#现货交易 The surge in ETF filings by Grayscale and Bitwise is worth paying attention to. Both institutions have been submitting products intensively in a short period, especially with repeated focus on TAO—Grayscale separately filed for GTAO, and Bitwise's 11 strategic ETFs also include TAO. This reflects an increased institutional recognition of this track.

From a allocation perspective, Bitwise's approach is quite interesting: 60% directly holding spot assets, and 40% in ETP products. This structural design reduces single-point risk. For spot traders, the approval of these ETFs will bring incremental capital inflows, especially as traditional financial investors enter, which will change the market liquidity landscape.

It is important to note that there is a cycle from application to approval, and Bitwise's products are expected to become effective only by March 2026. The market may react early due to expectations, but actual capital movement will depend on implementation. It is recommended to monitor the on-chain capital movements of related tokens during this period—institutional building positions often show significant address activity before or after public filings, and these signals are more worth tracking than the news releases themselves.