比特币和以太坊ETF为Altcoin ETF爆炸铺平了道路

加密空间被分开。意见因流动性到对L1至高无上的看法而异。但是，如果有一件事将所有加密爱好者团结在一起，那就是希望加密货币被主流接受。

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.

加密空间被分开。关于L1具有更好的流动性，在叙事感知方面更好。但是，如果所有加密爱好者都可以同意一件事，那就是希望加密货币被主流接受。

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年之间，随着加密货币ETF获得批准并迅速扩展，主流接受的梦想向前迈出了巨大的一步。投资者首次可以直接通过传统的经纪帐户直接投资各种数字资产，而不必经历复杂的加密钱包或交易所。

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.

机构投资者以前由于监管不确定性而犹豫不决，他们在发布后的几周内向比特币和以太坊ETF投资了数十亿美元。影响是直接的。比特币的价格飙升至新历史最高点，以太坊ETF很快获得了批准。这些ETF为传统的财务参与者提供了更轻松的投资渠道和更深的市场流动性。这也为其他加密货币ETF的监管批准树立了先例。

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.

现在，随着Gary Gensler担任SEC主席和在美国更加加密友好的政府，资产管理人员正在借此机会向更多的Altcoin ETF申请，例如Solana和Solana和Ripple，甚至是Dogecoin，Bonk，Bonk和Trump Memecoin等纪念物。

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

本文详细概述了加密货币ETF热潮的当前状态。

Bitcoin ETF lays the foundation for the market

比特币ETF为市场奠定了基础

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.

长期以来，比特币一直是加密货币的海报孩子，在2024年，它在美国的第一名比特币ETF批准下正式进入了主流金融体系。尽管比特币期货ETF自2021年以来就已经存在，但现场ETF的推出是一个分水岭，因为投资者能够直接持有实际的比特币资产而不是衍生合同。

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.

在短短几天内，现货比特币ETF吸引了数十亿美元的流入。这种资金的流入大大提高了比特币的流动性，并巩固了其作为合法资产类别的地位与传统商品（例如黄金）。

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.

由于多个资产经理已经推出了竞争性的比特币ETF，因此市场已迅速成为投资者的战场。虽然贝莱克的iShares比特币信托基金会占据了早期流入，但富达，方舟投资和瓦内克也有很大的参与。

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

到2025年，一些大型资产经理已经推出了现货比特币ETF。这是主要基金及其比特币持有量。

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

期货比特币ETF和斑点比特币ETF之间的关键差异：

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.

在比特币ETF成功之后，加密货币ETF空间中的下一个主要里程碑是以太坊ETF的发布。尽管比特币通常被视为“数字黄金”，但以太坊是Defi和智能合同生态系统的骨干。

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，监管机构不愿批准以太坊ETF。随着美国证券交易委员会在2024年初批准比特币ETF，以太坊的前进之路变得更加清晰。

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，多个以太坊期货ETF获得了监管批准，标志着采用加密货币的另一个分水岭。 2024年7月，批准了一个以太坊ETF。在批准之前的几个月中，以太坊的价格打破了4,000美元，这反映了今年早些时候的比特币集会。

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，以太坊斑点ETF共同拥有大量的以太，使其成为该资产最大的机构投资工具之一。

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

在撰写本文时，ETF持有近300万ETH，机构参与ETH达到了新的高位。

Altcoin ETF Season is Coming

Altcoin ETF季节即将到来

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

随着现场比特币和以太坊ETF现在已经牢固地建立，资产管理人员将目光投向了更广泛的加密货币生态系统。

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对加密货币的日益开放的态度和市场监管结构的持续改善的鼓舞之中，资产管理公司申请了许多Altcoin ETF。这些建议旨在吸引投资者投资于Litecoin，XRP，Solana，Dogecoin和Cardano等受欢迎的代币。

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.

尽管美国尚未批准任何Altcoin ETF，但目前有几个正在批准，监管态度正在发生变化。分析师和行业内部人士认为，一旦获得第一个Altcoin ETF批准，其他Altcoin ETF将迅速遵循。这与比特币和以太坊批准时发生的多米诺效应非常相似。

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.

在过去的一年中，索拉纳（Solana）的流行激增，并已成为Altcoin ETF的最受欢迎的候选人之一。凭借强大的Defi生态系统，Solana被视为以太坊在智能合同领域中最强大的竞争对手。

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，仍然存在一个关键的监管障碍：Solana是否被视为安全。正在进行的诉讼和分类辩论可能会延迟SEC的决定。尽管如此，基础设施已经成形 - DTCC列出了两个索拉纳期货ETF（Solz，Solt），而芝加哥商业交易所也准备好