加密ETP，SEC上市和Bitwise的Matt Hougan：一个新时代？

在Bitwise Cio Matt Hougan的见解和最近的市场趋势的指导下，探索SEC通用上市标准对加密ETP的潜在影响。

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

加密ETP，SEC上市和Bitwise的Matt Hougan：一个新时代？

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景观嗡嗡作响！随着潜在的SEC规则在地平线上发生变化，由位于Cio Matt Hougan的见解带头，并且最近的市场活动激增，事情变得越来越有趣。

The Hougan Hypothesis: Generic Listing Standards

霍根假设：通用清单标准

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认为，SEC正在为加密交易所交易产品（ETP）引入“通用清单标准”。这可能是改变游戏规则的人。这些新规则可以简化该过程，而不是在75天内批准SEC批准ETP，而是可以简化该过程，可能会在75天之内提交符合绿光的文件。钥匙？资产需要在CME，CBOE或Coinbase衍生品交易所等受监管的美国交易所进行期货交易。

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.

可以这样想：Hougan将其与2019年的“ ETF规则”进行了比较，该规则将ETF从艰苦的过程转变为简化的操作。在规则之前，市场平均每年推出117个；之后，这个数字每年跳到370左右。

What Coins Could Benefit?

什么硬币可以受益？

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合适，该模板可以解锁与一系列加密货币相关的斑点ETP，包括Solana，XRP，Chainlink，Cardano，Cardano，Avalanche，Polkadot，Hedera，Dogecoin，Dogecoin，Shiba Inu，Litecoin，Litecoin和Bitcoin Cash。这是投资者的全新选项菜单！

The Market's Recent Surge

市场最近的激增

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.

数字资产ETP在火灾中增加了燃料，在9月8日至12日之间，几个月来经历了他们几个月中最强劲的一周，净流入量为33亿美元。 Coinshares报告说，这一激增是由预期的美国宏观经济数据较弱的推动，从而增强了投资者对加密资产的需求。 Crypto ETP的管理总资产攀升至2390亿美元，是8月初以来最高的。

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.

比特币ETP以24亿美元的净流入率领导了这一费用，这是自7月以来最好的一周。贝莱德（Blackrock）的ibit和富达（Fidelity）的FBTC也有大量的流入。 Ethereum ETP结束了八天的流出纪录，流入了6.46亿美元。

Regional Investment Trends

区域投资趋势

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.

美国统治了全球加密ETP流动，占全球总添加的97％。德国还看到了强劲的流入，而瑞士则以流出逆转了趋势。 Solana ETP的创纪录一周，流入了1.98亿美元。

Hougan's Caveat: Products Follow Demand

Hougan的警告：产品遵循需求

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，指出仅仅拥有更多可用产品并不能保证大量流入。他指出要发现以太坊ETP，只有当对稳定的和令牌化的兴趣得到兴趣时，这种ETP才能获得关注。关键要点：产品遵循需求；他们不创建它。

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.

通用标准的作用是剥离摩擦。分配者可以购买股票方案，而不是纠缠钱包和交流，从而使基本面改善时更容易采取行动。可见性也可能使加密货币正常化，这些投资者开始看到熟悉资金旁边的股票。

Looking Ahead

展望未来

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）认为这一潜在政策转变是加密货币进化的关键一步。虽然待处理的标准可能会为年终的强劲推动奠定基础，但最终结果仍然取决于利率，流动性以及加密货币案例的实际采用。密切关注那些稳定的固定剂和令牌化工作！

Final Thoughts

最后的想法

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!

那么，SEC的潜在新规则是否会释放新的加密ETP？这会导致大规模收养吗？只有时间会证明。但是，由于Matt Hougan这样的关键人物提供了见解和市场的迹象，因此可以肯定地说，加密ETP空间是值得关注的。扣紧，这将是一次疯狂的旅程！