SoSo Value

Reconstructing trust with technology to serve global retail investors.

This article systematically reviews the actual performance of various sectors in the cryptocurrency market from 2024 to 2025 through index backtesting, with a focus on analyzing the structural changes in capital flows and asset returns after the listing of Bitcoin ETFs.

Liquidity vacuum and BTC under pressure

Asset management company Grayscale announced the introduction of a staking mechanism for its Ethereum Trust ETF (ETHE), Ethereum Mini Trust ETF (ETH), and the Solana Trust (GSOL), which is currently in the process of transitioning to an ETF.

This article analyzes the "General Listing Standards for Commodity Trust Shares" passed by the U.S. SEC on September 17 and its profound impact on the cryptocurrency market. This new regulation transforms the approval process for cryptocurrency spot ETFs from a case-by-case basis to a standardized and expedited general process, making it one of the most significant regulatory events of the year.

Although it may take another six months to two years for this "elephant" to truly step in, once it begins to slowly move, this stable and lasting buying pressure may be the source of the future "slow bull" market in cryptocurrency spot trading.

For a long-term bull market in the secondary market, only through meaningful trading volume and consolidation can price and value truly align.

Since the U.S. election, the Trump administration has shown a markedly different cryptocurrency-friendly stance compared to the previous administration.

If the approval of the Bitcoin ETF is the key to opening the door to a new world of integration between cryptocurrency and traditional finance, then the approval of the Ethereum ETF is the first step through that door.

Historically, the market's sentiment digestion of the selling pressure from a certain non-repetitive special event generally does not exceed two months. This round of Bitcoin's decline started on June 7 and may gradually be digested after August 7. The largest single-day drop in the past two days could be the lowest point of this round of decline.