2025年加密貨幣ETF新焦點：今個夏季有望推出的十大基金

2025年夏季很大機會成為加密貨幣交易所買賣基金（ETF）突破性發展的季節，市場焦點已不再只集中於比特幣和以太幣。年初美國監管機構已分別在一月及初夏批准多隻現貨比特幣和以太幣ETF，為一波山寨幣ETF申請潮揭開序幕。

頂級分析師幾乎可肯定，未來數月內將有多隻涵蓋主流山寨幣、甚至新型區塊鏈代幣的現貨加密ETF取得批准。有評論更形容這是「加密ETF夏季」，首隻美國山寨幣ETF已經登場，其餘ETF的審批機會正急速攀升。如果這些ETF如預期於今個夏季尾前陸續上市，將會標誌着加密世界進一步滲透至主流金融市場，讓投資者可以透過熟悉的投資平台，接觸更廣泛的數碼資產。

到底哪些即將面世的加密ETF最令人期待？以下精選10隻被業界普遍預計有望於今個夏季（2025年）前上市的加密ETF，當中包括聚焦熱門Layer-1公鏈、經典迷因幣、創新DeFi代幣，以及橫跨多種加密貨幣的指數基金。我們將逐一分析各ETF的申請狀況、專家對其審批機率的看法、推出背後的驅動力，以及對加密市場和傳統投資者可能帶來的影響。

1. Solana（SOL）ETF——領跑山寨幣ETF熱潮

Solana引領着山寨幣ETF的浪潮。於2025年7月初，美國首隻山寨幣ETF面世——正是以Solana為標的。ETF發行商REX Shares推出的REX-Osprey Solana Staking ETF（編號：SSK），成為美國市場首個持有及質押加密貨幣（Solana）以爭取收益的基金。該「staked SOL」ETF採用靈活的架構（1940年投資公司法下的C-corp），得以繞過現貨ETF的一般SEC審批程序。分析指出，REX透過同意將40%基金資產投放於其他受監管產品，巧妙迴避監管難題，成功讓Solana ETF火速登場。正如Bloomberg的Eric Balchunas所言，這次首隻山寨幣ETF上市，「一切準備就緒」。

Solana ETF成功登場，進一步鞏固未來現貨Solana ETF將很快推出的信心。事實上，多間資產管理公司早於上市前已經提交現貨SOL ETF申請。過去一年，VanEck、21Shares、Bitwise、Grayscale、Canary、Franklin Templeton等均提出Solana ETF計劃。這些ETF預期會如同比特幣ETF般，採一對一託管SOL代幣，反映Solana市價走勢。業界普遍認為SEC現階段傾向批出其中一個或多個SOL基金。彭博情報最近更把Solana現貨ETF的審批機率調升至90–95%，主因是監管機構參與度提升及比特幣／以太幣ETF已定下先例。換言之，現貨SOL ETF獲批已是「何時、不是是否」的問題。

「準備迎接山寨幣ETF夏季。」Balchunas於六月在分析SEC動態後如此總結。另一名ETF分析師亦指出，審批只是「何時的問題，而非是否」。

為何選Solana？ 作為最大型的智能合約平台之一，Solana生態活躍（包括DeFi、NFTs、Web3應用等），經常被視為以太坊最大競爭對手。其網絡以高吞吐量、低手續費見稱，吸引大量開發者及用戶。再加上穩居市值前十，為機構產品提供強而有力的理據。唯一疑慮是，Solana會否因過往代幣銷售或去中心化討論被監管定性為證券。然而，Solana期貨已成功獲批——CME亦將於2025年推出SOL期貨，反映監管當局無礙其作為投資資產。事實上，Solana ETF基建發展急速。2025年初已有兩隻以SOL期貨為依據的ETF（SOLZ和SOLT）在美國掛牌，如今首隻現貨產品（SSK）亦已上市。種種發展均顯示，現貨Solana ETF「蓄勢待發」。

預期影響： Solana ETF獲批意義重大。首先，讓習慣在受規管股市操作的投資者更方便投資SOL，毋須接觸加密交易所或自行託管，有望吸引新資金湧入，納斯達克分析預計Solana基金若獲批，資金流入或高達30至60億美元，推動SOL價格及流動性。作為ETF資產，Solana亦將進一步獲市場認受，有助加固其地位。正如其網絡曾歷2022年大停機的挑戰後展現復原力，ETF上市也象徵信心回升。同時，Solana ETF成功將為日後更多Layer-1區塊鏈ETF提供範本。正如有策略師形容，「Crypto ETF夏季因Solana展開，意味SEC對多元化加密資產的態度更趨開放。」

2. Ripple（XRP）ETF——突破監管障礙，進軍華爾街

若說Solana是技術上的領頭羊，Ripple的XRP則挑戰監管界線。XRP邁向ETF之路充滿戲劇性：2020至2023年間，SEC指控其未經註冊即屬於證券。Ripple於2023年取得部分勝利——XRP在二級市場交易不屬證券（但其他情況身份尚存灰色地帶）。法例澄清後，2024年底起資產管理公司蜂擁遞交現貨XRP ETF申請。Bitwise率先在2024年10月提交首份XRP信託S-1申請，其後Canary Capital、21Shares、WisdomTree、Grayscale、CoinShares、ProShares、Teucrium，甚至交易所MEMX，也接連跟進提出XRP ETF計劃，前所未見地多家公司同時押注單一山寨幣ETF，反映業界預計監管機構將轉趨開明。

SEC至今未就這些申請作出定案，但業界越來越樂觀。2025年年中，彭博ETF分析師已將XRP ETF的年底審批機率提升至約95%，與Solana及Litecoin齊名。主要因監管最近開展積極對話，包括要求交易所建立監察共享協議、公開徵詢意見，種種跡象均顯示「是遲早不是是否」。同時，XRP在期貨市場獲得肯定。美國商品期貨交易委員會（CFTC）已默許XRP期貨上市（SEC一般對加密商品讓步CFTC），多隻XRP期貨ETF亦在海外悄然上市或籌備，有助證明現貨ETF同樣可有效監察操控風險。

投資層面，XRP ETF會成為首隻掛鈎支付型加密幣的主流金融產品。XRP不同於其他頂級山寨幣，其主打跨境支付及流動性，靠Ripple網絡支持，並非權益型智能合約平台。ETF將讓銀行、基金、散戶均可透過傳統投資工具投資跨境支付創新，而無須直接接觸XRP。隨着法律陰霾消散，機構投資者對XRP的興趣逐步提升。（例如2025年中，XRP價格衝破$3，創數年新高，正是市場信心回升象徵。）若ETF獲批，除了進一步確立XRP於美國市場地位外，極可能吸納不少資金，畢竟XRP社群龐大，跨境轉帳亦有實際應用。

唯仍有障礙待克服。例如SEC最近對多元資產加密基金有所保留，部分原因正是XRP尚未有獨立單一資產ETF獲批，顯示為XRP制訂獨立監管框架（如嚴格託管、可靠價格指數、市場監控等）是關鍵。現時所有XRP ETF申請均參照比特幣ETF先例：採用有保險託管商（如21Shares建議用Coinbase Custody）、受規管指數定價（多由CME或納斯達克提供），不涉槓桿衍生品，僅持有區塊鏈上的XRP一對一。假使這些標準到位，分析普遍認為SEC沒有太大拒批理據，尤其是在法例地位較以往清晰的情況下。

潛在後果： 若XRP ETF成事，將在山寨幣歷史上寫下新一頁。即使歷經監管磨難的資產，亦可進入完全合規產品。市場評論認為此舉將吸引大量機構資金湧入XRP，有人甚至認為或成「下一輪機構寵兒」。如有ETF掛牌，XRP將正式邁入主流，投資者可以經紀戶口、退休計劃輕鬆配置資金。此外，ETF亦有利Ripple整個生態（如更多銀行使用XRP結算更信心十足，SEC實質上亦肯定了其流通合法性）。萬一SEC出乎預期地拒批XRP ETF，則或會再次引發其合規討論、並拖累價格。但以目前進度及趨勢看來，這種情況發生機會低。總體而言，XRP正有望於今年秋季與比特幣、以太幣一同晉身ETF舞台。

3. Dogecoin

(DOGE) ETFs – 從迷因走向主流

很難想像有什麼ETF候選人會比狗狗幣（Dogecoin）更令人驚訝——這個最原始的迷因加密貨幣。狗狗幣在2013年誕生時純粹是個笑話，由網絡文化（和Elon Musk的推特）帶紅，但最終卻發展成市值數十億美元、擁有忠實社群的資產。現在，狗狗幣有機會成為首隻在華爾街交易所上市的迷因幣ETF。2025年初，有多間發行商爭相申請推出狗狗幣ETF，賭它龐大的人氣和流動性可以搖身一變成為可行的投資產品。21Shares、Grayscale、Bitwise及Rex Shares/Osprey Funds都在2025年1月前後遞交了現貨DOGE ETF的文件。（事實上，21Shares於2025年4月的狗狗幣ETF申請文件內提到「House of Doge」——狗狗幣基金會旗下企業部門——協助推廣該基金。）多間公司關注強調了一個奇特現實：狗狗幣雖然是迷因，但同時也是認真的金融資產。正如CoinGecko研究團隊所說：「極少數迷因幣能超越玩笑身份，在現實世界帶來影響。狗狗幣就是其中之一。」

分析師現時普遍認為DOGE ETF獲批機會極高。 Bloomberg的Seyffart和Balchunas初步預計2025年狗狗幣ETF有75%成功機會，到年中更將多個山寨幣ETF機會上調至約90%，令狗狗幣幾乎屬「穩出」一族。證監會已展現開放態度：它在2025年2月正式受理（開始審查）Grayscale就DOGE ETF提交的19b-4交易所申請，這個程序上標誌，建議不再只是被即時駁回，而是真正考慮當中。狗狗幣的理據有幾個重點：

市值及流動性： 狗狗幣長期穩居十大加密貨幣（2025年初市值約240億美元以上），幾乎每間交易所都可交易，而且流動性很高——這對ETF來說相當關鍵，確保換購、贖回與價格追蹤順暢。
歷史表現有目共睹： 雖然出身於迷因，但DOGE挺過多輪市場週期（2014、2018、2022年崩盤）依然屹立。這種韌性能證明DOGE有持續能力和真實用戶基礎（狗狗幣錢包地址以百萬計，網上小額付款/打賞十分常見）。
監管層面： 狗狗幣底層碼是比特幣分支（經萊特幣Fork），背後沒有集資銷售或中央化公司。業界普遍相信監管分類將與比特幣或萊特幣一致——即美國監管下屬於商品（其實DOGE也未被SEC在2023年查封某些加密幣時列名）。這降低了通過DOGE ETF的監管風險。

業界重量級人物實則對此想法持歡迎態度。21Shares總裁Duncan Moir表示：「狗狗幣已經超越加密貨幣本身：它代表一種文化及金融運動。」該公司於2025年4月在歐洲率先推出以實物支持的狗狗幣ETP，在瑞士SIX交易所以「DOGE」掛牌，證明全球市場的需求——讓瑞士和歐盟投資者都能以監管方式買入DOGE。若美國ETF推出，亦可將狗狗幣帶到傳統券商戶口。有專家相信此舉更可產生一個趣味副作用：即是為「迷因投資」概念正名。若以玩笑出身的狗狗幣獲SEC批出ETF，這對金融行業演變有何啟示？部分分析師認為這是正面、具趣味，「狗狗幣ETF獲批或成Memecoin正名的催化劑」，CoinGecko認為，即使是受社交媒體輿情推動的資產也開始受到承認。

當然，狗狗幣ETF難免引發爭議。一些傳統投資者或會不屑於投資迷因幣基金，而SEC亦會堅持檢視基礎市場是否容易被操控（因此多宗狗狗幣ETF申請書都建議強化市場監察協議）。波動性亦係一大疑問——狗狗幣向來可因一則爆紅推文而暴升暴跌。ETF並不會改變此風險，只是透過另一種渠道呈現。SEC最終決定將取決於能否為狗狗幣建立一套與比特幣類似的保障（例如跨所監控詐騙行為等）。若ETF獲批，產品會1:1追蹤DOGE價格（保管商很可能會用大行如Coinbase管理），讓投資者如股票般買賣狗狗幣。

大局觀： 若狗狗幣ETF能在夏季結束前獲批，將成為加密資產融入主流的重要里程碑。這意味最具玩味、社群主導的資產都能打入機構資產組合。彭博一名分析師就說，狗狗幣被納入傳統ETF證明「確實進入了一個新紀元」——網絡文化與高端金融的界線愈見模糊。實際層面，這或將為狗狗幣注入新資金（有機會推高價格），同時鼓勵ETF發行商考慮其他迷因或社區幣。（事實上，較極端的迷因幣如柴犬幣Shiba Inu、PEPE，甚至惡搞「TRUMP」幣ETF都已有人申請，但預計短期內批准機會不大。）目前，狗狗幣依然是最有望成功通過ETF申請的迷因幣，其進展受金管及市場密切關注。正如Balchunas所說，以往給DOGE 75%以上機會是不可想像的——如今情勢已大不同。

4. 萊特幣（LTC）ETF——數碼白銀力爭黃金地位

萊特幣（Litecoin）常被稱為「比特幣的白銀」，自2011年起一直是加密幣中的長青樹。現在，萊特幣亦有望成為首批獲批ETF的主要山寨幣之一。萊特幣有力獲批ETF的理由在於其長壽、技術與比特幣極為相近，以及在監管上的明確。它是少數獲眾多監管機構明確認定為商品的加密幣之一，事實上，美國商品期貨交易委員會（CFTC）前主席更曾以比特幣及萊特幣為例子，說明加密幣可作為商品。這種「非證券」法律定位令美國證監會相對放心，因可套用現有的商品監控框架。無怪乎彭博分析員給予萊特幣ETF高達90-95%在2025年獲批的機率——為所有山寨幣之冠。

ETF行業早已洞悉其潛力：Canary Capital、Grayscale與CoinShares在2024年底都提交了推出萊特幣信託或ETF的申請。（Grayscale其實早已經營LTC信託，並在2025年1月申請轉型成ETF。）他們的樂觀似乎有理。2025年夏天，萊特幣因ETF憧憬而大漲——六月底突破85-90美元區間，投資者熱切期待監管利好。Polymarket預測市場認為2025年LTC ETF成功率超過80%；多名分析師更指出，所有待審ETF申請之中，萊特幣「被評為最有機會通過的山寨幣……自現貨比特幣及以太幣ETF先後獲批以來」。

為什麼信心這麼強？原因有幾個：

成熟、簡單協議： 萊特幣的代碼直接Fork自比特幣，但加快至2.5分鐘出塊、增加總供應上限。它沒有引入複雜的新風險——區塊鏈已穩定運行超過十年無重大事故，方便託管和監管了解。
商品屬性明確： 如前文所述，大眾普遍看萊特幣屬商品（CFTC監督），而非證券（SEC監督），與比特幣情況相若。SEC對商品型ETF主要關注市場是否易於操控，以及有否與監管市場簽訂數據交換協議。萊特幣方面，如2018年起已有CME期貨，以及全球多個主要交易所，容易監控和滿足不同條件。事實上，2025年CME正進一步擴充加密期貨，LTC未平倉合約活躍，機構資金早已參與其中。
市場需求大： 萊特幣因手續費低經常作為「交易幣」使用，用戶群亦非常穩定。市值（2025年中約60億美元）穩居前15大資產。ETF亦能吸引尋求更分散（不止BTC/ETH）而風險較易控的「藍籌」山寨幣投資者。有觀點指出，2025年8月即將到來的萊特幣減半（減少礦工獎勵，歷來都對價格利好）可能與ETF獲批時間重疊，進一步刺激市場興趣。

若萊特幣ETF能在夏末前面世，影響將非常深遠。首先，它將進一步確認工作量證明（PoW）山寨幣（包括萊特幣）為可投資資產，地位可媲美比特幣。同時有望推高萊特幣市價及知名度——部分分析員認為，ETF效應可「大幅推動萊特幣採納率」，尤其為零售投資者輕鬆把LTC納入退休戶口提供方便。現貨ETF省卻自管錢包或開交易帳戶的不便，對原本因監管或技術門檻觀望的傳統投資者為吸引力。流動性方面，ETF需要資產作基礎託管，意味將有更多LTC被買入及存放在託管商處，短線可減少市面流通供應，對價格產生支撐。

此外，萊特幣獲批或可為其他「比特幣血統」加密幣開路。監管機構下一步有望考慮比特幣現金（BCH）或以太坊經典（ETC）ETF申請——這些同樣工作量證明型、商品級加密幣。（雖然排名暫時不是前十，但BCH在Bitwise投資指數基金已被納入，BCH ETF申請案亦有出現。）有趣的是，SEC在該年夏天中段一項行動中，實際批准了Bitwise將其加密指數基金（持有90%比特幣/以太幣及10%... Here is your requested translation (markdown links not translated):

其他如LTC、ADA、BCH等）納入ETF——然後隨即暫停。這次暫停據稱是出於需要釐清較小型資產的標準。這顯示SEC在如Litecoin這類資產上的準備已接近完成，但或許希望先批准單一資產ETF（如獨立的LTC）後，才容許這些資產進入「資產籃子」內。簡而言之，Litecoin已經幾乎到達臨門一腳。

重點： Litecoin ETF預期將會是第一批於美國登場的山寨幣基金之一。請留意SEC的關鍵決策日；現時Litecoin ETF的最終截止審批日期據報為2025年10月，不過最早可能會於今個夏季的審查週期內獲批。如果真係咁，Litecoin——數碼白銀——將於其悠久歷史中達到一個黃金里程碑。

5. Polkadot（DOT）ETF——投資多鏈願景

Polkadot亦是另一個努力爭取ETF批核的重要網絡。Polkadot的DOT代幣驅動著一個雄心勃勃的多鏈生態系統，將各種專門的區塊鏈（「平行鏈」）連接成一個可互操作的網絡。這個前沿科技元素令Polkadot在眾多山寨幣中脫穎而出——而這也吸引了機構投資者的關注。到2025年，Polkadot平台已承載數十條應用於DeFi、身份認證等的平行鏈，其設計由以太坊共同創辦人Gavin Wood領導。問題在於，監管機構會否對如此高端的加密資產推出ETF感到安心？

ETF發行商顯然對此抱有信心。21Shares於2025年2月申請Polkadot信託ETF，這是其首批美國山寨幣申請之一。同期，較小型的Tuttle Capital亦有申請，Grayscale亦將Polkadot列入旗下信託轉型ETF目標清單。以Polkadot截至2025年年中的市值約50億美元及其前12大加密貨幣地位來看，雖然未及Solana或XRP之規模，但已經頗具代表性。值得留意，Bloomberg分析師預計Polkadot ETF在2025年底前獲批的機會約有九成（略低於SOL/XRP，但依然非常高）。這種樂觀，源自SEC對頂級山寨幣的一般舒適程度，再加上Polkadot已存在於期貨市場及指數內。（例如，DOT期貨已於海外交易所交易，DOT亦被納入Bitwise 10 Crypto Index Fund的權重）

然而，時間或許是最大挑戰。SEC已經將Polkadot ETF申請決策延後至2025年稍後。據一份報告指出，SEC延長了21Shares Polkadot ETF的審查期，下個決定期延至2025年11月8日。這表示，Polkadot ETF在夏季前或未能面世，除非SEC提早改變主意。較大可能是到了夏季，大家會見到相關鋪墊工作（未見直接拒絕），秋季與其他第二梯隊山寨幣一同獲批的機會較高。

從基本面看，Polkadot有強而有力的理由獲批：它是2020年推出的成熟平台幣，開發者社群龐大，用例明確（連接不同區塊鏈）。它唔係meme或者小眾幣種——而係針對區塊鏈網絡的可擴展性及協作性。這些特質對長線科技導向投資者極具吸引力。ETF推出後，投資者就唔洗再研究點樣質押DOT或參與crowdloan（而家參與Polkadot生態系統的方式），可以直接支持Polkadot的願景。這基本上是Web3基礎設施上的「掘金者」投資。

專家點講？ Polkadot雖無Solana 或 Dogecoin等那麼多頭條新聞，但經常被列為即將到來的山寨幣ETF潮流的一部分。Balchunas及Seyffart同樣將DOT列為有九成獲批機會一組，跟Cardano、Doge等齊名。此外，SEC自己關於多資產基金的評論亦暗示，其中一個暫緩的原因係因為市場上欠缺DOT的單一ETF（DOT同樣曾於Bitwise指數內出現）。這反映SEC考慮緊Polkadot，只是希望用更有條理嘅方式處理。

潛在影響： Polkadot ETF獲批將為整個Polkadot生態帶來新資金與關注。DOT價格或可受惠於這份信心票，更重要的是，ETF或會引入更多機構參與——例如對冲基金更有動力透過ETF參與DOT對沖或套利策略。如DOT變得更普及，Polkadot網絡的平行鏈及其構建項目也更易引起市場興趣。相反，假如獲批一再拖延至2025年尾後，Polkadot或會被較早推出的山寨ETF（如Solana或Litecoin）搶風頭。不過，考慮到這些ETF批准的聯動性，一隻山寨幣成功獲批，往往對DOT也有正面意義。到今個夏季結束時，應該會對Polkadot ETF進程有明確指引——即使正式推出可能要再等一會。

6. Cardano（ADA）ETF——頂級平台幣的高期望

Cardano也是ETF賽道上的重量級選手。Cardano的原生代幣ADA多年以來一直穩佔市值前5至7大。Cardano以研究驅動的開發方式及積極推廣全球應用（例如在非洲推區塊鏈專案）自成一格。鑑於其影響力，投資者自然希望見到ADA ETF。事實上，至少已有兩宗Cardano ETF申請正在進行：Grayscale於2025年1月嘗試將旗下Cardano信託（代碼：ADA）轉為現貨ETF，Tuttle Capital亦申請了獨立ADA ETF。其他發行商亦暗示未來多資產ETF申請會加入Cardano。

分析師將Cardano與Dogecoin、Polkadot一樣，放在2025年下半年九成可獲批的一組。道理相近：Cardano擁有成熟大網絡，而且同樣已有期貨市場及較清晰的監管定位。（特別指出，至今未有監管機構明確將ADA界定為證券，Cardano基金會在合規性上亦十分主動。）SEC日前對Cardano ETF申請的態度，是Grayscale多資產基金（包含ADA）曾短暫獲批再被暫停。這再次暗示SEC希望先批准獨立ADA ETF，再放入組合基金。所以，Cardano ETF或未必係首隻出爐，但預計會緊貼Solana、XRP及Litecoin之後。

Cardano ETF蘊含幾項顯著意義：一來，它將會是首個以純PoS智能合約平台為基礎的ETF（前提是Solana未搶先一步）。Cardano的賣點在於其謹慎而科學的開發（每個更新都有學術論文支撐），同時又有Ouroboros PoS算法、及Hydra等可擴展性解決方案。ADA獲批，SEC等同向市場表示，它對不同類型區塊鏈技術（唔止BTC、ETH那一類）同樣感到放心。這亦承認Cardano具現實應用例子，如在埃塞俄比亞身份認證項目上有應用，亦有其自身的DeFi及NFT生態。

Cardano吸引投資者的熱度依然高企：2025年，ADA價格重拾升勢，而部分最樂觀的支持者對長線價格展望非常進取（雖則要審慎看待）。ETF一旦面世，按理更多傳統資金甚至退休基金都可以分配落ADA，為幣價帶來新持有人及或有助穩定波幅。此外，Cardano流通量龐大且單幣價歷來偏低（歷史上多為美仙至一美元區間，2025年約$0.83），ETF之下，投資者更容易以「一股代表幾千個ADA」參與，毋須擔心在加密交易所買賣零碎數量。

有趣的專家觀點：著名財務顧問Ric Edelman提到，隨美國政界出現親加密轉變：「越來越多人認為未來一定會見到大量單一及多資產的數碼幣ETF。比特幣和以太坊的ETF僅僅是開端。」Cardano作為僅次於BTC、ETH的巨頭，自然屬其中一隻「單一資產ETF」的熱門候選。換句話說，Cardano ETF只是時間問題。

假若Cardano ETF於夏末或初秋獲批，預計會有以下情況：

ADA市場反應： ETF獲批通常代表機構背書，對幣價影響正面。可能會出現如LTC等幣種ETF傳聞時的上升行情。
市場定位競爭： Cardano常被拿來與Ethereum、Solana比較。ETF讓這三者在投資者渠道上齊腳，亦有望引發「邊間ETF吸納資金最多」的良性競爭，例如Cardano Fund會否吸引如Solana那麼多資金？有待觀察，但這類競爭只會推高整體曝光度。
社群推動力： Cardano社群（「ADA Army」）肯定會將ETF視為項目獲認可的重要里程碑。Wall Street形同為ADA「打咭」，基層宣傳與用戶社區活力勢必再提升。

總結來講，Cardano正準備與山寨幣同業一同加入ETF行列。如無突發監管變數，於夏季結束時大家有望見到批准/明確進展。Cardano長期以穩健開發著稱，其ETF之路同樣平穩且無可避免，即使未必第一時間領風騷。

7. Avalanche（AVAX）ETF——DeFi與子網的賭注

Avalanche，這條區塊鏈...

（如需第7節繼續翻譯，請告知。）known for its speed and “subnet” architecture, is another likely candidate to have an ETF in the coming wave. Avalanche’s AVAX token underpins a platform geared toward decentralized finance (DeFi), enterprise blockchain deployments, and even institutional asset tokenization. While not as large as Solana or Cardano in market cap, Avalanche has carved out a significant niche – and its inclusion in ETF plans signals confidence in its staying power.

以其速度和「子網」架構聞名，Avalanche（雪崩）很大機會成為下一波ETF（交易所交易基金）的熱門候選之一。Avalanche的AVAX代幣是其平台的基石，這個平台專為去中心化金融（DeFi）、企業級區塊鏈應用，甚至機構級資產代幣化而設計。雖然Avalanche的市值不及Solana或Cardano這些大型對手，但Avalanche已經開闢出一席之地——而它被納入ETF計劃，顯示市場對其長遠發展有信心。

ETF issuer VanEck filed for a spot Avalanche ETF in late 2024, being one of the first major firms to target AVAX. Others, like Grayscale, have also included AVAX in their multi-asset funds (e.g., Bitwise’s index and Grayscale’s Digital Large Cap Fund both hold some AVAX). Bloomberg’s analysts indicated Avalanche spot ETF applications carry about a 90% chance of approval by the end of 2025, similar to Polkadot and Cardano. This high probability might surprise those who think of AVAX as a relatively newer chain (launched in 2020) – but it reflects how the SEC’s stance has evolved. Once the agency is comfortable with the top few alts, it tends to become comfortable with a broader basket in quick succession (as was the case with Bitcoin futures ETFs, then multiple Bitcoin spot ETFs, etc.).

ETF發行商VanEck於2024年底申請推出現貨Avalanche ETF，成為首批針對AVAX的大型公司之一。其他如Grayscale等機構，也已經在他們的多元資產基金中納入了AVAX（例如Bitwise的指數基金及Grayscale的數字大市值基金均持有AVAX）。彭博的分析師表示，Avalanche現貨ETF的申請在2025年底前有大約九成的機會獲批——與Polkadot和Cardano情況類似。這個高批核率可能會令一些人驚訝，因為他們認為AVAX是一條相對較新的區塊鏈（2020年推出），但這反映了美國證券交易委員會（SEC）立場的轉變。一旦監管機構接受了頭幾個大型山寨幣，通常很快會對更多資產開綠燈（如比特幣期貨ETF、之後多種比特幣現貨ETF等）。

That said, Avalanche’s path might be slightly slower than Solana’s, for example, due to two factors: (1) Market size – AVAX’s market cap (around $24 billion fully diluted but actual circulating value much less) is on the smaller side of the top assets. (2) Perceived usage – Avalanche has a vibrant DeFi scene (notably the Trader Joe DEX and others) and unique subnet technology (allowing custom blockchains), but by mid-2025 it held only a fraction of the total value locked (TVL) that Ethereum does. In fact, one analysis noted Avalanche’s total value locked is less than 2% of Ethereum’s, underscoring that it’s an important network but not the dominant player. The SEC doesn’t explicitly consider those metrics, but they indirectly matter because they reflect how widely used and possibly how resilient the asset’s ecosystem is.

不過，Avalanche的ETF進程可能會比Solana等稍慢，原因有兩點：（1）市場規模——AVAX市值「完全稀釋」約240億美元，但實際流通價值遠低於此，在主流資產中屬較小一類；（2）實際使用情況——Avalanche有活躍的DeFi生態圈（如Trader Joe去中心化交易所等），亦有獨特的子網技術（可以支援客製區塊鏈），但到2025年中，其生態內鎖倉價值（TVL）只佔Ethereum的一小部份。事實上，有分析指Avalanche的TVL少於以太坊的2%，說明它是個重要網絡但並不是主導玩家。雖然SEC並不明文考慮這些指標，但這些數據間接反映生態系統的用戶廣度和韌性。

Despite these nuances, the inclusion of Avalanche in ETF filings indicates confidence. When VanEck (a respected ETF issuer) files for AVAX, it suggests they see institutional demand for exposure to Avalanche’s growth. Avalanche has positioned itself as a “finance-friendly” blockchain – for example, it has partnerships to host institutional blockchains (subnets) for asset management firms and was involved in experiments with tokenized assets like equity. An ETF would allow investors to essentially bet on the adoption of Avalanche in the fintech and DeFi world. If banks or fintechs build on Avalanche’s subnets, AVAX could benefit; an ETF investor gets to ride that potential upside.

儘管有上述差異，Avalanche被納入ETF申請，說明市場對其前景看好。當VanEck這類受尊重的ETF發行商選擇申請AVAX ETF，反映他們看見機構投資者對Avalanche增長的需求。Avalanche一直以「金融友好型」區塊鏈自居——例如它與資產管理公司合作，提供機構級的子網區塊鏈服務，並積極參與股份等資產代幣化的實驗。有了ETF，投資者就能直接參與Avalanche於金融科技和DeFi領域的普及化過程。如果銀行或金融科技公司在Avalanche子網建設服務，AVAX便有望受惠；ETF投資人可因此分享到這個增長空間。

From a regulatory perspective, Avalanche doesn’t have known red flags. The token distribution was public and via sales that likely complied with regulations in their jurisdictions, and Ava Labs (the team behind Avalanche) has been proactive in U.S. policy circles. Moreover, AVAX futures have been offered on some exchanges, and crucially the CFTC has not objected to Avalanche being treated as a commodity for trading purposes. All of this bodes well for the SEC to eventually say yes.

從監管角度看，Avalanche並無明顯的潛在風險。其代幣發行是公開且據信已遵守各地法規，而開發團隊Ava Labs 在美國政策圈亦很活躍。此外，AVAX期貨已於部分交易平台上線，而商品期貨交易委員會（CFTC）對將AVAX視為可交易商品亦沒有異議。以上種種，都對SEC最終批出AVAX ETF帶來正面訊號。

If an Avalanche ETF launches by late summer or shortly after:

如果Avalanche ETF在夏末或其後不久推出：

Market impact: AVAX price could see a boost. Already, positive ETF chatter tends to lift prices; actual approval would likely have an even stronger effect as funds begin buying AVAX for inventory. It would also increase AVAX’s presence in the media and among investors who perhaps skipped over it in favor of bigger names.
市場影響： AVAX價格有望被推高。事實上，ETF相關的好消息往往已能刺激幣價，若正式獲批，資金開始吸納AVAX作庫存時，效果無疑更強。這亦會令更多投資者和媒體開始重視AVAX，以前可能只關注主流幣種的群體，亦有機會改變觀感。
Competitive dynamic: Avalanche often competes with Ethereum, Solana, and other L1s for users and developers. Being among the first with an ETF might elevate Avalanche’s stature. It sends a signal that “Avalanche is in the same league of seriousness” as those larger networks, at least in the eyes of regulators and big investors.
競爭格局： Avalanche經常與Ethereum、Solana等其他第一層區塊鏈爭奪用戶和開發者。成為早期獲批ETF的對象，有望提升Avalanche的地位——至少在監管機構和大型投資人眼中，這表示「Avalanche已躋身一線主流區塊鏈之列」。
Increased on-chain activity: Interestingly, if an ETF causes a supply crunch (taking AVAX into cold storage for custody), it might increase demand for staking on the network (to earn rewards from remaining liquid AVAX). Avalanche’s staking rewards and DeFi yields could become more attractive as token scarcity increases. Over time, this could strengthen the network security and DeFi ecosystem.
提升鏈上活動： 有趣的是，若ETF導致AVAX供應短缺（將大量AVAX冷錢包託管），可能會令剩下的流通AVAX更搶手，用戶參與質押以賺取獎勵的動機會上升。隨著代幣變得稀缺，質押回報和DeFi收益將更吸引用戶。長遠來說，有助於網絡安全和DeFi生態的成長。

In summary, Avalanche is on track to join the ETF roster likely around the tail end of the first batch of altcoin approvals. It represents a bet on the future of DeFi infrastructure. As one analyst summarized, including Avalanche in ETFs shows the SEC is willing to countenance assets “significantly smaller than Ethereum” in value, marking a broad acceptance of diverse crypto projects. By the end of summer, we’ll be watching if AVAX gets its moment in the Wall Street sun.

總括而言，Avalanche相當有機會在首批山寨幣ETF獲批的末段加入ETF行列，這代表市場押注DeFi基建的未來。有分析師指，將Avalanche納入ETF，顯示SEC已願意容納市值「遠低於以太坊」的資產，標誌著對不同類型加密資產的更廣泛接納。去到夏季尾聲，不妨留意AVAX會否成為華爾街焦點。

8. Ondo Finance (ONDO) ETF – Tokenized Yields Enter the Spotlight

One of the most groundbreaking ETF filings of 2025 is the 21Shares Ondo Trust, which aims to hold the token ONDO. Unlike the other entries on this list, Ondo is not a layer-1 blockchain or widely known large-cap crypto – it’s the governance/token of a DeFi platform focused on real-world asset (RWA) tokenization. If approved, ONDO would be the first-ever ERC-20 token ETF in the U.S. market, marking a new frontier where not just base cryptocurrencies, but application-layer DeFi tokens can gain institutional wrappers.

2025年其中一個最具突破性的ETF申請是21Shares Ondo Trust，目標是在基金內持有ONDO代幣。與本文其他項目不同，Ondo並非L1主鍊，也不是大眾熟悉的主流幣種——它是去中心化平台（DeFi）專責現實資產代幣化（RWA）的治理/用途代幣。如獲批，ONDO將成為首個在美國上市的ERC-20代幣ETF，這標誌著不單是基礎加密貨幣，連應用層DeFi代幣也可被機構型金融商品包裝。

What is Ondo Finance? It’s a platform that connects DeFi liquidity with traditional finance yields. Ondo has built products like OUSG (tokenized U.S. Treasury notes), USDY (a yield-bearing stablecoin backed by short-term Treasuries), and the Flux lending protocol for real-world assets. In essence, Ondo takes safe traditional assets (like government bonds) and issues tokens representing shares in those yield-generating pools, letting crypto users access reliable interest rates on-chain. The ONDO token itself is used for governance and fee accrual in this ecosystem – so its value is tied to the growth of tokenized Treasuries and similar offerings.

什麼是Ondo Finance？ 它是一個把DeFi流動性與傳統金融收益連結的平台。Ondo推出過多款產品，例如OUSG（美國國債代幣化）、USDY（以短期國債作後盾、能賺息的穩定幣）、以及專為現實資產而設的Flux借貸協議。本質上，Ondo將傳統低風險資產（如國債）代幣化，把產生收益的資金池份額發行成代幣，讓加密用戶都能在鏈上獲取穩定利息。而ONDO代幣本身則用作治理、分派費用——其價值與國債等收益資產的代幣化規模直接相關。

When 21Shares filed an S-1 registration on July 22, 2025 for an Ondo ETF, it turned heads throughout the crypto industry. This move signaled that:

當21Shares於2025年7月22日遞交S-1申請文件，準備推出Ondo ETF時，加密圈隨即關注。這舉動意味著：

Institutions are eyeing DeFi tokens seriously. ONDO isn’t a meme or a purely speculative coin; it’s directly linked to U.S. Treasury yields (through OUSG). That narrative of bridging DeFi and TradFi has been gaining traction, and now it might gain an ETF.
Regulators might be warming to complex crypto assets. Approving ONDO would mean the SEC is okay with an ETF holding a token that represents claims on other financial instruments (indirectly). It’s a nuanced case compared to, say, a straightforward commodity-like Litecoin. Ondo Finance has proactively prioritized transparency – publishing real-time asset backing and undergoing regular attestations for its products – which could bolster the SEC’s comfort.
機構正認真考慮DeFi代幣。 ONDO並非meme幣，也不是純投機品，它與美國國債收益（透過OUSG）直接掛鉤。DeFi與傳統金融互通的概念正在上力，現在可能會有ETF把這類概念推到主流。
監管機構或開始接受更複雜的加密資產。 批准ONDO代表SEC願意讓ETF持有間接代表其他金融資產債權的代幣。相比Litecoin等純商品型加密貨幣，這是更細緻的監管案例。Ondo Finance亦十分重視透明度，一直即時披露資產擔保狀況並定期通過審計，這一點有利增加SEC的信心。

The market certainly reacted to the filing. ONDO’s price surged 65% over the month leading up to and after the ETF filing, jumping to about $1.12 with its market capitalization swelling from $2 billion to over $3.5 billion. This outpaced the broader crypto market, indicating that both retail and “smart money” investors were accumulating ONDO in anticipation. One trader, Jeff Cook, even proclaimed “ONDO is the next institutional darling”, noting signs of early accumulation by big players ahead of the ETF news. Another analyst, Marty Party, highlighted the broader significance: this would “open the door to more non-L1 blockchain assets to list as ETFs.” In other words, if ONDO (a DeFi token) can make it through the SEC, it paves the way for other complex tokens (think of DEX tokens, lending protocol tokens, etc.) to be considered in the future.

市場明顯為此反應。ONDO在申請前後一個月內價格飆升65%，升至約1.12美元，市值由20億美元暴漲至超過35億美元，遠超大市表現，意味零售及機構資金紛紛提前部署。有交易員Jeff Cook甚至稱「ONDO會成為下一隻機構寵兒」，指ETF消息前已有大戶早着先機。另一位分析師Marty Party則強調此舉意義深遠：「這會為更多非L1的區塊鏈資產上市ETF開路。」換言之，ONDO這類DeFi代幣能過SEC關，也預示未來其他複雜型代幣（如DEX代幣、借貸協議幣等）亦有望被審批。

How would the Ondo ETF work? According to the filing, the 21Shares Ondo Trust will hold ONDO tokens on a 1:1 basis, stored with a qualified custodian (Coinbase Custody). It will track ONDO’s price via a benchmark index (the CME CF Ondo-Dollar Reference Rate). No leverage, no derivatives – just a passive vehicle like the Bitcoin and Ether ETFs before it. This straightforward structure belies the unique underlying: unlike Bitcoin (which is mainly valued as digital gold) or Ether (fuel for a general-purpose network), ONDO’s value is linked to the yield and adoption of tokenized real-world assets. So investors in the ETF are indirectly getting exposure to tokenized Treasury yields and on-chain bonds – a very different flavor of crypto investment.

Ondo ETF怎樣運作？ 根據申請，21Shares Ondo Trust會以1比1持有ONDO代幣，並由合資格託管人（Coinbase Custody）負責冷錢包保管。ETF以基準指數（CME CF Ondo-Dollar Reference Rate）反映ONDO價格。沒有槓桿，亦無衍生品——就如以往比特幣和以太幣ETF一樣，屬純現貨產品。但其底層資產本質獨特：比特幣主要被視作「數碼黃金」、以太坊作為通用網絡燃料，而ONDO價值則直接跟國債等現實資產的代幣化及用量掛鉤。換句話說，該ETF投資者實際間接參與了鏈上國債孳息、債券項目，是非常有特色的加密投資產品。

Potential consequences of approval: If the SEC approves the Ondo ETF, it would be a watershed moment for “DeFi meets TradFi.” Institutions could invest in ONDO via brokerage accounts, meaning things like pension funds or endowments could indirectly gain exposure to tokenized Treasury bills (through Ondo’s ecosystem) in a regulated way. This could massively broaden the investor base for RWA tokens, driving more capital into projects that tokenize stocks, bonds, real estate, etc. Ondo Finance’s products might see increased usage, since an ETF would signal regulatory acceptance of their model. Some are comparing the possible effect to how BlackRock’s Bitcoin ETF (iShares IBIT) “sparked new inflows and legitimacy” for Bitcoin – Ondo’s ETF could similarly catalyze ONDO’s adoption and price if it attracts significant assets.

獲批後可能影響： 若SEC批准Ondo ETF，這將是「DeFi與傳統金融接軌」的一大里程碑。機構投資者可透過券商戶口投資ONDO，即養老基金、校務基金等都能以受規管渠道間接涉足代幣化國債（經Ondo生態）。這會大幅擴闊RWA類代幣的投資群，推動更多資金湧向股票、債券、地產等資產的代幣化項目。Ondo Finance產品人氣或急升，因ETF即代表監管層認可其營運模式。有人將其潛在衝擊比喻為貝萊德比特幣ETF（iShares IBIT）之於比特幣——如果吸納大量資產管理規模，ONDO的ETF同樣有機會成為生態發展與價格的催化劑。

For the crypto sector, it would also validate the idea that DeFi tokens with tangible utility can stand alongside pure cryptocurrencies in the eyes of regulators. We might see a wave of filings for other protocol tokens: imagine ETFs for major DeFi protocols (UNI for Uniswap, AAVE for Aave, etc.) or other RWA platforms. Indeed, 21Shares has already signaled it’s not stopping at Ondo – in the same breath, they filed or prepared filings for Polkadot, XRP, Solana, and Sui ETFs, among others. The pipeline of possible crypto ETFs is expanding

對加密行業而言，這充分證明有實際用途的DeFi協議代幣，也可與純加密貨幣一樣，獲監管機構認可。我們或會見到一波其他協議幣ETF申請——想像一下Uniswap（UNI）、Aave（AAVE）等主流DeFi協議或RWA平台內容ETF。事實上，21Shares已表明不止於Ondo——同期已或正準備申請Polkadot、XRP、Solana、Sui等ETF，可見未來加密資產ETF類別愈來愈廣。quickly, as Balchunas humorously noted when he said the filings were “outpacing human awareness”.

快速，如 Balchunas 幽默地指出，當他說這些申請「快過人類認知的速度」。

Of course, there’s a chance the SEC might take longer to get comfortable with ONDO than with, say, Litecoin. The agency could ask for additional disclosures or delay the decision (initial filings often go through a few amendment rounds). If immediate approval doesn’t occur, the filing itself still puts RWA tokens on the map. Ondo’s initiative shows that crypto innovation is reaching the halls of the SEC with concrete use-cases (like enhancing access to yield). As 21Shares’ U.S. chief, Federico Brokate, stated, “investors are increasingly looking for diversified and easy ways to participate in digital asset growth, and we aim to provide ETF structures to satisfy this demand”, within regulatory guardrails.

當然，SEC 可能相比起 Litecoin，需要更長時間才會對 ONDO 感到放心。監管機構有可能要求額外的資訊披露，或者拖延決定（初步申請往往要經過幾輪修訂）。即使未即時獲批，申請本身已經令 RWA 代幣成為市場焦點。Ondo 的舉動顯示，加密創新已經帶著實際應用案例（例如改善收益渠道的獲取）走進 SEC 的辦公室。正如 21Shares 美國主管 Federico Brokate 所說：「投資者越來越希望以多元及簡易的方式參與數碼資產的增長，我們的目標就是在監管框架下，提供 ETF 結構以滿足這種需求。」

In summary, the Ondo ETF is one to watch closely. By the end of this summer, we’ll likely know if it’s on track to be the first DeFi token ETF. Its approval would not only boost ONDO, but also signal that the SEC is willing to legitimize on-chain access to traditional finance products. That could be the start of a much larger trend where Wall Street embraces tokenized finance. As Ondo’s momentum shows, RWA tokens are moving from a niche concept to mainstream financial instruments, and the ETF realm is a big part of that evolution.

總結而言，Ondo ETF 絕對值得密切關注。去到今個夏天結束時，我們應該就會知它有沒有機會成為首個 DeFi 代幣的 ETF。獲批的話，不只 ONDO 本身會受惠，更意味 SEC 願意正式承認區塊鏈上存取傳統金融產品。這有機會是華爾街擁抱代幣化金融的大趨勢開端。隨著 Ondo 的勢頭，RWA 代幣正由小眾概念，變成主流金融工具，而 ETF 亦是這場演變的重點一環。

9. Sui (SUI) ETF – A New Layer-1 Enters the Fray

9. Sui（SUI）ETF — 新晉 Layer-1 正式加入戰圈

Among the more surprising names in the ETF lineup is Sui – a new layer-1 blockchain that only launched in 2023. Sui (pronounced “suey”) was developed by Mysten Labs, a team of former Meta (Facebook) engineers, and it uses the Move programming language (like Aptos, its sister chain from the Diem project). Despite being a young project, Sui has attracted attention for its technical design and potential for gaming and social dApps. Now, it’s also caught the eye of ETF issuers: 21Shares filed in April 2025 for a spot Sui ETF, making SUI one of the freshest tokens to ever be considered for an ETF.

在一眾 ETF 名單中，最令人意外的名字之一莫過於 Sui —— 一個 2023 年才面世的全新 Layer-1 區塊鏈。Sui（發音為「水」）由 Mysten Labs 開發，這團隊來自 Meta（Facebook）前工程師，並採用 Move 編程語言（與其姊妹鏈 Aptos 同樣源於原 Diem 項目）。雖然 Sui 屬新晉項目，但其技術架構及遊戲、社交 dApp 應用潛力早已吸引外界關注。最近連 ETF 發行商也留意到它：21Shares 於 2025 年 4 月遞交了 Sui 現貨 ETF 申請，使 SUI 成為有史以來最早被納入 ETF 考慮的「新鮮」代幣之一。

What’s notable is that 21Shares didn’t do this in isolation – they simultaneously announced a strategic partnership with the Sui Network to “leverage its blockchain for product collaboration”. In other words, 21Shares and the Sui Foundation are working hand-in-hand to boost Sui’s presence in traditional markets. This partnership news, combined with the ETF filing, had an immediate effect: SUI’s price jumped about 10% on the announcement. It’s uncommon to see an issuer align so closely with a blockchain’s team; this perhaps indicates that Sui’s backers are keen to promote institutional adoption early on.

值得一提的是，21Shares 並非單打獨鬥 —— 他們同時宣佈與 Sui Network 達成策略夥伴關係，以「發揮其區塊鏈力量進行產品協作」。換言之，21Shares 和 Sui 基金會正攜手推動 Sui 進軍傳統市場。這項合作消息加上 ETF 申請的推動，效果非常快：SUI 價格即日飆升約一成。很少見發行商與區塊鏈團隊合作得如此緊密；這或許反映 Sui 支持者早早就有意推廣機構級採用。

21Shares’ Duncan Moir (president of the firm) explained the move, saying: “We operate based on conviction, but also investor demand – our planned roadmap with Sui is a reflection of both.” This quote suggests that:

21Shares 總裁 Duncan Moir 解釋這個部署時說：「我們既有信念也有投資者需求 — 我們同 Sui 一齊規劃的發展藍圖係兩者結合之下的產物。」這句說話反映：

They believe in Sui’s tech and future (conviction),
They see enough investor interest in SUI to justify an ETF (demand).
他們相信 Sui 的技術和前景（信念）；
他們見到投資者對 SUI 有足夠興趣，支持推出 ETF（需求）。

It’s quite remarkable for a project that, by 2025, is still building out its ecosystem (Sui’s DeFi and NFT activity is growing but not yet on par with older chains). If this ETF gets approved, it would be the first time a brand-new layer-1 protocol’s token is made available via a U.S. ETF so soon after launch.

這對於一個到 2025 年仍在建立生態圈（Sui 的 DeFi 和 NFT 活動雖然增長中，但暫未達老牌鏈級數）的項目，實屬難得。如果 ETF 成功獲批，Sui 將成為首個新晉 Layer-1 協議自推出不久就能透過美國 ETF 進入市場的例子。

Will the SEC go for it? Sui’s odds have been viewed as somewhat lower than those of older altcoins. Bloomberg’s analysts reportedly gave Sui’s ETF about a 60% chance and Tron’s about 50% – lower tiers compared to Solana/Doge/etc. The relative uncertainty is likely because Sui, like many newer projects, hasn’t yet proven its long-term viability or regulatory standing. Also, Sui’s token distribution included sales that U.S. regulators might scrutinize; though nothing suggests any wrongdoing, the SEC tends to be more cautious with recent ICOs or token sales.

SEC 會接受嗎？Sui 的 ETF 獲批機會一般被視為低於一些歷史較久的山寨幣。據彭博分析師評估，Sui ETF 約有六成機會過關，Tron 約有五成 —— 都低過 Solana、Doge 等同類項目。這種不確定性，大抵因為 Sui 和其他新項目一樣，暫時未有展示長期競爭力或監管地位。另外，Sui 幣分配有部分涉及銷售，理論上都可能被美國監管留意；雖然暫無發現任何問題，但 SEC 一向對近年 ICO 或代幣銷售較審慎。

Nonetheless, the fact that Sui got a serious filing means 21Shares (and its partner Teucrium, which is often involved) did their homework and believe it can meet the SEC’s standards. They presumably have arranged for proper custody (Coinbase Custody also?) and pricing benchmarks (perhaps a CME CF Sui Reference Rate, akin to others).

不過，Sui 能夠正式遞交申請，代表 21Shares（及經常合作的 Teucrium）已充份做足功課，自信可達到 SEC 標準。他們應該已安排好合規託管（有無包括 Coinbase Custody？）、訂價指標（例如類似 CME CF Sui 指數）等細節。

If the Sui ETF were approved, it would be a huge win for the Sui network. It would potentially funnel investment into SUI from sources that normally wouldn’t touch a brand-new crypto. That capital could, for instance, encourage more developers to build on Sui (seeing strong market support) and give the Sui Foundation more resources via any treasury tokens. It would also validate the Move language blockchains (Sui and Aptos) as a category to watch.

如果 Sui ETF 能成功獲批，將為整個 Sui 網絡帶來重大勝利。這會令大量一向不會買新幣的資金，開始進場投資 SUI。這些資金可吸引更多開發者進駐（見到市場支持），而基金會也可透過國庫幣取得更多資源，連帶推動 Move 語言區塊鏈（Sui、Aptos）這一新類型升級成有前途的賽道。

One effect to consider: being so new, Sui’s on-chain liquidity isn’t as deep as, say, Ethereum’s. An ETF could concentrate a lot of SUI in the hands of the custodian. If demand for the ETF is high, that could tighten available supply and potentially cause more price volatility. On the flip side, the ETF’s creation/redemption mechanism would bring arbitrage traders, which can actually stabilize price by keeping it aligned with global markets.

還要留意：由於 Sui 太新，鍊上流動性未如以太坊等成熟，因此 ETF 有機會令大量 SUI 被託管商鎖定。如果 ETF 需求高，流通量收緊，價格波動或會加劇。不過營造/贖回制度會吸納套利者參與，有助價格回歸全球同步，起到穩定作用。

Outlook: It wouldn’t be surprising if the SEC initially delays or asks questions about the Sui filing. They might want to ensure Sui isn’t more vulnerable to manipulation or that its network is secure (since any major exploits could hurt ETF shareholders). Sui’s team likely will emphasize their robust tech and decentralization plans. By late summer, we should see if the Sui ETF is progressing. Even if not approved immediately, just being in the conversation has elevated Sui’s profile. It shows that even nascent blockchain projects can aim for the big leagues of ETFs with the right support. For investors, a Sui ETF represents a chance to bet on the next generation of blockchain platforms without directly managing tokens – a proposition some forward-looking funds might find attractive.

前景展望： 如果 SEC 一開始選擇拖延或要求補交資料，也算意料之內。他們可能想確保 Sui 網絡足夠安全、避免容易被操控（因為重大漏洞會影響 ETF 持有人）。Sui 團隊肯定會著重強調其技術穩健及去中心化路線圖。到夏末應該就知道 Sui ETF 進展如何。即使未即時獲批，單係有份上枱討論，已令 Sui 關注度大增。這說明連剛起步的區塊鏈項目，只要有合適支援都可企圖登上 ETF 最高殿堂。至於投資者來說，Sui ETF 提供了一個下注新一代區塊鏈平台嘅機會，而毋須自己管理代幣 —— 對某些前瞻基金來講極具吸引力。

In summary, Sui’s inclusion in the top 10 list reflects how broad the crypto ETF wave is. From the most established (Litecoin) to the fairly new (Sui), many assets are on the table. If SUI’s ETF does materialize sooner rather than later, it will underscore that the crypto market’s maturation isn’t limited to the “old guard” coins – it’s bringing up the new kids faster than ever.

總結：Sui 能夠打入前十大清單，反映加密 ETF 浪潮遠超陳年老牌資產（如 Litecoin），連新晉（如 Sui）都有機會上位。如果 SUI ETF 能提前過關，更顯示市場成熟並非舊有代幣專利 —— 新勢力崛起比以往更快。

10. Crypto Index ETFs – Diversified Baskets on the Horizon

10. 加密指數 ETF — 多元資產籃正在成形

Beyond single-asset funds, crypto index ETFs are also making headway and could arrive by the end of the summer. These ETFs would hold a basket of multiple cryptocurrencies, giving investors broad exposure in one product. The concept isn’t new globally (index-based ETPs trade in Europe), but in the U.S. regulatory context it’s a frontier that’s just opening. Analysts actually predicted that a diversified crypto ETF might be among the first approved, since a basket could be seen as spreading risk – in fact, Bloomberg’s team assigned a 95% approval odds to a crypto index ETF, on par with the odds for Solana, XRP, and Litecoin.

除了單一資產的基金外，加密指數 ETF 亦積極發展中，最快今年夏天結束前就會推出。這類 ETF 持有一籃子加密貨幣，令投資者只需購買一個產品就可分散投資。全球而言，這想法並不新鮮（歐洲早有指數型 ETP），不過以美國監管角度，這仍是剛起步的新領域。分析師其實早預期，多元化指數加密 ETF 很可能屬首批獲批名單，因為多資產籃可分散風險 —— 彭博團隊甚至畀出 95% 過關率，與 Solana、XRP、Litecoin 等齊位。

Several developments underpin this optimism:

有幾個進展支撐住這樂觀預期：

21Shares, in partnership with Teucrium, filed in July 2025 for two index ETFs that track FTSE Russell crypto indexes. One is the 21Shares FTSE Crypto 10 Index ETF (which holds the top 10 crypto assets by market cap, presumably including BTC and ETH), and the other is the Crypto 10 ex-BTC ETF (which holds the top 10 excluding Bitcoin, to focus on altcoins). These would be groundbreaking as the first broad-market crypto ETFs in the U.S.
The indices come from FTSE Russell, a reputable index provider, which adds credibility. FTSE constructed these crypto indexes with independent governance and methodology. As Kristen Mierzwa of FTSE Russell noted, the goal was to provide “strategic allocation” indices with strong pricing architecture. In plain terms, they made indexes that traditional investors can trust.
The proposed structure for these funds is under the ’40 Act (Investment Company Act of 1940) – similar to how some of the staking ETFs and other commodity trusts are structured. This indicates the issuers might use a format that could allow automatic effectiveness (if the SEC doesn’t object in time), much like what happened with the REX Solana ETF.
21Shares 與 Teucrium 合作，於 2025 年 7 月向美國 SEC 遞交兩隻追蹤 FTSE Russell 加密指數的 ETF 申請。其中一隻是 21Shares FTSE Crypto 10 Index ETF（持有市值最高十大加密資產，應該包括 BTC 和 ETH）；另一隻是 Crypto 10 ex-BTC ETF（排除比特幣，只持有最高市值十大全部山寨幣）。這兩隻若成功上市，將是美國首批全面型加密ETF。
指數來源為享負盛名的 FTSE Russell，為 ETF 提供公信力。FTSE 這組加密指數採用獨立治理及嚴謹計算方法。正如 FTSE Russell 的 Kristen Mierzwa 所言，目標是提供具「策略配置」能力及嚴密訂價架構的指數。換言之，這些指數值得傳統投資者信任。
這些 ETF 建議採用 1940 年《投資公司法》（’40 Act）結構 —— 類似部分質押 ETF 及其他商品信託格式。這意味發行商選用一種可能自動生效的格式（只要 SEC 不在時限內反對），類似 REX Solana ETF 的情況。

The appeal of a crypto index ETF is clear. It offers diversified exposure – investors can buy one ETF and indirectly hold a basket of the biggest cryptocurrencies. This mitigates the risk of any one coin faltering (or being deemed a security, etc.). It’s akin to buying a stock index fund versus a single stock. For many financial advisors and conservative investors, a broad crypto index is actually more palatable than picking an individual coin. Nate Geraci, an ETF expert, commented that these index funds indicate rising demand “beyond BTC” – investors want coverage of the whole digital asset market, not just the big two.

加密指數 ETF 的吸引力很明顯。投資者可以一買多得，分散風險 —— 誰都不想只靠一隻幣萬一被判為證券等出事時全軍覆沒。這就好似你買一個股票指數基金，一過袋子，勝過買單一股票。對很多理財顧問及保守投資者來說，整體加密指數，可比隨便諗一隻山寨 Coin 靠譜得多。ETF 專家 Nate Geraci 說，這類基金展現市場需求「不止 BTC」，大家都想覆蓋整個數碼資產世界，不是只追那兩大天王。

However, regulators have taken a cautious approach to multi-asset ETFs so far. In July 2025, the SEC did something puzzling: it approved Bitwise’s application to convert its Bitwise 10 Crypto Index Fund (BITW) into an ETF, then immediately stayed (paused) that approval. BITW holds about 10 cryptocurrencies (90% in Bitcoin and Ether, and ~10% across eight others). The SEC’s pause, along with a similar reversal for Grayscale’s smaller index fund, likely stems from concerns about the smaller constituents. As sources told CoinDesk, the SEC wanted “consistent standards” for crypto ETFs, especially since some assets in the index (like XRP and ADA) didn’t yet have their own ETFs approved. In other words, the SEC might be thinking: let’s approve the single-asset ETFs for those alts first, then the index that contains them.

然而，截至目前，監管機構對多資產 ETF 一直採取謹慎態度。2025 年 7 月，SEC 做了一件奇怪的事：他們批准 Bitwise 把旗下 Bitwise 10 Crypto Index Fund（BITW）轉為 ETF，卻即時暫緩該批准。BITW 持有約十種幣（比特幣和以太坊佔九成，八款其他幣總共一成）。SEC 按下暫停掣，連同 Grayscale 較細型指數基金也同時被撤回，很大機會是因擔心部分權重較細的成分資產。消息人士對 CoinDesk 表示，SEC 想要「標準一致」：尤其部分指數成分（如 XRP、ADA）連自己獨立 ETF 都尚未批，所以不想指數先行。換句話說，SEC 可能想等這些山寨單隻 ETF 個個先過，再才批有齊它們嘅指數產品。

This tells us two things:

這反映出兩點：

Index ETFs are very close to reality, but the SEC is sequencing events – single asset approvals first, then multi-asset.
We might see an index ETF go live soon after a handful of individual altcoin ETFs are approved (which could indeed be by end of summer or early fall).
指數型 ETF 非常接近成事，只差臨門一腳。SEC 目前似乎先批單一資產，然後再批包含多資產的指數ETF。
一旦有幾隻主要山寨幣 ETF 正式通過，我哋可能即刻見到加密指數 ETF 存在（很可能今年夏天尾聲或初秋就有突變）。

If that sequence holds, the 21Shares Crypto 10 ETFs could

如這一序列維持，21Shares 的 Crypto 10 系列 ETF——potentially slip through right after the SEC formally approves some individual components (like Solana, XRP, Litecoin). Bloomberg’s team even speculated that a crypto basket ETF “could be approved by the SEC as soon as this week” back in late June – that was before the SEC’s pause on BITW, but it shows how imminent they felt it was.

（有可能會喺美國證券交易委員會（SEC）正式批准某啲個別加密貨幣（例如 Solana、XRP、Litecoin）之後，即刻順勢批出指數型ETF。彭博社團隊早喺六月底都推測，一隻加密貨幣籃子ETF「最快呢個星期內就有機會畀SEC批准」——雖然之後SEC暫停咗審批BITW，但都反映到佢哋嗰時認為批核係好近。）

What would a crypto index ETF mean for the market? Several likely impacts:

（加密貨幣指數ETF對市場有咩意義？ 幾個預計影響如下：）

Broader Participation: An index ETF is perhaps the easiest sell to a skeptic – it’s diversified, index-based (which investors understand), and often cheaper fee-wise than multiple single-asset funds. This could attract a wave of financial advisors to finally put some crypto allocation in client portfolios, via the index ETF.
（更廣泛參與： 指數型ETF可以話係最容易說服保守投資者嘅產品——多元化、跟指數（投資者容易明白），收費仲平過揀幾隻單一資產基金。咁就可能吸引一大班理財顧問，終於願意透過呢類ETF幫客戶Portfolio加返啲加密幣分配。）
Support for mid-tier coins: If the index holds, say, the top 10, that means coins like Chainlink, Bitcoin Cash, or Stellar (depending on the cutoff) might get included. Those assets might not individually get ETFs soon, but through the index, they’d see some fund inflows. This could benefit their liquidity and price indirectly.
（支持中型幣： 如果指數涵蓋頭十大資產，咁即係好似Chainlink、Bitcoin Cash或者Stellar等幣種（視乎篩選標準）都有機會入到ETF，雖然短期未必會有單一ETF，但經指數ETF都可以吸到資金流入，間接提升流動性同價值。）
Competitive fee pressure: Index ETFs might come with lower expense ratios (since they appeal to broad use). If, for instance, 21Shares prices its Crypto 10 ETF attractively, it could pressure single-asset ETF issuers to lower fees over time. Great for investors, not bad for market growth either.
（費用競爭壓力： 指數型ETF一般收費較平（因為對大眾開放），例如21Shares嘅Crypto 10 ETF如果定價吸引，就會壓到單一資產ETF發行商長遠要減收費。對投資者有利，對市場發展都有幫助。）
Regulatory perception: Approving an index ETF would signal that the SEC is comfortable with a range of cryptos under one umbrella. That’s a big step from just Bitcoin a couple years ago. It would basically mark crypto as a whole being recognized as a legitimate asset class, where you can buy “the market” like you buy the S&P 500 for stocks. This could be a psychological tipping point for many on the sidelines.
（監管觀感： 如果批准咗指數型ETF，即係SEC已經接受一籃子唔同加密貨幣喺同一個產品入面，對比兩年前淨係得Bitcoin，已經係大躍進。即代表整個加密貨幣行業開始被視為一個正規資產類別，好似買美股可以買S&P 500一樣「買全市場」。對一直觀望嘅人好可能構成心理轉捩點。）

One caveat: the SEC might impose extra conditions on index ETFs. For example, they might require the index to exclude any asset that they later deem problematic, or demand more frequent reporting. But index providers like FTSE will be prepared for that.

（有一個注意位：SEC可能會對指數ETF設立額外要求，例如要求指數排除日後被認定爭議性嘅資產，或者要求更頻繁嘅通報。但像FTSE呢啲指數供應商，都有應變方案。）

By end of summer 2025, we anticipate either the first crypto index ETF will be approved or on the verge of approval. If the SEC continues to drag, it’s likely a temporary delay – the pressure is on, especially as issuers find clever ways (like the REX 40% rule or the automatic approvals) to get products out. And remember, even the SEC’s commissioners have voiced differing views, with some very pro-innovation. The domino effect seen with Bitcoin then Ether ETFs is poised to repeat: one altcoin ETF approval could trigger many approvals in rapid succession, including indexes.

（去到2025年夏季尾，我哋預計第一隻加密貨幣指數ETF要麼已批，要麼進入最後階段。如果SEC再拖，預計都只係暫時延遲——壓力已經形成，加上發行商都不斷搵新方法「突圍」，例如REX 40%規則或者自動批准條款等。值得留意，連SEC內部委員都有唔同立場，有啲係推崇創新。前面BTC、ETH ETF所帶動嘅多米諾效應好可能再次出現——一旦有新一隻山寨幣ETF批出，好有可能之後一連串同類產品會極速獲批，包括指數型。）

In summary, diversified crypto ETFs are coming, and they round out our top 10 list as arguably the most impactful of the bunch. They encapsulate the entire crypto market’s direction. If you’re a believer that the crypto industry as a whole will grow, an index ETF is the simplest one-stop investment. We’re almost at the point where that’s available on U.S. exchanges – truly a milestone that underscores how far the integration of crypto into mainstream finance has progressed in 2025.

（總結返，分散化加密ETF必定會陸續出世，而且係我哋十大趨勢入面影響最大嘅一項，代表住整個市場未來走向。如果你相信整個行業會增長，指數ETF係最方便一站式選擇。美國交易所快將迎來呢一類產品——呢個里程碑反映2025年加密貨幣融入主流金融發展得有幾深。）

Final thoughts

The landscape for crypto ETFs has evolved at breakneck speed. What started with a lone Bitcoin futures fund a few years ago has blossomed into a pipeline of dozens of crypto ETF proposals covering everything from large-cap platforms to niche DeFi tokens. By the end of this summer 2025, we anticipate seeing several of these “next generation” ETFs either live in the market or approved and imminent, heralding a new era of accessibility and legitimacy for digital assets.

（總結思考）

（加密ETF市場發展咗極速幾年，由最初得一隻比特幣期貨ETF，發展至今日有成十幾二十個新ETF排隊審批，涵蓋大型公鏈到小眾DeFi代幣都有。去到2025年夏尾，我哋預期唔少呢啲「新世代」ETF已經上市，或者入水在即，標誌住數碼資產將進入一個新時代——更易觸及，合法地位更加穩固。）

This wave of crypto ETF approvals is more than just a series of new financial products – it’s a signal of crypto’s maturing relationship with traditional finance and regulators. As one Wall Street analyst commented, “The Bitcoin and Ethereum ETFs will prove to have been merely the first”. We’re now witnessing that prophecy unfold. Altcoins like Solana, XRP, Litecoin, and Dogecoin are moving into the ETF mainstream, something almost unthinkable just a couple of years ago. Even more striking, innovative DeFi-related tokens (Ondo) and recently launched layer-1s (Sui) are on the cusp of the same treatment. This rapid expansion underscores a growing recognition: crypto is not a monolith, but a diverse asset class, and investors want exposure to its various segments.

（新一輪加密ETF批核，不止係多咗幾隻產品，仲係反映加密幣同傳統金融、監管機構之間嘅關係越嚟越成熟。正如一個華爾街分析員話：「BTC同ETH ETF到時只係開頭。」事實證明預言成真，Solana、XRP、Litecoin、Dogecoin依家都開始入主流ETF，呢幾年根本冇人會諗得到。更加特別嘅係，一啲創新型DeFi代幣（如Ondo）同新興Layer-1（如Sui）都趨向獲批。呢種發展證明：加密貨幣唔係一成不變，而係好多元化嘅資產類別，投資者希望接觸唔同板塊。）

From the perspective of market impact, the introduction of these ETFs could be transformative:

（以市場影響層面睇，引入呢啲ETF可以話係變革性：）

New Capital Inflows: Institutional and retail investors who couldn’t or wouldn’t hold cryptocurrencies directly may now pour money in via ETFs. This could unlock billions of dollars in capital. For instance, Bloomberg analysts forecast multibillion-dollar inflows for Solana and others if approved.
（新資金流入： 一啲本來唔想或唔識直接揸幣嘅大戶同散戶，可以經ETF間接投資。成個市場可能釋放數十億美金資本。例如彭博預測Solana等幾隻如果獲批，單係流入都可達數十億規模。）
Price and Liquidity Effects: By expanding access, ETFs are likely to drive price appreciation for the underlying assets due to increased demand and reduced friction. They can also stabilize markets by anchoring assets to regulated vehicles, improving liquidity.
（價格及流動性： 因為參與門檻降低，令需求提升，有機會帶動相關幣價上升，減低交易摩擦。另外，ETF作為合監管產品，都可以穩定市場，提高流通。）
Broader Adoption and Participation: ETFs lower the knowledge barrier – no need to manage keys or navigate crypto exchanges. This could broaden participation to more traditional investors, effectively bringing new people into crypto exposure (often without them even realizing it’s crypto, as it sits in a familiar brokerage account).
（推廣應用／參與： ETF降低咗知識障礙——唔使管理錢包密碼或者搞數字貨幣交易所註冊、提存咁麻煩。對傳統投資者門檻大減，好多人可能唔知唔覺間已經間接持有加密貨幣，因為產品會出現在傳統券商戶口入面。）
Integration into Portfolios: As ETFs, these assets can be easily slotted into portfolios, IRAs, 401(k)s, etc. We may see crypto allocations become a standard part of diversified investment strategies (e.g., a few percent in a crypto index ETF as a growth play), which mainstreams the asset class further.
（融入Portfolio： 有ETF之後，加密幣可以輕易納入Portfolio、養老金、退休計劃等。我哋可能會見到加密貨幣配置成為分散投資嘅一部分（例如有幾個%放指數ETF當增長資產）。）

At the same time, we should remain aware of the regulatory strings attached. The SEC’s cautious approach – evident in delayed decisions and the pausing of multi-asset funds – shows that while they are opening up, they are doing so incrementally and with conditions. Investor protection is still top of mind, meaning issues like market surveillance, custody security, and clarity of what is or isn’t a security will continue to shape which ETFs make it through easily. Any unexpected legal developments (say, a court ruling on the status of a token, or a security breach in an underlying network) could still impact the timeline or conditions of these approvals.

（同時間，大家都要認清監管限制。SEC嘅審慎態度——例如拖延決定、暫停多資產基金——顯示雖然方向已開放，但仍然會逐步行、設下條件。投資者保護係首要，例如市場監察、託管安全、咩算係證券分類都直接影響邊啲ETF容易過關。突發法律變化（例如有裁決某幣是否證券，或基礎網絡出現安全事故）都隨時改變審批時間表或規定。）

It’s also worth noting that the global context remains important. Outside the U.S., crypto ETPs have existed for years (in Europe, Canada, etc.), and some of the assets discussed (like Dogecoin, Polkadot, Cardano) are already available in those markets. The U.S. catching up via these new ETFs will likely increase global liquidity and perhaps arbitrage between regions, leading to a more unified market. We included “global listings” in our considerations because an asset getting an ETF in one jurisdiction often builds momentum for others. For example, Hong Kong’s approval of Bitcoin and Ether ETFs in 2024 and Switzerland’s listing of various crypto ETPs set precedents that crypto can be handled safely in an ETF format – lessons the SEC has surely observed.

（同時要留意，全球背景都重要。美國以外市場（如歐洲、加拿大）其實幾年前已經有加密ETP，部分新ETF講緊啲資產（例如Dogecoin、Polkadot、Cardano）早已喺其他地方上市。美國而家追趕，有望提升全球流動性甚至帶來跨區套利，逐步形成更統一市場。我哋點解要將「全球掛牌」因素納入考慮，就係因為一個地區啲ETF上市後，會幫其他地區建立氣氛。例如香港2024年批准比特幣/以太坊ETF，以及瑞士有多隻加密ETP掛牌，證明加密幣用ETF形式係可以好安全處理——呢點SEC都一定見到。）

As we wrap up this extensive overview, the key takeaway is the sheer breadth of crypto offerings that are crossing into traditional markets. By late summer 2025, we expect:

（總括今次長文，最重要係現在加密資產滲透主流金融市場嘅種類多到令人驚訝。到2025年夏尾，我哋預期：）

Multiple single-asset crypto ETFs (beyond BTC/ETH) trading on U.S. exchanges, potentially including SOL, XRP, LTC, DOGE, and more.
（多隻單一資產ETF（不止BTC/ETH）已經喺美國交易所上市，可能包括SOL、XRP、LTC、DOGE等。）
At least one diversified crypto index ETF poised to launch, giving investors one-stop exposure.
（最少一隻多元分散化嘅指數ETF準備推出，投資者可以一次過買晒。）
Continued moves by issuers to add even more assets – perhaps the likes of Polygon (MATIC), Stellar (XLM), or others could be next in line, especially once the top 10 are covered.
（發行商會繼續加新資產——例如Polygon（MATIC）、Stellar（XLM）等排住隊，特別係十大資產入完ETF之後。）
Ongoing engagement between the crypto industry and regulators to address any outstanding issues (for instance, how to handle staking yields in ETFs, or how to value more esoteric assets like NFTs – as seen in the exotic PENGU ETF filing).
（業內繼續同監管機構磨合討論，處理仲未解決嘅問題（例如ETF點納入Staking收益、點估值NFT等另類資產——例如PENGU ETF申請案入面見到。）

Finally, stepping back, this influx of ETFs signifies a broader acceptance of crypto as a legitimate asset class. It’s not just about price – it’s about integration. Crypto is being woven into the fabric of mainstream finance, via the same ETF structures that investors use for stocks, gold, or oil. This trend may well accelerate the next phase of crypto adoption, where the conversation moves from “Should we allow a crypto ETF?” to “Which crypto ETFs do we offer, and how do they coexist with tokenized stocks, bonds, and other assets?” As Ric Edelman enthusiastically put it, “once all assets are tokenized, there will be thousands of ETFs (or their tokenized equivalents)… the biggest explosion of investment opportunities ever.” We’re not there yet, but the events of this summer show we’re taking significant steps in that direction.

（最後，宏觀嚟睇，ETF大量湧現反映社會對加密貨幣成為正規資產類別嘅認受度大增。重點唔止於個價，係融入主流。加密幣依家同股票、黃金、石油一樣，可以用ETF包裝闖入金融主流體系。呢個潮流好可能加快加密貨幣下一階段普及，屆時大家討論嘅就唔再係「應唔應該批加密ETF？」而係「應該offer邊幾隻ETF？點樣同代幣化股票、債券、其他資產共存？」正如Ric Edelman熱血地講：「一旦所有資產代幣化，就會有幾千隻ETF（或佢嘅代幣版）……係有史以嚟最大一浪投資機會。」雖然暫時未去到咁誇張，但今個夏季發生嘅所有事，都證明成個行業已經大步向前。