Recently, this round of ETF applications indeed shows promise. AAVE and UNI, as leading projects in the DeFi space, have their values closely tied to on-chain lending and trading activity, while ZEC focuses on privacy use cases to meet the privacy needs of specific users. Interestingly, the products also include tokens from emerging public chains like NEAR and SUI, which clearly indicates a bet on the development potential of next-generation blockchain infrastructure.

From a allocation logic perspective, 60% of the holdings are direct token holdings, while 40% are held indirectly through compliant ETP products. This design is quite clever—it maintains the purity of actual asset exposure while enhancing liquidity and compliance through regulated products, and also leaves room for risk hedging or yield enhancement via derivatives.

From a regulatory progress standpoint, this institution has been adopting a gradual approach. Starting from early index funds, moving to applications for single-asset ETFs, then facing setbacks with multi-asset schemes, and now launching single-asset strategy ETFs. Each step tests the SEC’s bottom line, gradually expanding the scope of crypto assets that can be included.

If such products are truly approved smoothly, it would be quite significant. Institutional investors will be able to directly allocate to DeFi ecosystem tokens through formal channels, not limited to Bitcoin and Ethereum. This could lead to more diversified capital flows into crypto assets and is a key step in building a robust crypto financial system.