加密ETP，SEC上市和Bitwise的Matt Hougan：一個新時代？

在Bitwise Cio Matt Hougan的見解和最近的市場趨勢的指導下，探索SEC通用上市標準對加密ETP的潛在影響。

Crypto ETPs, SEC Listing, and Bitwise's Matt Hougan: A New Era?

加密ETP，SEC上市和Bitwise的Matt Hougan：一個新時代？

The crypto ETP landscape is buzzing! With potential SEC rule changes on the horizon, spearheaded by insights from Bitwise CIO Matt Hougan, and a recent surge in market activity, things are getting interesting.

加密ETP景觀嗡嗡作響！隨著潛在的SEC規則在地平線上發生變化，由位於Cio Matt Hougan的見解帶頭，並且最近的市場活動激增，事情變得越來越有趣。

The Hougan Hypothesis: Generic Listing Standards

霍根假設：通用清單標準

Matt Hougan of Bitwise believes the SEC is gearing up to introduce "generic listing standards" for crypto exchange-traded products (ETPs). This could be a game-changer. Instead of the SEC approving ETPs on a case-by-case basis, these new rules could streamline the process, potentially greenlighting compliant filings within 75 days. The key? The asset needs to have futures trading on a regulated U.S. exchange like CME, Cboe, or Coinbase Derivatives Exchange.

Bitwise的Matt Hougan認為，SEC正在為加密交易所交易產品（ETP）引入“通用清單標準”。這可能是改變遊戲規則的人。這些新規則可以簡化該過程，而不是在75天內批准SEC批准ETP，而是可以簡化該過程，可能會在75天之內提交符合綠光的文件。鑰匙？資產需要在CME，CBOE或Coinbase衍生品交易所等受監管的美國交易所進行期貨交易。

Think of it like this: Hougan compares it to the 2019 "ETF Rule," which transformed ETF launches from a painstaking process into a streamlined operation. Before the rule, the market saw an average of 117 launches a year; after, that number jumped to around 370 annually.

可以這樣想：Hougan將其與2019年的“ ETF規則”進行了比較，該規則將ETF從艱苦的過程轉變為簡化的操作。在規則之前，市場平均每年推出117個；之後，這個數字每年跳到370左右。

What Coins Could Benefit?

什麼硬幣可以受益？

If Hougan is right, this template could unlock spot ETPs tied to a range of cryptos, including Solana, XRP, Chainlink, Cardano, Avalanche, Polkadot, Hedera, Dogecoin, Shiba Inu, Litecoin, and Bitcoin Cash. That's a whole new menu of options for investors!

如果Hougan合適，該模板可以解鎖與一系列加密貨幣相關的斑點ETP，包括Solana，XRP，Chainlink，Cardano，Cardano，Avalanche，Polkadot，Hedera，Dogecoin，Dogecoin，Shiba Inu，Litecoin，Litecoin和Bitcoin Cash。這是投資者的全新選項菜單！

The Market's Recent Surge

市場最近的激增

Adding fuel to the fire, digital asset ETPs just experienced their strongest week in months, raking in $3.3 billion in net inflows between Sept. 8-12. CoinShares reported that this surge was driven by weaker-than-expected U.S. macroeconomic data, boosting investor appetite for crypto assets. Total assets under management for crypto ETPs climbed to $239 billion, the highest since early August.

數字資產ETP在火災中增加了燃料，在9月8日至12日之間，幾個月來經歷了他們幾個月中最強勁的一周，淨流入量為33億美元。 Coinshares報告說，這一激增是由預期的美國宏觀經濟數據較弱的推動，從而增強了投資者對加密資產的需求。 Crypto ETP的管理總資產攀升至2390億美元，是8月初以來最高的。

Bitcoin ETPs led the charge with $2.4 billion in net inflows, their best week since July. BlackRock’s IBIT and Fidelity’s FBTC also saw significant inflows. Ethereum ETPs ended an eight-day outflow streak with $646 million in inflows.

比特幣ETP以24億美元的淨流入率領導了這一費用，這是自7月以來最好的一周。貝萊德（Blackrock）的ibit和富達（Fidelity）的FBTC也有大量的流入。 Ethereum ETP結束了八天的流出紀錄，流入了6.46億美元。

Regional Investment Trends

區域投資趨勢

The U.S. dominated global crypto ETP flows, accounting for 97% of total global additions. Germany also saw strong inflows, while Switzerland bucked the trend with outflows. Solana ETPs had a record-breaking week with $198 million in inflows.

美國統治了全球加密ETP流動，佔全球總添加的97％。德國還看到了強勁的流入，而瑞士則以流出逆轉了趨勢。 Solana ETP的創紀錄一周，流入了1.98億美元。

Hougan's Caveat: Products Follow Demand

Hougan的警告：產品遵循需求

Hougan tempers expectations, noting that simply having more products available doesn't guarantee massive inflows. He points to spot Ethereum ETPs, which only gained traction when interest in stablecoins and tokenization picked up. The key takeaway: products follow demand; they don't create it.

Hougan Tempers的期望，指出僅僅擁有更多可用產品並不能保證大量流入。他指出要發現以太坊ETP，只有當對穩定的和令牌化的興趣得到興趣時，這種ETP才能獲得關注。關鍵要點：產品遵循需求；他們不創建它。

What generic standards do is strip friction. Allocators can buy a ticker rather than wrangle wallets and exchanges, making it easier to act when fundamentals improve. The visibility may also normalize crypto for investors who start seeing tickers next to familiar funds.

通用標準的作用是剝離摩擦。分配者可以購買股票方案，而不是糾纏錢包和交流，從而使基本面改善時更容易採取行動。可見性也可能使加密貨幣正常化，這些投資者開始看到熟悉資金旁邊的股票。

Looking Ahead

展望未來

Hougan sees this potential policy shift as a crucial step in crypto's evolution. While the pending standards could set the stage for a strong year-end push, the ultimate outcome still hinges on factors like interest rates, liquidity, and the real-world adoption of crypto use cases. Keep an eye on those stablecoins and tokenization efforts!

霍根（Hougan）認為這一潛在政策轉變是加密貨幣進化的關鍵一步。雖然待處理的標準可能會為年終的強勁推動奠定基礎，但最終結果仍然取決於利率，流動性以及加密貨幣案例的實際採用。密切關注那些穩定的固定劑和令牌化工作！

Final Thoughts

最後的想法

So, will the SEC's potential new rules unleash a flood of new crypto ETPs? Will this lead to mass adoption? Only time will tell. But with key figures like Matt Hougan providing insights and the market showing signs of renewed interest, it's safe to say the crypto ETP space is one to watch. Buckle up, it's gonna be a wild ride!

那麼，SEC的潛在新規則是否會釋放新的加密ETP？這會導致大規模收養嗎？只有時間會證明。但是，由於Matt Hougan這樣的關鍵人物提供了見解和市場的跡象，因此可以肯定地說，加密ETP空間是值得關注的。扣緊，這將是一次瘋狂的旅程！