2025年值得關注的新加密貨幣ETF：今夏可能推出的十大基金

2025年夏天有望成為比特幣與以太坊之外，加密貨幣ETF蓬勃發展的重要季節。美國監管機構於上半年已批准多檔現貨比特幣ETF（1月）及以太幣ETF（初夏），為山寨幣ETF申請開啟大門。

頂尖分析師幾乎確定，涵蓋主流山寨幣甚至新興區塊鏈代幣的多檔加密現貨ETF，將於未來數月陸續獲批。有專家稱之為“加密ETF之夏”，目前首檔美國山寨幣ETF已問世，其他品種審批機率快速上升。若如預期於今年夏末正式推出，將標誌加密貨幣進一步融入主流金融，使投資人可透過熟悉的證券管道輕鬆涉足各類數位資產。

那麼，未來最受期待的加密貨幣ETF有哪些？以下精選十支有望在今年夏天（2025）重磅登場的加密ETF，包括聚焦熱門Layer-1區塊鏈、傳奇迷因幣、創新DeFi代幣，甚至覆蓋多幣種的指數型基金。我們將說明每個提案的進度、專家評估的批准機會、產品推出的原因，以及未來對加密市場與傳統投資人的潛在影響。

1. Solana（SOL）ETF——山寨幣ETF旗艦

Solana領銜山寨幣ETF熱潮。2025年7月初，美國首檔山寨幣ETF橫空出世，標的正是Solana。ETF發行商REX Shares推出REX-Osprey Solana Staking ETF（代號SSK），成為美國第一支持有並質押Solana賺取收益的基金。這支“質押SOL”ETF採創新結構（遵循1940年投資公司法的C型公司），繞過現貨ETF常見的SEC審核流程。分析師指出，REX同意將40%基金資產配置於其他受監管產品，這一妥協讓SEC點頭通過，使Solana ETF能火速登場。正如彭博社Eric Balchunas打趣表示，“所有系統就緒”，標誌美國第一檔山寨ETF正式上市。

Solana ETF的成功，提升傳統Solana現貨ETF迅速現身的信心。事實上，多家資產管理業者早在此之前就已提交SOL現貨ETF申請，包含VanEck、21Shares、Bitwise、Grayscale、Canary、Franklin Templeton等。今年內多款Solana ETF方案陸續送交監管機構，皆以一比一託管SOL（類似比特幣ETF），直接追蹤Solana市價。業界觀察認為，SEC現已傾向批准一支乃至多支Solana現貨基金。彭博情報分析師最近更將Solana ETF的審批率上調至90-95%，反映監管積極度與比特幣、以太坊ETF的先例。換言之，現在外界普遍認為“何時核准”已不是問題。

“準備好迎接山寨幣ETF之夏，”Balchunas在6月指出，並解讀SEC正釋出強烈訊號。另一ETF分析師亦認為，獲批僅是“何時”的問題。

為何選擇Solana？ 作為最大智能合約鏈之一，Solana生態包含DeFi、NFT、Web3等領域，被公認為功能上最接近以太坊的對手。其網絡交易量高、手續費低，吸引大量開發者與用戶。這些基本面，加上穩居市值前十名，使其成為機構型金融產品的不二選。唯一持續面臨的疑慮，是Solana未來是否會被監管機構認定為證券（因過去銷售或中心化爭議），然而Solana期貨已率先獲批——CME預計2025年將上市SOL期貨合約——顯示監管方已接受SOL作為投資標的。Solana ETF基礎設施也在加速成型。2025年初已有兩檔Solana期貨ETF（SOLZ、SOLT）登錄美國交易所，如今首支現貨ETF（SSK）也已上架。這一切都透露現貨Solana ETF很快將成現實。

預期影響： Solana ETF的獲批意義重大。一方面能讓偏好傳統受監管金融工具的投資人，以更安全便利的方式布局SOL，預計可吸引大量新資金進場；納斯達克分析師預測Solana ETF若獲批，流入規模可達30~60億美元，將有助SOL價格和流動性提升。除此，ETF認可可強化Solana的市場形象與長期發展，對於曾歷經網路停擺等風波卻能屹立不搖的公鏈更具意義。Solana ETF同時也可為其他Layer-1區塊鏈ETF打開大門，提供處理非比特幣資產的範例。正如一位市場策略師所言，“加密ETF之夏由Solana揭幕”，意味SEC對多樣化資產的接受度正逐步升高。

2. 瑞波（XRP）ETF——跨越監管門檻

如果說Solana主打技術前沿，XRP則是測試監理紅線的指標。XRP的ETF之路，充滿戲劇性：2020-2023年因SEC訴訟，XRP是否合法證券成全產業焦點。2023年法院裁定XRP在二級市場並非證券（雖然在其他場景仍有灰色地帶），這讓資產管理者信心大增。自2024年下半年起，現貨XRP ETF申請潮湧向SEC。Bitwise於2024年10月率先提交XRP信託S-1文件，隨後Canary Capital、21Shares、WisdomTree、Grayscale、CoinShares、ProShares、Teucrium及MEMX交易所等大型機構紛紛響應，這是前所未見的集體表態：產業預計監管單位終將對XRP態度轉向。

目前SEC尚未對這些案件作出最終裁決，但專家信心愈來愈高。至2025年年中，彭博ETF分析師給出XRP ETF在年底前核准機率高達約95%，與Solana、萊特幣並列一線。原因在於SEC近期要求交易所締結監控協議、開放公眾意見等動作，表明進入“何時核准”的階段。XRP也受惠於期貨市場認可：商品期貨交易委員會（CFTC）已准許XRP期貨交易（SEC通常將這類歸CFTC管轄），多檔XRP期貨ETF已悄然於海外上市或規劃中。這助長現貨ETF審核有據可依，與比特幣、以太坊現貨ETF類似可以納入完善監督機制。

從投資角度來看，XRP ETF將是主流金融市場首個與支付結算用途為主的加密資產ETF。XRP不同於多數智能合約平台幣，專注於跨境支付與流動性，其ETF可讓銀行、機構與散戶無需直接持有XRP，就能參與跨境加密支付的成長。隨著法律陰影逐漸消散，機構對XRP興趣顯著提升。例如2025年中XRP價格曾突破3美元，創多年新高。如果ETF獲批，將進一步提升在美國市場的正當性與資金流入潛力，尤其XRP社群規模大，且確有匯款等實際應用。

當然，還有部分監管難題未解。最大障礙是SEC遲遲不批多資產ETF，就是因XRP尚無單一資產ETF，表示監管機構仍希望先落實XRP本身的資產監督（如完善託管、價格指數、市場監察），才能納入組合基金。現有XRP ETF提案，基本皆仿照比特幣ETF採用第三方受保託管（如21Shares方案的Coinbase Custody），指數多半參考CME或納斯達克，且不涉及槓桿或衍生品——僅一比一託管鏈上現貨XRP。只要這些條件無誤，分析師認為SEC幾無理由否決，尤其XRP法律定位已更趨明朗。

潛在影響： XRP ETF核准將是山寨幣歷史性時刻，證明曾遭監管挑戰的資產也能躍升為合規金融商品。市場評論認為，若XRP ETF上市，將可激發全新機構資金流入，甚至成為“下一個機構寵兒”。一位加密基金經理人表示，“XRP進入ETF即意味正式主流化”，經紀帳戶與退休計劃也將導入新投資人。ETF同時也惠及Ripple生態圈（如系統銀行合作方將因SEC事實認可更有信心）。相對的，若SEC出乎意料否決XRP ETF，恐令合法性爭議再起、價格承壓，但以目前審核進度來看，這樣的情況機率不高。總體跡象顯示，XRP很快就能與比特幣、以太坊齊名，擁有專屬ETF，最快今秋即見分曉。

3. Dogecoin

(DOGE) ETF——從迷因到主流

很難想像有哪一種資產，比狗狗幣（Dogecoin）這個原始迷因加密貨幣更令人驚訝地成為ETF候選人。狗狗幣於2013年誕生時本來只是個玩笑，由網路文化（和Elon Musk的推文）推紅；沒想到它逐漸發展成為市值數十億美元的資產，並擁有忠實的社群。現在，狗狗幣有望成為第一個推出華爾街ETF的迷因幣。2025年初，幾家發行商已投入爭奪，計劃發行狗狗幣ETF，押注DOGE強大的知名度與流動性可以轉化成一個可行的投資產品。21Shares、Grayscale、Bitwise以及Rex Shares/Osprey Funds都在2025年1月前後提交了現貨DOGE ETF的相關文件。（事實上，21Shares於2025年4月的狗狗幣申請文件特別提及由“House of Doge”——即狗狗幣基金會的企業部門——協助其行銷。）多家機構的高度興趣凸顯出一個奇特的現實：狗狗幣也許是迷因，但同時也是認真的金融資產。正如CoinGecko研究團隊所言：“極少數迷因幣能夠突破迷因本質，在現實世界產生影響力，狗狗幣就是其中之一。”

分析師目前認為DOGE ETF獲批的可能性極高。 Bloomberg的Seyffart和Balchunas一開始預估2025年狗狗幣ETF機會為75%，到年中更將多種山寨幣的機率上調至約90%——將DOGE歸為“幾乎確定”類別。SEC已展現一定程度開放態度：2025年2月，SEC正式受理並審查Grayscale關於DOGE ETF的19b-4交易所申請，這個程序步驟代表該提案遭到認真對待，而非直接否決。DOGE的申請訴求主要基於以下幾點：

市值與流動性： 狗狗幣一向名列前十大加密貨幣（2025年初約240億美元市值），幾乎在所有交易所皆可交易，流動性極高——對ETF來說至關重要，能確保申購/贖回與價格追蹤順暢。
穩健歷史紀錄： 雖然源於迷因，DOGE已經歷多輪市場循環（如2014、2018、2022年崩盤）依然存活且興旺。這種韌性增強了其持久力與用戶基礎的說服力（數百萬個地址持有Doge，並用於網路小額支付/打賞）。
監管定位： 狗狗幣是比特幣（經由萊特幣）分支，無中心化募資或公司主導。多數人認為其歸類會類似比特幣或萊特幣——即從美國監管角度看，極可能被視為商品（事實上DOGE並未在SEC 2023年打擊特定代幣行動中被點名）。這降低了DOGE ETF通過的監管風險。

實際上，產業人士普遍歡迎此構想。“狗狗幣已不僅僅是加密貨幣：它代表一場文化與金融運動，”21Shares總裁Duncan Moir表示，其公司2025年4月在歐洲發行了完全支持的狗狗幣ETP。這檔歐洲產品在瑞士SIX交易所掛牌，代碼“DOGE”，已證明全球確有需求——為瑞士及歐盟投資人提供了受監管的狗狗幣購買管道。美國ETF同樣會將Doge帶進傳統券商帳戶。專家認為這或帶來趣味性的副作用：「迷因投資」概念獲得正當性。如果一種誕生於玩笑的幣種，能獲SEC批准發行ETF，那就意味金融本質也正在演變。部分分析師將其視為一種正向趣事：“狗狗幣ETF獲批，或成為迷因幣主流合法化的催化劑，”CoinGecko指出，這代表即使是由社群情緒推動的資產，如今也獲得認可。

當然，Doge ETF不會毫無爭議。傳統投資者可能嗤之以鼻，不認為嚴肅投資者會買迷因幣基金，SEC也必須確保基礎市場不易被操縱（所以多份DOGE ETF申請皆提出嚴格的市場監控協議）。還有波動性問題——狗狗幣因病毒式推文暴漲暴跌早已聞名。ETF並不會改變這種風險，只不過換了個投資工具。SEC決策將關鍵於是否能為狗狗幣建立與比特幣相同的保護框架（如多交易所偵測詐欺等）。一旦獲批，ETF會1:1追蹤Dogecoin現貨價格（保管單位可能是Coinbase等大型託管機構），讓投資人能像買賣股票一樣操作。

全局觀來看： 假如狗狗幣ETF在今夏前獲批，將成為加密貨幣融合傳統金融的重要里程碑。這象徵即使最具趣味、社群推動的資產，也正進入機構投資組合。有Bloomberg分析師形容，Doge納入ETF“無疑代表我們已進入新時代”——一個網路文化與高端金融界線模糊的時代。實際上，它會導入新資金至狗狗幣（有可能推升價格），也鼓勵ETF發行商評估其他迷因或社群代幣。（目前，連SHIBA、PEPE甚至諷刺性的TRUMP代幣ETF也有申請，只是目前獲批希望很低。）狗狗幣仍是最有望取得ETF資格的迷因幣，其進展備受關注。正如Balchunas所說，給Doge 75%以上機率，曾經絕無可能——但現在，這已成現實。

4. 萊特幣（LTC）ETF——數位白銀競逐黃金

萊特幣常被譽為“比特幣的白銀”，自2011年以來一直是加密貨幣的長青樹。如今，它也有機會成為率先取得ETF的山寨幣之一。萊特幣有力競逐ETF資格的理由，在於其歷史悠久、技術與比特幣高度類似，以及監管定位明確。它是少數被多數監管單位明確列為“商品”的加密貨幣之一——事實上，CFTC前主席曾公開將比特幣和萊特幣並列為加密資產中的“商品”代表。這種免於證券法管轄的法定地位，使SEC更願採納，因為可以沿用現有商品監管架構。因此Bloomberg分析師給予萊特幣ETF在2025年通過的機率高達90–95%——是所有山寨幣中最高的。

ETF產業早早看好萊特幣：Canary Capital、Grayscale和CoinShares皆在2024年底前申請推出萊特幣信託或ETF。（Grayscale早已經營LTC信託，並在2025年1月申請轉型為ETF。）他們的樂觀證明頗有根據。到了2025年夏季，萊特幣迎來ETF預期行情——6月底其價格衝上85–90美元區間，交易者期待SEC對其放行。Polymarket預測市場對2025年LTC ETF的通過率超過80%，多位分析師也把LTC列為最有望首發ETF的山寨幣。有報告指出，所有待審加密ETF中，分析員給LTC最高通過率……自從現貨比特幣和以太坊ETF先後過關後，就更明顯。

信心如此高的理由如下：

成熟、簡潔協議： 萊特幣的程式碼為比特幣分支，只有少數調整（區塊生成只要2.5分鐘，總量較多）。沒有複雜的新風險——區塊鏈已運作逾十年無重大事故。這也更便利託管，並讓監管單位更容易理解。
商品歸類優勢： 正如前述，萊特幣被廣泛認為是商品（屬CFTC監督），而非證券（SEC監督），與比特幣狀況一致。SEC對商品ETF最主要要求是市場不易遭操縱，並必須與受監管市場達成監控協議。LTC已經有CME期貨（2018年起）及國際交易所能監控，許多標準都可達到。甚至到2025年，CME還擴大了加密期貨產品，而LTC期貨未平倉量也很健康，顯示機構資金早已參與其中。
市場需求確實存在： 萊特幣作為“交易型加密幣”極受青睞，手續費低且擁有大量粉絲。市值（2025年中約60億美元）列名前15名。ETF會吸引尋求多元化（不僅限於BTC/ETH）且偏向“藍籌”山寨幣的投資人。一些人還提及2025年8月即將到來的萊特幣減半事件（礦工獎勵減少，歷史上通常帶來漲勢），有望與ETF審批時間同時發酵，進一步刺激人們的興趣。

如果萊特幣ETF在夏末推出，影響或相當深遠。首先，這將再次證明工作量證明（Proof-of-Work）山寨幣（如萊特幣）堪比比特幣，具可投資性。它或拉抬LTC價格及能見度——部分分析師認為，ETF加持將“顯著提升萊特幣採用率”，尤其能讓散戶輕鬆持有萊特幣於退休帳戶。現貨ETF免去自主管理錢包或交易所帳號的繁瑣，將吸引原本不敢碰無監管平台的傳統資金。此外，還有流動性效益：ETF需持有現貨作為支持，意味新基金需購入並托管萊特幣，短期可能減少流通量，對價格形成支撐。

此外，LTC的通過也能為其他比特幣類加密貨幣奠定先例。監管機關下一步或考慮為比特幣現金（BCH）或以太坊經典（ETC）等ETF開綠燈——它們同為工作量證明/商品歸類。（儘管這些目前並非市值前十，但BCH已被納入Bitwise指數基金，也有數份BCH ETF在申請。）值得一提的是，SEC於夏季其中一項決策中，已批准Bitwise將其加密指數型基金（成分90%為BTC/ETH、10%...

（後續內容依需要補充）others like LTC, ADA, BCH) into an ETF – then immediately paused it. The pause was attributed to the need to iron out standards for the smaller assets. This suggests the SEC is nearly there on things like Litecoin, but perhaps wanted to approve the single-asset ETFs (like a standalone LTC) before letting them exist within a basket. In short, Litecoin appears to be right on the cusp.

Bottom line: Litecoin ETFs are expected to be among the first altcoin funds to hit the U.S. market. Keep an eye on key SEC decision dates; the final deadline for current Litecoin ETF filings is reportedly October 2025, but an approval could come as soon as this summer’s review cycle. If it does, Litecoin – the digital silver – will have scored a golden milestone in its long history.

其他像是LTC、ADA、BCH等等的資產被納入ETF後，SEC隨即暫停了進程。這次暫停被歸因於需要釐清較小型資產的標準。這暗示SEC對像LTC這樣的幣種已幾乎準備就緒，但他們或許希望先通過單一資產的ETF（例如專屬LTC ETF），再把它們納入多資產籃子中。簡而言之，萊特幣（Litecoin）似乎正處於即將獲批的關鍵時刻。

重點總結： 預期萊特幣ETF將成為美國市場首批現貨山寨幣基金之一。請密切關注SEC的關鍵決策日期；據稱，目前的LTC ETF申請案最終截止日為2025年10月，不過最快有望在今年夏天的審查周期就獲批。如果成真，作為“數位白銀”的萊特幣將在其歷史上迎來黃金里程碑。

5. Polkadot (DOT) ETFs – Investing in the Multi-Chain Vision

Polkadot is another major network vying for ETF approval. Polkadot’s DOT token powers an ambitious multi-chain ecosystem that connects various specialized blockchains (“parachains”) into one interoperable network. This cutting-edge technology angle makes Polkadot stand out among altcoins – and it’s a narrative that institutional investors have taken interest in. By 2025, Polkadot’s platform hosts dozens of parachains for use cases from DeFi to identity, and its design was spearheaded by Ethereum co-founder Gavin Wood. The question is, will regulators be comfortable with an ETF for such a sophisticated crypto asset?

ETF issuers are certainly betting on it. 21Shares filed for a Polkadot Trust ETF in February 2025, one of its first U.S. altcoin filings. Around the same time, smaller player Tuttle Capital also filed, and Grayscale listed Polkadot in its lineup of trust-to-ETF conversion targets. Polkadot’s profile – a top-12 crypto with around a $5 billion market cap as of mid-2025 – makes it a borderline choice, perhaps not as large as Solana or XRP, but significant nonetheless. Notably, Bloomberg’s analysts give Polkadot ETFs roughly a 90% chance of approval by the end of 2025 (slightly lower than SOL/XRP but still very high). This optimism stems from the SEC’s apparent comfort with top altcoins generally, plus Polkadot’s presence in futures markets and indices. (For instance, DOT futures have traded on overseas exchanges, and DOT is part of Bitwise’s 10 Crypto Index Fund weighting.)

However, timing might be an issue. The SEC has already delayed decisions on Polkadot ETF filings to later in 2025. One report noted that the SEC pushed out the next decision on 21Shares’ Polkadot ETF to November 8, 2025, using its option to extend the review period. This suggests that a Polkadot ETF might not launch by the end of summer, unless the SEC has a change of heart sooner. More likely, we’ll see the groundwork laid by summer (with no outright rejections), and an approval possibly in the fall alongside other second-tier altcoins.

From a fundamentals perspective, Polkadot has a strong case: it’s a well-established platform coin (launched 2020) with a robust developer community and a clear use case (connecting blockchains). It’s not a meme or a niche token – it addresses scalability and collaboration in blockchain networks. These qualities make it attractive for long-term tech-oriented investors. An ETF would allow those investors to back Polkadot’s vision without dealing with the complexity of staking DOT or participating in crowdloans (the current ways to engage in Polkadot’s ecosystem). It’s a “picks and shovels” investment in the infrastructure of Web3.

What do experts say? Polkadot hasn’t been as flashy in headlines as Solana or Dogecoin, but it’s frequently mentioned as part of the coming wave of altcoin ETFs. Balchunas and Seyffart put DOT in the 90% approval odds group along with Cardano, Doge, etc. Additionally, the SEC’s own comments about multi-asset funds implied that one reason to pause was the lack of a standalone DOT ETF (DOT was in Bitwise’s index too). This implies the SEC is considering Polkadot; they just want to handle it methodically.

Potential impact: Approval of a Polkadot ETF would bring fresh attention and capital to the Polkadot ecosystem. DOT’s price could benefit from the perceived vote of confidence. More importantly, an ETF might lead to **increased institutional involvement – for example, hedge funds might be more inclined to use DOT in pair trades or yield strategies if they can easily get exposure via an ETF. It could also spur greater usage of Polkadot’s network: parachains and projects building on Polkadot might attract interest if DOT is more widely held. On the flip side, if approval drags out beyond summer into late 2025, Polkadot might be overshadowed by other altcoin ETFs that launch first (e.g., Solana or Litecoin). Still, given the interconnected nature of these approvals, any success in one altcoin likely bodes well for DOT. By the end of summer we expect to at least have clarity that Polkadot’s ETF is on track for approval – even if the official launch might be a bit later.

5. Polkadot（DOT）ETF─多鏈願景的投資選擇

Polkadot是另一個積極爭取ETF核准的大型區塊鏈網路。DOT代幣驅動著一個雄心勃勃的多鏈生態系統，將各種專業化的區塊鏈（「平行鏈」）連結為一套可互操作的網路。這種尖端技術特點，讓Polkadot在許多山寨幣中脫穎而出，也引起機構投資人的高度關注。到了2025年，Polkadot平台已經支援數十條平行鏈，涵蓋從DeFi到身份認證等多種應用，由以太坊聯合創辦人Gavin Wood主導設計。問題在於，監管單位是否能接受這種複雜的加密資產發行ETF？

ETF發行商顯然對此十分樂觀。21Shares於2025年2月申請了Polkadot信託ETF，是其在美國申報的首批山寨幣ETF之一。同期較小規模的Tuttle Capital也提出相關申請，Grayscale則將Polkadot列入其信託轉換ETF的目標名單。Polkadot的市值規模──截至2025年中約有50億美元，為加密貨幣前12大──使其略處於ETF審核的門檻，雖然不像Solana或XRP那麼大，但已有關鍵分量。值得一提的是，彭博分析師給Polkadot ETF在2025年底前獲批的機率約為90%（略低於SOL/XRP，但仍非常高）。這種樂觀來自SEC對主流山寨幣態度趨於開放，以及Polkadot已出現在期貨市場與指數中（例如DOT期貨海外有交易，且在Bitwise的10大加密指數基金中佔有比重）。

然而，時機點仍是疑慮之一。SEC已經把Polkadot ETF申請的決定推遲至2025年稍晚。據報導，SEC利用審查延期權力，將21Shares Polkadot ETF的下一次決策推到2025年11月8日。這意味著，Polkadot ETF除非SEC提前轉向，否則可能無法趕在夏末前上線。更可能的情境是，夏天前基礎工作鋪陳到位（沒有直接否決），真正核准或許在秋季與其他二線山寨幣一同跟進。

從基本面看，Polkadot具備優勢：2020年推出，開發者社群活躍，定位明確（鏈與鏈的連結平台）。這不是炒作或小眾幣，而是針對區塊鏈網路的擴展性與協作性而生，對科技長線投資人很有吸引力。ETF上路後，投資人可以用更簡單的方式支持Polkadot的願景，不必自力質押DOT或參與群眾貸款（目前主流Polkadot生態操作）。可以視為Web3基礎建設的「淘金工具」投資。

專家怎麼看？ 雖然Polkadot不像Solana或狗狗幣那樣搶頭條，但經常被預期為新一波山寨幣ETF潮流的一員。Balchunas與Seyffart將DOT歸為90%核准率的一組，和Cardano、Doge等齊名。同時SEC對多資產基金的評論中，也暗示暫停原因之一是目前還沒有單一DOT ETF（DOT也在Bitwise指數中）。這表示SEC正審慎評估Polkadot，只是政策進度較循序漸進。

潛在影響： Polkadot ETF若獲批，勢必為Polkadot生態帶來新關注與資金。DOT價格也可能因市場信心投票而受益。更重要的是，ETF可能帶來機構參與度提升──例如避險基金可藉由ETF更方便地用DOT進行配對交易或收益策略。DOT普及後，建基於Polkadot的平台及平行鏈專案也有望吸引更多用戶。如果核准一路拖到2025歲末，Polkadot可能會被更早獲批的競爭對手（如Solana、Litecoin）遮掩鋒芒。但考慮到這批ETF彼此有連動關係，只要某家成功，對DOT也屬利多。我們預計，夏天結束前應能確認Polkadot ETF正朝核准邁進──即便正式上市的時間點可能要稍後才到來。

6. Cardano (ADA) ETFs – High Hopes for a Top Platform Coin

Cardano is another heavyweight contender in the ETF race. ADA, the native token of Cardano, has long been in the top ranks of cryptocurrencies by market cap (often top 5–7 in recent years). Cardano differentiates itself with a research-driven approach to development and a strong community focus on global adoption (e.g., blockchain projects in Africa). Given its prominence, it’s natural that investors want an ADA ETF. And indeed, at least two ETF filings for Cardano are in play: Grayscale sought to convert its Cardano Trust (symbol: ADA) into a spot ETF in January 2025, and Tuttle Capital also filed for a standalone ADA ETF. More could be on the way, as other issuers had hinted at including Cardano in multi-asset filings.

Analysts put Cardano in the same favorable category as Dogecoin and Polkadot – around 90% likelihood of approval by late 2025. The reasoning is similar: Cardano has a large, well-established network that, like others mentioned, now has futures markets and a clearer regulatory standing. (Notably, no regulator has explicitly labeled ADA a security to date, and Cardano’s foundation has been proactive in compliance.) The SEC’s engagement with Cardano ETF filings was evidenced by its brief initial approval then pause of Grayscale’s multi-asset fund (which included ADA). That pause, again, likely means the SEC wants to approve ADA on its own before allowing it bundled with others. So, while Cardano’s ETF might not be the very first out of the gate, it is expected to follow closely in the footsteps of Solana, XRP, and Litecoin.

Cardano’s potential ETF has a few distinctive implications: For one, it would be the first ETF based on a pure proof-of-stake smart contract platform (assuming Solana – also PoS – hadn’t launched just before). Cardano’s claim to fame is its methodical development (peer-reviewed academic research underpins each update) and features like the Ouroboros PoS algorithm and a focus on scalability via Hydra. By approving ADA, the SEC would essentially be saying it’s comfortable with a broad range of blockchain technologies, not just Bitcoin-like or Ethereum-like assets. It would also acknowledge Cardano’s real-world usage – for example, Cardano has been involved in identity projects in Ethiopia, and hosts a DeFi and NFT ecosystem of its own.

Investor interest in Cardano remains strong: ADA’s price saw a resurgence in 2025, and some long-term price predictions by enthusiastic supporters are sky-high (though those should be taken with caution). An ETF would allow more traditional funds and even retirement accounts to allocate to ADA, which could bring new holders and potentially stabilize some volatility. Also, given Cardano’s large circulating supply and relatively low price per coin (pennies to a dollar range historically, though by 2025 it was around $0.83), an ETF might make it psychologically easier for investors to buy “shares” representing thousands of ADA without dealing with fractional units on crypto exchanges.

One interesting expert insight: Ric Edelman, a financial advisor leader, noted that after the pro-crypto shift in U.S. politics, “it is regarded as inevitable we’ll see many other single-asset and multi-asset ETFs of digital coins and tokens. The Bitcoin and Ethereum ETFs will prove to have been merely the first.” Cardano, being one of the largest tokens not named BTC or ETH, clearly fits into that vision of “many other single-asset ETFs.” In other words, Cardano’s ETF isn’t a question of if, but when.

If Cardano’s ETF gets approved by late summer or early fall, expect a few things:

ADA market reaction: Likely positive, as ETF approval signals institutional endorsement. We might see a rally as was observed with Litecoin and others on ETF rumors.
Competitive positioning: Cardano often faces comparisons to Ethereum and Solana. An ETF would put it on more equal footing in terms of investor access. It could also drive friendly competition on who can attract more ETF assets – for example, will a Cardano fund see as much uptake as a Solana fund? That remains to be seen, but such competition ultimately raises all ships in terms of publicity.
Community boost: Cardano’s community (the “ADA Army”) would certainly view an ETF as validation of their project’s credibility. This could spur even more grassroots promotion and adoption efforts, knowing that Wall Street has effectively given ADA a nod.

In summary, Cardano is poised to join the ETF club alongside its altcoin peers. Barring any unforeseen regulatory issues, by the end of the summer we should either see an approved ADA ETF or at least clear progress toward one. Given Cardano’s emphasis on steady development, it’s fitting that its march to an ETF is steady and inevitable, even if not the very first through the door.

6. Cardano（ADA）ETF─頂尖平台幣的高期望

Cardano同樣是ETF競賽中的重量級選手。ADA為其原生代幣，市值常年位居加密貨幣前五至七名。Cardano以其研究導向的開發路線，以及致力於全球推廣（如非洲區塊鏈專案）的社群文化脫穎而出。在這樣的地位下，投資人自然渴望ADA ETF。事實上，目前Cardano相關申請至少有兩件：Grayscale於2025年1月申請將Cardano信託（代號：ADA）轉為現貨ETF，Tuttle Capital亦提出獨立ADA ETF申請。未來可能還會有更多，畢竟其他發行商也有意將Cardano納入多資產ETF申報。

分析師們將Cardano和狗狗幣、Polkadot一樣，歸類於2025年底前獲批機率約為90%的一線陣容。原因類似：Cardano網路規模龐大且成熟，如同前述幾個幣種，現今也已有期貨市場、監管定位更明確。（值得注意的是，目前尚無監管單位明確將ADA認定為證券，且Cardano基金會一直積極主動遵循法規。）SEC對Cardano ETF申請案的態度，也從曾短暫核准（其多資產基金含ADA）再暫停這點可見一斑。這再度顯示，SEC可能希望先核准ADA單幣ETF，再允許其與其他資產捆綁於多資產ETF。所以雖然Cardano ETF不一定是首批上線，預期也會緊接Solana、XRP、Litecoin之後。

Cardano ETF的潛在意義頗多：首先，它將是首個以「純權益證明（PoS）」智能合約平台為基礎的ETF（假設Solana未搶先上線）。Cardano以謹慎開發聞名（每項技術更新都經同儕審查學術研究支撐），例如明星特色Ouroboros PoS算法，以及主打高度擴展的Hydra。若核准ADA，SEC等同宣示對非比特幣或以太坊型資產以外，廣泛區塊鏈技術的包容。這同時也肯定Cardano在現實世界的應用，像其於衣索比亞的身份計畫，以及自有的DeFi與NFT生態。

投資人對Cardano的興趣持續高漲：ADA價格於2025年再度活躍，一些狂熱支持者的長線預測也極為樂觀（但須謹慎看待）。ETF推出後，傳統基金甚至退休帳戶都能配寘ADA，有機會納入新持有族群並有助於波動穩定。而且，考量ADA流通量大、單價長期偏低（從數分到一美元區間，2025年約美元0.83元），ETF形式或讓投資人心理上較易購買能代表數千ADA的「一股」，不需跟加密交易所的零碎單位打交道。

一項有趣的專家觀察：理財顧問界領袖Ric Edelman指出，美國政治對加密貨幣轉向友善之後，「大家普遍認為，未來將會出現更多單一資產和多資產的數位幣ETF，現有的比特幣與以太坊ETF僅是開端。」Cardano身為僅次於BTC、ETH的巨型代幣，顯然正符合這「多單一資產ETF」的未來藍圖。換言之，Cardano ETF只是「何時」不是「是否」的問題。

如果Cardano ETF於夏末或初秋獲准，可以預期以下幾點：

ADA市場反應： 可能偏正面，因ETF核准意謂機構背書。類似於萊特幣等ETF消息引發的行情，ADA或會跟進反彈。
競爭定位： Cardano經常和以太坊、Solana比較。ETF上市後，將使其在投資人可及性上與這些對手更趨平衡。此舉還可能帶動ETF資金規模的正面競爭——例如Cardano基金吸引力是否比Solana基金高？這仍有待觀察，不過彼此競爭總能同時拉升宣傳熱潮，帶旺整個行業。
社群振奮： Cardano支持者（俗稱ADA Army）必將視ETF為項目公信力的肯定。這可望激發更多自發推廣與落地應用，畢竟已獲華爾街實質肯定。

總結：Cardano正準備與主流山寨幣一同加入ETF俱樂部。如無重大監管變動，夏天結束前我們應該會看到獲批的ADA ETF，或者至少有明確進展。Cardano強調穩健發展，其ETF步調也是穩中求進，雖然不是第一批通過，卻幾乎是必然的進程。

7. Avalanche (AVAX) ETFs – A Bet on DeFi and Subnets

Avalanche, the blockchain

（後續如有更多內容或剩餘段落請再補充）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.

以高速及「子網」架構聞名，Avalanche 是即將到來 ETF 浪潮中另一個極有可能成為候選對象的加密貨幣。其 AVAX 代幣支撐著一個專注於去中心化金融（DeFi）、企業區塊鏈部署，甚至是機構級資產代幣化的平台。雖然按市值來說不及 Solana 或 Cardano 規模龐大，但 Avalanche 已經開拓出一個相當重要的利基市場——而它能被納入 ETF 規劃，也代表市場對其長遠發展的信心。

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 年底申請現貨型 Avalanche ETF，成為首批針對 AVAX 的大型公司之一。其他如 Grayscale 也已把 AVAX 納入其多資產基金（如 Bitwise 指數型基金和 Grayscale 的大型加密資產基金都持有部分 AVAX）。據彭博社分析師表示，Avalanche 現貨型 ETF 申請在 2025 年底獲批的機率高達 90%，與 Polkadot 和 Cardano 相仿。這麼高的機率可能會讓認為 AVAX 屬於較新區塊鏈（於 2020 年問世）的人感到意外——但這也反映了美國 SEC 監管態度的變化。當監管單位對前幾個主要山寨幣感到放心後，通常也會很快地放寬給更多主流加密貨幣（如當年比特幣期貨 ETF、後來多個比特幣現貨 ETF 的情況）。

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 ETF 之路可能稍慢於 Solana 等競爭對手，主因有兩點：（1）市值規模——AVAX 總稀釋市值約 240 億美元，但實際流通價值更低，在主流資產中屬於相對小型。（2）生態活躍度——Avalanche 有活躍的 DeFi 生態（像知名的 Trader Joe DEX 等），也有獨特的子網技術（允許自訂區塊鏈），但截至 2025 年中，其鎖倉總價值（TVL）僅為 Ethereum 的一小部分。實際上，有一份分析指出 Avalanche 的鎖倉總額不到以太坊的 2%，說明其雖重要但非主導地位。雖然 SEC 並未直接將這些指標納為評估標準，但這些數據間接影響對該資產生態系穩健性的看法。

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.

儘管有上述細節，Avalanche 能被納入 ETF 申請案，仍顯示了機構強烈信心。VanEck 這類知名 ETF 發行商願意申請 AVAX ETF，代表他們認為市場對 Avalanche 增長持有需求。Avalanche 近年也積極建立「金融友善」品牌形象——例如，與資產管理公司合作建立機構級專屬子網，並參與股票等資產代幣化實驗。ETF 上市後，投資人將可直接布局 Avalanche 在金融科技和 DeFi 世界中的應用成長。如果銀行或 FinTech 公司在 Avalanche 子網路上建置服務，AVAX 自然能享有紅利；ETF 投資人也有機會分享這波成長帶來的潛在利多。

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.

從監管角度來說，Avalanche 沒有已知的重大風險或紅旗。其代幣發行過程公開透明，且銷售方式大致符合相關法規，同時背後團隊 Ava Labs 也積極參與美國政策圈。此外，部分交易所早已有上架 AVAX 期貨產品，更重要的是美國商品期貨交易委員會（CFTC）並未反對將 Avalanche 當作商品進行交易。種種跡象都有利於 SEC 最終批准其現貨 ETF。

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

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.
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.
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.

如果 Avalanche ETF 能在夏季末甚至更早上市：

市場影響： AVAX 價格有望上漲。過去 ETF 利好消息就常助漲幣價，實際核准後，基金進場建立部位，推動力道會更強。此外，也能提升 AVAX 在媒體和投資圈曝光度，吸引原先關注主流幣種而忽略 AVAX 的資金目光。
競爭格局： Avalanche 一直與 Ethereum、Solana 及其他 L1 區塊鏈爭奪用戶和開發者。成為首批獲核可 ETF 的鏈之一，可望提升其行業地位。這也向監管機關和機構投資人傳達「Avalanche 與這些大型區塊鏈同級」的訊號。
鏈上活躍度提升： 有趣的是，ETF 若造成供給稀缺（因託管機構將 AVAX 轉入冷錢包），市場可能會更渴求剩下可流通的 AVAX 進行質押（賺取質押獎勵）。稀缺性提高下，Avalanche 質押和 DeFi 收益率將更具吸引力。長遠來看，這能進一步提升網路安全和 DeFi 生態的發展。

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.

總結來說，Avalanche 很有機會在首波山寨幣 ETF 獲批名單的末段進場，代表市場對 DeFi 基礎建設的未來布局。如有分析師所言，Avalanche 能被納入 ETF，象徵 SEC 願意接受「市值顯著低於以太坊」的資產上市，顯示對多元加密項目有更廣泛包容。到了今年夏末，我們也將持續觀察 AVAX 是否能登上華爾街聚光燈。

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 年最具突破性的 ETF 申請之一，是 21Shares Ondo Trust，目標是持有 ONDO 代幣。和此清單其他幣種不同，Ondo 並非 L1 鏈也非傳統大市值加密貨幣——它是專注於真實世界資產（RWA）代幣化的 DeFi 平台治理/應用代幣。若申請通過，ONDO 將成為美國市場首檔 ERC-20 代幣型 ETF，開創一個新紀元——不僅是主鏈幣，應用層的 DeFi 代幣也能獲得機構合規包裝。

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？ 它是一個將 DeFi 流動性與傳統金融收益率結合的平台。Ondo 推出過如 OUSG（美國國債代幣化）、USDY（以短天期美債作為支撐的收益型穩定幣），還有 RWA 貸款協議 Flux。簡單來說，Ondo 把安全傳統資產（如國債）代幣化，讓用戶透過區塊鏈參與收益池，獲取可靠利息。ONDO 代幣本身在此生態擔任治理、手續費分潤等作用，其價值與這類國債代幣和相關產品規模成長息息相關。

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 日提交 Ondo ETF S-1 申請，為業界帶來巨大迴響。這一動作代表：

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.
機構開始認真看待 DeFi 代幣。 ONDO 並非迷因幣或純粹投機功能代幣，它的價值與美債收益（透過 OUSG）直接掛勾。DeFi 與傳統金融橋接的敘事正快速升溫，現在甚至可能獲得 ETF 合規機會。
監管層有意開放複雜加密資產。 若同意 ONDO ETF，代表 SEC 願接受這類間接代表其他金融資產權益（如國債聯動）的代幣列入 ETF。這種複雜度，與主流「商品型」幣（如萊特幣）不同。Ondo Finance 一直重視資訊透明——公開實時資產支持、定期審計為產品背書——這都有助於 SEC 增強信心。

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.

市場也立即反映，ONDO 申請 ETF 前後一個月價格飆漲 65%，市值從 20 億美元躍升超過 35 億美元，漲幅遠超大盤，顯示不管散戶還是主力資金都提前部署 ONDO。交易員 Jeff Cook 就直言：「ONDO 將成下個機構新寵」，指出 ETF 消息前已有資金提前佈局。另一位分析師 Marty Party 更點出其意義：「這將為更多非 L1 加密資產開啟 ETF 上市大門」。換言之，ONDO 能過 SEC 這關，往後去中心化交易所（DEX）、借貸協議等複雜代幣也有機會獲列 ETF。

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 運作原理？ 根據申請文件，21Shares Ondo Trust 將 1:1 持有 ONDO 代幣，託管於合資格（Coinbase Custody）資產管理商，跟蹤其價格（依據 CME CF Ondo-Dollar 參考指數）。無槓桿、無衍生品——與比特幣、以太坊 ETF 結構類似，是被動型投資商品。雖然架構單純，但標的特性完全不同：比特幣主要被看作數位黃金、以太坊是公鏈燃料，而 ONDO 則和國債代幣化等實體資產收益緊密連結。ETF 投資人實際上等於參與了區塊鏈上的國債收益與債券，和傳統加密幣投資截然不同。

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.

如獲通過，Ondo ETF 可能帶來的影響： 若 SEC 真的批准 Ondo ETF，將成「DeFi 與傳統金融融合」的分界點。機構將可透過券商帳戶買入 ONDO，代表養老金、校務基金等也有機會間接投資到國債代幣化等合規商品（經 Ondo 生態運作）。這將大幅拓展 RWA 代幣的投資人基礎，帶來更多資金投入股權、債券、房地產等項目的代幣化。ETF 也暗示監管認可其商業模式，有助於推升 Ondo 產品採用率。部分人士甚至將此舉比擬 BlackRock 比特幣 ETF（iShares IBIT）當年「帶動資金流入、樹立正規地位」的效應——如大量資金流入，Ondo ETF 有機會同樣帶動 ONDO 市場規模及價格飛升。

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

對整個加密圈而言，也呼應「具實用性的 DeFi 應用層代幣能和主鏈幣同台」的監管趨勢。未來或將迎來更多協議幣 ETF 申請潮：如 Uniswap、Aave 等主要 DeFi 協議代幣，抑或其他 RWA 平台的專屬幣。事實上，21Shares 已表明不會只停在 Ondo——他們同步遞交或準備 Polkadot、XRP、Solana、Sui 等多支 ETF 申請。加密 ETF 的候選名單正快速擴大。quickly, as Balchunas humorously noted when he said the filings were “outpacing human awareness”.

迅速地，正如 Balchunas 詼諧地指出這些申請正在「超越人類的認知速度」。

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 可能會比審核 Litecoin 更花時間才能對 ONDO 感到放心。該機構可能會要求進一步揭露資訊，或者延後決定（初步申請通常都會經歷數次修正）。即使沒有立即獲批，這項申請本身仍將 RWA 代幣推上檯面。Ondo 的舉措顯示，加密的創新已以具體應用進入 SEC 的大門（例如提升收益管道的可及性）。正如 21Shares 美國區負責人 Federico Brokate 所說，「投資人越來越尋找多元且容易參與數位資產成長的方式，而我們希望在合規安全下，提供滿足這種需求的 ETF 架構。」

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.

總之，Ondo ETF 絕對值得密切觀察。到了今年夏末，我們很可能就會知道它是否會成為第一檔 DeFi 代幣 ETF。如果獲批，不僅有助於推升 ONDO，也意謂 SEC 願意讓鏈上進入傳統金融產品合法化。這或許將開啟華爾街擁抱代幣化金融的更大趨勢。從 Ondo 的聲勢來看，RWA 代幣正由小眾概念，轉變為主流金融工具，而 ETF 這個領域就是這波演進的重要一環。

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

9. Sui (SUI) ETF —— 新一代 Layer-1 競逐亮相

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 ETF 申請名單中，讓人最驚喜的名字之一是 Sui —— 這是 2023 年才啟動的新一代 Layer-1 區塊鏈。Sui（發音與“水”同）由前 Meta（臉書）工程團隊 Mysten Labs 所開發，採用 Move 程式語言（如出自同系列 Diem 計畫的 Aptos）。雖然項目尚屬新創，但憑藉其技術設計及遊戲、社交 dApp 的潛力已受關注。現在，也吸引 ETF 發行方注目：21Shares 已於 2025 年 4 月提出 Sui 現貨 ETF 申請，讓 SUI 成為史上最「新鮮」被納入 ETF 經濟體的代幣之一。

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 並不是單獨進行這項布局 —— 他們同時宣布與 Sui Network 建立策略合作，計畫「運用 Sui 區塊鏈協作產品」。換句話說，21Shares 與 Sui Foundation 正攜手合作，拓展 Sui 在傳統市場的能見度。這段合作消息搭配 ETF 申請一同發布後，立刻產生效應：SUI 價格聞訊即跳漲約 10%。很少見到發 ETF 的機構與區塊鏈方如此緊密結盟；這或許顯示 Sui 的支持者有意從早期就大力推動機構採用。

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 說明此舉時表示：「我們基於信念行事，同時也回應投資人需求 —— 與 Sui 的規劃藍圖即彰顯這兩點。」這句話意味著：

They believe in Sui’s tech and future (conviction),
他們相信 Sui 的技術與未來（信念），
They see enough investor interest in SUI to justify an ETF (demand).
並且觀察到 SUI 已有足夠的投資人關注（需求），足以論證發行 ETF 的正當性。

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.

對一個到 2025 年還在建設生態系（Sui 的 DeFi 與 NFT 活動持續增長，但尚未與資深鏈相比）的專案來說，這是很了不起的。若此 ETF 真能過關，將創下全新 Layer-1 協議僅啟動不久就能藉由美國 ETF 上市的先例。

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 會點頭嗎？Sui 的機會被認為略低於較資深的山寨幣。彭博分析師資料顯示，Sui ETF 約有 60% 機率通過，而 Tron 則約 50%，都比 Solana、Doge 等還低。這種不確定性，主因 Sui 及許多新晉專案一樣，尚未證實長遠存活力或監管立場。此外，Sui 的代幣分配中有一部分涉及銷售，可能會受到美國監管檢視；即使現階段沒發現問題，SEC 對最近的 ICO 或代幣銷售常傾向謹慎以對。

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 既然已被正式遞交申請，代表 21Shares（以及時常合作的盟友 Teucrium）確實做好功課，相信它能達到 SEC 標準。預計他們已安排完善託管（會是 Coinbase Custody？）與價格基準（例如 CME CF Sui 參考價，如現有其他代幣那樣）。

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.

若 Sui ETF 獲批，將是 Sui 網路的重大勝利。原本不會接觸新代幣的資金，可能因此進場投入 SUI。例如，這些資本可以激勵更多開發者在 Sui 上構建（看到強勢的市場支持），也讓 Sui 基金會能透過庫藏代幣獲得更多資源。同時，這也證明 Move 語言區塊鏈（Sui 和 Aptos）已值得列為新觀察重點類別。

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.

這裡有一點需留意：Sui 由於很新，鏈上流動性不及以太坊等老牌公鏈。ETF 可能讓大量 SUI 集中於託管行手中；如果 ETF 需求過高，流通量恐收緊，進而增添波動性。但反過來說，ETF 設有創建／贖回機制，會吸引套利者參與，這反而有助於讓價格與全球市場接軌而達到穩定。

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.

**展望：**如果 SEC 最初拖延審查或要求更多說明，並不令人意外。他們可能想確保 Sui 不會更容易被操縱，或其網路安全無虞（畢竟任何重大攻擊都會連累 ETF 投資人）。Sui 團隊很可能會強調自身技術穩健與去中心化規劃。到了夏季尾聲，我們就能看看 Sui ETF 是否持續推進。即使暫時未批準，光是被納入討論就已提振 Sui 聲量。這表明，即使是全新的區塊鏈專案，只要有合適的資源，也能挑戰 ETF 的「大聯盟」。對投資人而言，Sui ETF 代表可參與新一代鏈的成長，而毋須直接持有代幣 —— 前瞻型基金或許會很青睞這種提案。

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.

總結來說，Sui 能擠進前十大說明這波加密 ETF 覆蓋面之廣。從最資深（萊特幣）到相當新穎（Sui），眾多資產齊列檯面。如果 SUI ETF 能提前實現，會凸顯加密市場成熟已不限於「舊勢力」，而且新星冒起的速度遠勝以往。

10. Crypto Index ETFs – Diversified Baskets on the Horizon

10. 加密指數型 ETF —— 多元籃子即將登場

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.

除了單一資產基金外，加密指數型 ETF 也正在突飛猛進，有可能在今夏亮相。這類 ETF 持有多種加密貨幣組成的籃子，讓投資者能透過一檔產品廣泛分散佈局。這種概念在全球早有（如歐洲的指數型 ETPs），但在美國監管環境下才剛打開新局。分析師們甚至預測，多元分散型加密 ETF 可能會躍為首批過關產品之一，因多幣組合被認為能分散風險 —— 事實上，彭博團隊給予加密指數型 ETF 的核准機率高達 95%，與 Solana、XRP、Litecoin 等個別幣種 ETF 機率相當。

Several developments underpin this optimism:

支撐這股樂觀氣氛的，有以下幾項動態：

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.
21Shares 與 Teucrium 合作，於 2025 年 7 月申請兩檔追蹤富時羅素（FTSE Russell）加密指數的指數型 ETF。其中一檔是 21Shares FTSE Crypto 10 Index ETF（持有市值前 10 大加密資產，預料包括 BTC 和 ETH）；另一檔 Crypto 10 ex-BTC ETF（持有前 10 大但排除比特幣，以強調山寨幣）。這兩檔將成為美國首批涵蓋廣泛市場的加密 ETF，具有里程碑意義。
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.
這些指數來自知名的指數公司富時羅素（FTSE Russell），提升了權威性。FTSE 設計這些加密指數時採獨立治理及明確方法學。如 FTSE Russell 的 Kristen Mierzwa 所稱，目標是提供「策略性配置」的指數，並具備完善的價格機制。簡單說，就是打造連傳統投資人都能信賴的指數。
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.
這些 ETF 均採用美國 1940 年投資公司法（’40 Act）架構，類似現有部份質押 ETF 或商品信託的做法。這表示發行人可能選用一種機制：只要 SEC 未在期限內異議，就能自動生效 —— 如同 REX Solana ETF 的先例。

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.

加密指數型 ETF 的吸引力顯而易見。它讓投資人透過一檔產品就能一次持有多種主流幣種，有效分散單幣下跌或被認定為證券等風險。有點像買股票指數基金而非單一股票。對許多財金顧問或保守投資人來說，涵蓋廣泛市場的加密指數 ETF 更有吸引力，比單押一種幣更讓人安心。ETF 專家 Nate Geraci 指出，這些指數型基金反映了「超越比特幣」的需求正上升 —— 投資人希望接觸整個數字資產市場，而不僅是兩大巨頭。

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，到目前為止，監管機構對多資產 ETF 採取謹慎態度。2025 年 7 月，SEC 操作相當耐人尋味：他們批准了 Bitwise 把旗下 Bitwise 10 Crypto Index Fund（BITW）轉換為 ETF 的申請，卻又立刻「暫緩」這一批准。BITW 持有大約十種加密貨幣（90% 配置比特幣和以太坊，其餘約 10% 含八種山寨幣）。SEC 的暫緩，以及對 Grayscale 小型指數基金逆轉，大致反映出對小型成份幣的疑慮。據 CoinDesk 引述消息來源，SEC 希望加密 ETF 有「一致標準」，尤其是這些指數裡的某些資產（如 XRP、ADA）尚未有獨立 ETF 被核可。換言之，SEC 可能想先批准這些山寨幣的單一 ETF，再輪到納入它們的指數 ETF。

This tells us two things:

這透露出兩個重點：

Index ETFs are very close to reality, but the SEC is sequencing events – single asset approvals first, then multi-asset.
加密指數型 ETF 離實現非常接近，但 SEC 會依據順序處理 —— 先審單一資產，再處理多資產型。
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).
有可能在幾檔個別山寨幣 ETF 通過後，很快看到指數型 ETF 上市（可能就在今年夏末或初秋）。

If that sequence holds, the 21Shares Crypto 10 ETFs could （未完待續 ......）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.
有可能會在美國證券交易委員會（SEC）正式核准某些個別成分（如 Solana、XRP、Litecoin）之後立即獲得通過。彭博團隊早在六月底時甚至曾推測，加密貨幣籃子型 ETF「最快本週就可能由 SEC 批准」——那還是在 SEC 暫停 BITW 之前，但這展現了他們認為批准已經迫在眉睫。

What would a crypto index ETF mean for the market? Several likely impacts:
加密貨幣指數 ETF 對市場會意味著什麼？ 幾個可能的影響：

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.
更廣泛的參與： 指數型 ETF 或許是最容易說服懷疑論者的產品——它本身分散化，根據指數構成（投資人容易理解），而且常常比多個單一資產基金收費更低。這種產品有可能吸引一批財務顧問，終於願意用指數型 ETF 在客戶投資組合中配置一部分加密貨幣。
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.
中階幣種受益： 若指數納入前十大加密資產，那麼像是 Chainlink、比特幣現金或 Stellar 之類的幣（視乎排位門檻而定）也有機會被納入。這些資產短期內可能尚無法各自有單一 ETF，但透過指數 ETF，將能間接受到資金流入，有利其流動性與價格。
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.
費率競爭壓力： 指數型 ETF 費用率通常較低（因為市場範圍廣泛），例如 21Shares 的 Crypto 10 ETF 若以具競爭力定價，將對單一資產 ETF 發行商產生降費壓力，對投資人是一大利多，對市場發展也無害。
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.
監管態度： 若指數型 ETF 能獲批准，代表 SEC 對多種加密貨幣納入同一產品感到放心。這是從幾年前只有比特幣 ETF 的階段跨出的一大步，基礎上等同於承認加密貨幣整體作為合法資產類別，投資人可以像購買 S&P 500 指數基金一樣「買整個市場」。對於許多觀望者來說，這可能會是一個心理上的關鍵轉捩點。

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.
但需注意一點：SEC 可能會對指數 ETF 加上額外條件。例如，他們可能要求指數必須排除未來被認為有問題的資產，或要求更頻繁的報告。不過像 FTSE 這類指數提供商都已經針對這類情況做好準備。

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.
預計在 2025 年夏季結束前，要麼第一檔加密貨幣指數型 ETF 將會獲准，要麼已進入最後審批階段。如果 SEC 持續拖延，多半也只是暫時性延宕——因為壓力山大，尤其是在發行商找出各種巧妙辦法（如 REX 40% 規則或自動批准機制）推動產品上市的情況下。而且值得一提的是，連 SEC 委員之間對這件事都有不同市場創新立場。過去比特幣、以太幣 ETF 啟動的骨牌效應預期再次上演：一旦有一檔替代型加密貨幣 ETF 獲准，將有機會一口氣帶動更多 ETF 乃至指數產品的快速獲批。

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.
總結來說，多元化的加密貨幣 ETF 即將問世，這也是我們十大趨勢中最具影響力的一項。這類產品完整反映整個加密市場的發展。如果你相信加密產業整體將繼續成長，指數 ETF 絕對是最簡單的一站式投資方式。我們距離這項產品在美國交易所上市的時刻已經非常接近——這無疑是 2025 年加密貨幣與主流金融深度融合的重要里程碑。

Final thoughts

最後思考

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.
加密 ETF 市場發展超乎想像地快速。幾年前還只有一檔比特幣期貨基金，如今已經有數十檔涵蓋大市值平台和利基 DeFi 代幣的 ETF 提案陸續排隊等待上市。到 2025 年這個夏季結束時，我們預期將有數檔「次世代」的加密 ETF 要麼已經上市、要麼即將獲批，象徵數位資產迎來全新時代的可及性與正規化。

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.
這波加密 ETF 核准潮不只是多了幾檔新金融商品而已，更代表加密貨幣與傳統金融、監管單位的關係正日益成熟。正如一位華爾街分析師所言：「比特幣與以太幣 ETF 只是個開始。」現在我們正見證這個預言成真。Solana、XRP、Litecoin、狗狗幣等替代幣正走向 ETF 主流，這在幾年前是難以想像的。更令人矚目的是，創新的 DeFi 代幣（如 Ondo）與新一波公鏈（如 Sui）都即將拿到類似待遇。這種快速擴張，反映了市場日益認同：加密貨幣不是同質的單一體系，而是多元的資產類別，投資人渴望參與其各個細分市場板塊。

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

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.
新增資金流入： 那些原本無法或不願直接持有加密貨幣的機構與散戶，現在都可以透過 ETF 投資，預計將有數十億美元新資金湧入。例如彭博分析師預測，Solana 等幣種 ETF 若獲批，將吸引數十億美元規模的資金流入。
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.
價格與流動性利多： 開放更多渠道將推動對標的資產的需求上升帶動價格走高、降低投資進出門檻，也可能助於市場穩定，因為有更多資產落在受監管的產品內，提升流動性。
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).
普及率與參與度提升： ETF 降低了認知門檻——用戶不必自己管錢包私鑰或學習加密貨幣交易所。這將大幅拓展加密投資參與人群，特別是讓很多傳統投資人無痛接觸加密市場（通常他們甚至沒意識到自己投的是加密資產，因為 ETF 就在熟悉的證券帳戶裡）。
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.
佈局組合彈性大： 這些 ETF 能輕鬆納入投資組合、退休帳戶、401(k) 等。未來投資組合中合理配置加密 ETF（如分配幾個百分點於加密指數 ETF 作增長型布局）或許會成為主流多元化投資基礎，進一步正規化這個資產類別。

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，我們也要留意監管配套，SEC 的審慎作法——例如決策拖延、多資產基金暫停——說明他們雖然開放，但以增量、附帶條件的方式進行。投資人保護始終是 SEC 第一考量，所以市場監控、託管安全、資產是否屬於證券定義等議題，未來都還會影響 ETF 產品的審核難度。若遇到意外法律發展（如法庭新裁定某代幣屬於證券、底層網絡發生安全重大事件等），仍可能影響這些 ETF 的上市時程或規範附加條件。

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.
還值得強調的是全球背景：美國以外地區（如歐洲、加拿大等）早已推出加密 ETP，不少資產（如狗狗幣、Polkadot、Cardano）在當地都可直接投資。美國新 ETF 的上路，未來勢必提升全球流動性、甚至加快地區間套利，加速市場一體化。我們納入「全球上市」這個重要考量，也因為一個產品在某地區上市往往會帶動其他國家效仿。例如香港 2024 年批准比特幣與以太幣 ETF，瑞士也掛牌多種加密 ETP，都為加密貨幣以 ETF 形式安全上市提供楷模，這些經驗美國 SEC 自然不會忽略。

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:

Multiple single-asset crypto ETFs (beyond BTC/ETH) trading on U.S. exchanges, potentially including SOL, XRP, LTC, DOGE, and more.
At least one diversified crypto index ETF poised to launch, giving investors one-stop exposure.
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.
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).

總結這篇概覽，最大關鍵是：各式加密資產產品正大量跨足傳統市場。預計 2025 年夏末，美國市場會看到：

多檔單一幣種加密 ETF（不只 BTC/ETH），可望涵蓋 SOL、XRP、LTC、DOGE 等熱門幣。
至少有一檔多元化加密指數型 ETF 即將上市，為投資人一次性打包壓力。
發行商持續加入更多資產——如 Polygon（MATIC）、Stellar（XLM）等可能成為下一波熱門，特別是前十大幣被納入之後。
加密產業與監管方繼續密切協商，針對 ETF 內如何處理質押收益、如何對高深資產如 NFT 估值（如 PENGU ETF 案例）等未解議題提出解法。

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，大局來看，這波 ETF 上市潮意味著加密貨幣正被更大範圍視為正規資產類別——不再只是討論價格，而是談整合。加密資產正透過 ETF 的共同結構，與股票、黃金、原油等主流資產並列於主流金融體系中。這個趨勢將加速下一階段加密貨幣被主流採用，話題也將從「要不要准許加密 ETF？」轉向「我們該有哪幾類加密 ETF？這些 ETF 又該怎麼與代幣化股票、債券及其他資產共存？」就像 Ric Edelman 樂觀所言：「一旦所有資產都被代幣化，將會有數千種 ETF（或其代幣化版本）...投資機會將迎來史上最大爆發。」雖然我們還沒走到那一步，但今年夏天的進展，已經清楚地向前邁出了重要步伐。