#数字货币市场洞察 💥Wall Street is changing its attitude toward crypto assets. In just over a month at the end of 2025, spot ETFs for coins like Solana, XRP, and Dogecoin—which were once dismissed by traditional finance—have successively launched on the NYSE and Nasdaq. In contrast, while it took nearly a decade for the Bitcoin ETF to get approved, these new coins went from application to official trading in just six months. The rule change came rather suddenly.

🚨The problem is, there’s a strange disconnect in the market. These ETFs have absorbed over $700 million in capital, but the prices of the corresponding coins have actually dropped by more than 20%. Why? Part of the reason is pretty old-school—retail investors bought the dip during the "will it get approved" phase, and once approval came, they started selling off and taking profits. Another backdrop is economic pressure: strong US employment data has eliminated any room for rate cuts, making things tough for all risk assets.

📈There’s also a hidden issue that’s easy to overlook: altcoins inherently have weak liquidity. Compared to Bitcoin’s tens of billions in trading depth, many coins only have a few billion, so when big money comes in, prices start jumping around. That said, from a long-term perspective, ETFs are still a milestone-level turning point.

🔍The market ecosystem is starting to stratify. Coins with ETF channels—Bitcoin, Ethereum, Solana, XRP, Dogecoin—are now in the first tier, enjoying a "compliance premium" and able to attract licensed advisors and pension funds. Other Layer 1 and DeFi tokens, without this access, still have to rely on retail investors and on-chain trading. Interestingly, Bitwise’s Solana ETF is trying to distribute staking rewards to ETF holders; if it works, it will be as attractive as stock dividends, offering a cash flow.

🧣What happens next? The market is indeed in a downward cycle right now, but projects like Avalanche and Chainlink are also working on compliance materials, hoping to copy this path. The crypto market is being forcefully pushed into a new stage: from a world driven by stories and speculation, to a professional field driven by compliance licenses and institutional allocation. It’s tough right now, but long-term structural change is already on the table.