比特幣和以太坊ETF為Altcoin ETF爆炸鋪平了道路

加密空間被分開。意見因流動性到對L1至高無上的看法而異。但是，如果有一件事將所有加密愛好者團結在一起，那就是希望加密貨幣被主流接受。

The crypto space is divided. There are opinions on which L1 has better liquidity and which is better in terms of narrative perception. But if there is one thing that all crypto enthusiasts can agree on, it is the desire for cryptocurrency to be accepted by the mainstream.

加密空間被分開。關於L1具有更好的流動性，在敘事感知方面更好。但是，如果所有加密愛好者都可以同意一件事，那就是希望加密貨幣被主流接受。

Between 2024 and 2025, the dream of mainstream acceptance of cryptocurrency takes a huge step forward as cryptocurrency ETFs are approved and rapidly expand. For the first time, investors will be able to invest in a variety of digital assets directly through a traditional brokerage account without having to go through complicated crypto wallets or exchanges.

在2024年至2025年之間，隨著加密貨幣ETF獲得批准並迅速擴展，主流接受的夢想向前邁出了巨大的一步。投資者首次可以直接通過傳統的經紀帳戶直接投資各種數字資產，而不必經歷複雜的加密錢包或交易所。

Institutional investors, who were previously hesitant due to regulatory uncertainty, invested billions of dollars in the Bitcoin and Ethereum ETFs within weeks of their launch. The impact was immediate. Bitcoin prices soared to new all-time highs, and the Ethereum ETF was quickly approved. These ETFs provide traditional financial participants with easier investment channels and deeper market liquidity. This also set a precedent for regulatory approval of other cryptocurrency ETFs.

機構投資者以前由於監管不確定性而猶豫不決，他們在發布後的幾週內向比特幣和以太坊ETF投資了數十億美元。影響是直接的。比特幣的價格飆升至新歷史最高點，以太坊ETF很快獲得了批准。這些ETF為傳統的財務參與者提供了更輕鬆的投資渠道和更深的市場流動性。這也為其他加密貨幣ETF的監管批准樹立了先例。

Now, with Gary Gensler stepping down as SEC chairman and a more crypto-friendly administration in the U.S., asset managers are taking the opportunity to file for more altcoin ETFs, such as Solana and Ripple, and even memecoins like Dogecoin, BONK, and Trump Memecoin.

現在，隨著Gary Gensler擔任SEC主席和在美國更加加密友好的政府，資產管理人員正在藉此機會向更多的Altcoin ETF申請，例如Solana和Solana和Ripple，甚至是Dogecoin，Bonk，Bonk和Trump Memecoin等紀念物。

This article provides a comprehensive overview of the current state of the cryptocurrency ETF craze.

本文詳細概述了加密貨幣ETF熱潮的當前狀態。

Bitcoin ETF lays the foundation for the market

比特幣ETF為市場奠定了基礎

Bitcoin has long been the poster child for cryptocurrency, and in 2024, it officially entered the mainstream financial system with the approval of the first spot Bitcoin ETFs in the United States. Although Bitcoin futures ETFs have existed since 2021, the launch of spot ETFs was a watershed moment because investors were able to directly hold actual Bitcoin assets rather than derivative contracts.

長期以來，比特幣一直是加密貨幣的海報孩子，在2024年，它在美國的第一名比特幣ETF批准下正式進入了主流金融體系。儘管比特幣期貨ETF自2021年以來就已經存在，但現場ETF的推出是一個分水嶺，因為投資者能夠直接持有實際的比特幣資產而不是衍生合同。

In just a few days of listing, spot Bitcoin ETFs attracted billions of dollars in inflows. This inflow of funds has greatly improved Bitcoin’s liquidity and solidified its position as a legitimate asset class alongside traditional commodities such as gold.

在短短幾天內，現貨比特幣ETF吸引了數十億美元的流入。這種資金的流入大大提高了比特幣的流動性，並鞏固了其作為合法資產類別的地位與傳統商品（例如黃金）。

The market has quickly become a battleground for investors as multiple asset managers have launched competing bitcoin ETFs. While BlackRock’s iShares Bitcoin Trust has dominated early inflows, Fidelity, ARK Invest and VanEck have also seen significant participation.

由於多個資產經理已經推出了競爭性的比特幣ETF，因此市場已迅速成為投資者的戰場。雖然貝萊克的iShares比特幣信託基金會佔據了早期流入，但富達，方舟投資和瓦內克也有很大的參與。

Several large asset managers have launched spot Bitcoin ETFs by 2025. Here are the major funds and their Bitcoin holdings.

到2025年，一些大型資產經理已經推出了現貨比特幣ETF。這是主要基金及其比特幣持有量。

The key differences between futures Bitcoin ETFs and spot Bitcoin ETFs:

期貨比特幣ETF和斑點比特幣ETF之間的關鍵差異：

Ethereum ETF

Etherum etf

After the success of Bitcoin ETF, the next major milestone in the cryptocurrency ETF space is the launch of Ethereum ETF. While Bitcoin is often regarded as “digital gold”, Ethereum is the backbone of the DeFi and smart contract ecosystem.

在比特幣ETF成功之後，加密貨幣ETF空間中的下一個主要里程碑是以太坊ETF的發布。儘管比特幣通常被視為“數字黃金”，但以太坊是Defi和智能合同生態系統的骨幹。

Initially, regulators were hesitant to approve an Ethereum ETF. With the U.S. SEC approving a spot Bitcoin ETF in early 2024, the path forward for Ethereum has become clearer.

最初，監管機構不願批准以太坊ETF。隨著美國證券交易委員會在2024年初批准比特幣ETF，以太坊的前進之路變得更加清晰。

By May 2024, multiple Ethereum futures ETFs received regulatory approval, marking another watershed moment for cryptocurrency adoption. A spot Ethereum ETF was approved in July 2024. In the months leading up to the approval, Ethereum’s price broke through the $4,000 mark, mirroring Bitcoin’s rally earlier this year.

到2024年5月，多個以太坊期貨ETF獲得了監管批准，標誌著採用加密貨幣的另一個分水嶺。 2024年7月，批准了一個以太坊ETF。在批准之前的幾個月中，以太坊的價格打破了4,000美元，這反映了今年早些時候的比特幣集會。

As of 2025, Ethereum spot ETFs collectively hold a large amount of Ether, making it one of the largest institutional investment vehicles for the asset.

截至2025年，以太坊斑點ETF共同擁有大量的以太，使其成為該資產最大的機構投資工具之一。

At the time of writing, nearly 3 million ETH is held by ETFs, with institutional participation in ETH reaching a new high.

在撰寫本文時，ETF持有近300萬ETH，機構參與ETH達到了新的高位。

Altcoin ETF Season is Coming

Altcoin ETF季節即將到來

With spot Bitcoin and Ethereum ETFs now firmly established, asset managers have set their sights on the broader cryptocurrency ecosystem.

隨著現場比特幣和以太坊ETF現在已經牢固地建立，資產管理人員將目光投向了更廣泛的加密貨幣生態系統。

Encouraged by the S.E.C.’s increasingly open attitude towards cryptocurrencies and the continuous improvement of the market’s regulatory structure, asset management companies have applied for a number of altcoin ETFs. These proposals are aimed at attracting investors to invest in popular tokens such as Litecoin, XRP, Solana, Dogecoin, and Cardano.

在SEC對加密貨幣的日益開放的態度和市場監管結構的持續改善的鼓舞之中，資產管理公司申請了許多Altcoin ETF。這些建議旨在吸引投資者投資於Litecoin，XRP，Solana，Dogecoin和Cardano等受歡迎的代幣。

Although the United States has yet to approve any altcoin ETFs, several are currently pending approval and regulatory attitudes are shifting. Analysts and industry insiders believe that once the first altcoin ETF is approved, other altcoin ETFs will quickly follow. This is very similar to the domino effect that occurred when Bitcoin and Ethereum were approved.

儘管美國尚未批准任何Altcoin ETF，但目前有幾個正在批准，監管態度正在轉移。分析師和行業內部人士認為，一旦獲得第一個Altcoin ETF批准，其他Altcoin ETF將迅速遵循。這與比特幣和以太坊批准時發生的多米諾效應非常相似。

Solana (SOL) ETF

Solana（Sol）Etf

Solana has surged in popularity over the past year and has become one of the most popular candidates for altcoin ETFs. With a strong DeFi ecosystem, Solana is seen as Ethereum’s strongest competitor in the smart contract field.

在過去的一年中，索拉納（Solana）的流行激增，並已成為Altcoin ETF的最受歡迎的候選人之一。憑藉強大的Defi生態系統，Solana被視為以太坊在智能合同領域中最強大的競爭對手。

However, a key regulatory hurdle remains: whether Solana is considered a security. Ongoing litigation and classification debates could delay the S.E.C.’s decision. Nonetheless, the infrastructure is already taking shape — the D.T.C.C. has listed two Solana futures E.T.Fs (SOLZ, SOLT), while the Chicago Mercantile Exchange is also preparing to

但是，仍然存在一個關鍵的監管障礙：Solana是否被視為安全。正在進行的訴訟和分類辯論可能會延遲SEC的決定。儘管如此，基礎設施已經成形 - DTCC列出了兩個索拉納期貨ETF（Solz，Solt），而芝加哥商業交易所也準備好