#加密货币ETF发展 Looking back, I can’t help but marvel at the ever-changing landscape of the cryptocurrency market. Back then, Bitcoin ETF applications faced repeated setbacks, but now DOGE and XRP spot ETFs are being approved and listed one after another—it truly shows how times have changed. Grayscale’s GDOG began trading today, with a management fee of 35 basis points. The first $1 billion or the first three months of inflows are free—such generous offers are rare in the ETF world. Bitwise’s BWOW will follow closely behind, and the competition is already taking shape.

This wave of ETFs reminds me of the excitement when Bitcoin futures were launched in 2017. The market was filled with anticipation then as well, but it ultimately marked the beginning of a bear market. Now that even altcoins like DOGE and XRP have ETFs, it makes one worry whether history will repeat itself.

But on further reflection, today’s market environment is very different from back then. Regulatory attitudes are becoming more open, and institutional participation is increasing. Perhaps this time it really can bring long-term benefits to the crypto market. In any case, investors must remain clear-headed and avoid blindly chasing highs. After all, in this cyclical market, caution is always a virtue.