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山寨 ETF 即将扎堆上市撰文：马丁
比特币现货 ETF 花费了近十年时间才获得批准，而山寨币现货 ETF 只用了半年。
2025 年 11 月，华尔街发生了令人难以置信的变化：Solana、XRP 和 Dogecoin—— 这些曾被主流金融机构视为 「投机玩具」 的山寨币，在短短几周内集体登陆纽约证券交易所和纳斯达克，成为受监管的 ETF 产品。
这一转变主要得益于美国证券交易委员会（SEC）在 2025 年 9 月批准的 「通用上市标准」，该标准为符合特定条件的加密资产开启了快速上市通道，使其无需经过逐一严格审批就能上市交易。
2025 年 9 月 17 日，SEC 批准了三大交易所提出的 「通用上市标准」 修订提案，符合特定条件的加密资产，现在无需逐一审批就可以直接上市。
核心准入条件包括：要么该资产在 CFTC 监管的期货市场有至少 6 个月交易历史，且交易所与该市场签有监控协议；要么市场上已有持有该资产至少 40% 敞口的 ETF 先例，而 Solana、XRP、Dogecoin 都恰好符合这些标准。
山寨币 ETF 的集中上市正在重塑整个加密市场的格局和估值逻辑，ETF 推出加剧了加密市场的流动性分层，第一梯队是 BTC、ETH、SOL、XRP、DOGE 等 ETF 资产，它们拥有合规的法币入口，注册投资顾问和养老基金可无障碍配置，享受 「合规溢价」 和更低的流动性风险。
第二梯队是非 ETF 资产，包括其他 Layer 1 和 DeFi 代币，由于缺乏 ETF 通道，这些资产将继续依赖散户资金和链上流动性，面临被边缘化的风险。这种分化正推动加密市场的估值逻辑从投机驱动转向基于合规通道和机构配置的多极化估值。
随着比特币从 2025 年初的 12.6 万美元高点跌至 11 月末的 8 万美元左右，整个加密市场笼罩在下行阴影中。然而，这并未阻止山寨币 ETF 的上市步伐，未来 6-12 个月，市场可能会看到更多资产（如 Avalanche、Chainlink）尝试复制这一路径。
ETF 将成为区分 「核心资产」 与 「边缘资产」 的最重要分水岭，一个曾经以投机和叙事驱动的市场，正在向以合规通道和机构配置为锚的新秩序演进。
这一进程，已经不可逆转。
Crypto Millionaire Victor Shlampa Makes Bold Dogecoin …Millions of people worldwide hold digital assets in their wallets. According to a file report by Henley & Partners, an investment migration consultancy, in early September, more than 400 million people use crypto for various purposes, including buying and selling as well as investing for the long run. Early crypto adopters like Victor Shlampa have made millions investing in Digital assets. Victor is now eyeing Dogecoin for potential gains in the incoming bull market cycle.
Will Dogecoin reach $10?
Dogecoin developers launched the project as a joke, using the Shiba Inu dog breed as a mascot following its trending meme. However, the crypto fraternity took the projects seriously, and the platform quickly rose above the ranks in terms of market capitalization, outperforming other major digital currencies. Dogecoin is an inflationary platform whose miners mint 5 million DOGE coins yearly to secure the network and protect the ecosystem. For DOGE to reach $1, the platform needs a market cap of $180 billion. Dogecoin may make it to $10 in the next ten years, but its market cap will need to grow significantly from its current amount.
Will the crypto market recover?
The crypto markets have been in a free fall for months as asset prices bleed with bearish investor sentiments. Despite the massive sell-off witnessed in 2022 due to the collapse of major projects and centralized crypto-oriented organizations, the first quarter of 2022 ended bullish, giving investors positive returns. However, macroeconomic factors forced a rally that raided Bitcoin liquidity below the $24k level. With increased BitcoinETF applications and an incoming Bitcoin halving event, experts predict the recovery could be solid in 2024 despite increased regulatory scrutiny. Projects like Bitcoin Spark will yield significant gains for early adopters.
What is Bitcoin Spark?
Of late, a new decentralized digital platform called Bitcoin Sparkhas been trending among the top promising projects to invest in. The platform has a running ICO event, dispensing BTCS tokens to online entrepreneurs looking for significant gains at the onset of the bull market. Bitcoin Spark is a BTC hard fork whose native utility token is BTCS.
BTCS tokens are currently minted on the Ethereum blockchain to foster the ICO event and allow investors to buy, hold, and trade the token before the Spark mainnet release. However, the release will take place soon after the ICO event ends. Bitcoin Spark has passed all audits, including smart contract audits conducted by leading auditing platforms such as Contract Wolf and Vital Block.
But how will BTCS tokens exist in two different blockchains? Ethereum and Bitcoin Spark, alongside other significant networks like Polygon and BNB Smart Chain, have a bridging feature that makes the networks interoperable. Upon mainnet release, Bitcoin Spark’s bridging feature will allow ICO wallets to bridge their tokens back to the Bitcoin Spark network while containing the cross-network balance between established liquidity pools on Ethereum and the other listed networks.
Additionally, the network will allow the receipt of two data streams from a single RPC provider. This unique feature will prompt the developers to create a unique wallet for Bitcoin Spark users that accommodates multiple layers and information sources from different RPC providers. Bitcoin Spark’s BTCS tokens are only $3 each in the ongoing pre-sale phase 7. After phase seven ends, phase 8 will begin with a higher price and a reduced bonus. The launch price of BTCS tokens has been pegged at $10, guaranteeing phase 7 investors 357% capital gains in just a few weeks.
For more information:
Website: https://bitcoinspark.org/
Buy BTCS: https://network.bitcoinspark.org/register
Disclosure: This is a sponsored press release. Please do your research before buying any cryptocurrency or investing in any projects. Read the full disclosure here.
Photo by Jason Briscoeon UnsplashXRP 现货 ETF 市场单日出现 1128 万美元资金净流入，与此同时，Solana 和狗狗币 ETF 也同步呈现净流入态势。 据 SoSo Value 统计，当地时间 5 月 5 日，美国 XRP 现货 ETF 市场录得 1128 万美元净流入。 在全部 5 只产品中，▲Canary XRPC（750 万美元）▲Bitwise XRP（268 万美元）▲灰度 GXRP（110 万美元）3 只产品出现资金流入，延续了连续 2 个交易日的流入走势。 累计净流入 13.1 亿美元｜交易额 2681 万美元｜资产净值总额 10.9 亿美元（市值占比 1.24%） Solana (SOL) 现货 ETF 市场录得 174 万美元净流入。在全部 8 只产品中，仅 Bitwise BSOL（174 万美元）1 只产品出现资金流入。 累计净流入 10.2 亿美元｜交易额 4253 万美元｜资产净值总额 8.8732 亿美元（市值占比 1.78%） Solana 现货 ETF 每日资金流向图表 / SoSo Value 狗狗币 (DOGE) 现货 ETF 市场录得 40 万 190 美元净流入。在全部 3 只产品中，仅灰度 GDOG（40 万美元）1 只产品出现资金流入。此前连续 5 个交易日持平，当日录得温和流入。 累计净流入 1003 万美元｜交易额 60 万 1240 美元｜资产净值总额 1414 万美元（市值占比 0.08%） Chainlink (LINK) 现货 ETF 市场已连续 7 个交易日持平。 累计净流入 1.1156 亿美元｜交易额 298 万美元｜资产净值总额 1.1173 亿美元（市值占比 1.57%） Avalanche (AVAX) 现货 ETF 市场已连续 5 个交易日持平。 累计净流入 2399 万美元｜交易额 19 万 2560 美元｜资产净值总额 4503 万美元（市值占比 1.10%） Canary 莱特币现货 ETF (LTCC) 连续 2 个交易日持平｜累计净流入 966 万美元｜交易额 11 万 3270 美元｜资产净值总额 641 万美元（市值占比 0.15%） Canary Hedera 现货 ETF (HBAR) 连续 10 个交易日持平｜累计净流入 9658 万美元｜交易额 158 万美元｜资产净值总额 5404 万美元（市值占比 1.37%） 21Shares 波卡现货 ETF (TDOT) 连续 12 个交易日持平｜累计净流入 158 万美元｜交易额 3510 美元｜资产净值总额 1108 万美元（市值占比 0.51%）
