereum know that staking can earn returns." He described this situation as a bond manager wanting to buy bonds but not wanting to earn interest, which deviates from the original intention of buying bonds. McClurg believes that investors will continue to pledge Ethereum outside of ETFs to earn returns, rather than paying fees to hold Ethereum in ETFs.
