In the early hours of July 23, an SEC announcement ignited the crypto sphere, accelerating the approval of the Bitwise 10 crypto index fund's transformation into an ETF, covering the top ten coins such as BTC, ETH, XRP, SOL, and ADA! However, the celebration lasted less than 3 hours when the SEC suddenly made an emergency move to halt the effectiveness, immediately reviewing again. This scene closely resembles the earlier tragedy of the Grayscale Digital Large Cap Fund (GDLC), which was approved at the beginning of the year only to be swiftly retracted by the SEC. Now Bitwise has stepped into the same regulatory minefield.
#solana
Core Contradiction: XRP and ADA have become hot potatoes, and the SEC's scheme is surfacing.
The SEC's erratic behavior is by no means coincidental. Internal sources reveal that regulators are extremely anxious about the standardization of altcoin ETFs, especially for coins like XRP and ADA that do not have independent ETFs yet. Their classification as securities still has fatal disagreements. What's even more intriguing is that the Bitwise 10 fund prominently includes emerging tokens like SUI and LINK. The SEC's actions are indeed a form of entrapment—by allowing multi-coin ETFs, they are testing market reactions and then urgently reviewing to establish regulatory red lines!
And all of this had long been hinted at: In early July, the SEC conspired to launch a fast track for crypto ETFs, intending to establish general listing standards based on market capitalization, liquidity, and trading volume. Those meeting the criteria would be exempt from the 19b-4 form review, automatically taking effect in 75 days. Bitwise 10 happens to be the first experimental guinea pig; if the review passes, it will lay the cornerstone for the legitimacy of altcoin ETFs. If it fails, mainstream coin ETFs, except for BTC and ETH, may face total collapse!
Undercurrents are surging: SOL is making a comeback against ETH, and U.S. institutions are rewriting the rules of the game.
What’s astonishing is that behind the SEC's hesitation lies a capital shadow war. Data shows that SOL increased by 62.73% in the past six months, far surpassing ETH's 49.8% and BTC's 51.65%! The U.S. institutions' fervor for Solana is blatantly evident—Solana's on-chain TVL skyrocketed by 25% to over 5.28 billion USD, with daily on-chain net transactions exceeding 2 billion USD. MeMe coins and new GameFi protocols are sweeping the market.
Even more explosive is that 21Shares and VanEck have secretly submitted applications for a spot Solana ETF, directly indicating that SOL is classified as a commodity. If Bitwise's 10 review passes, the SOL ETF will be launched at lightning speed, and ETH ETFs may face depletion. Standard Chartered predicts ETH ETF monthly inflows will only be 2 billion, less than a third of BTC ETF!
Brother Lei's Viewpoint:
The SEC is conducting stress tests, akin to a school suddenly announcing that all students pass without exams; after the students cheer, they change the exam paper and wait for notifications. Bitwise's ETF includes 10 coins, such as BTC/ETH/XRP/SOL. Essentially, the SEC is using the market as guinea pigs—allowing multi-coin ETFs to gauge reactions and then urgently halting to set rules. XRP and ADA are two major flashpoints. The SEC has never recognized these two coins as commodities like BTC, and they could be labeled as securities at any time. Last time, the Grayscale GDLC fund failed because of this, and this time Bitwise is daring to stuff them in, purely dancing on the regulatory line!
Brother Lei's Analysis:
SOL is the true winner; don't be fooled by the SEC's theatrics. U.S. institutions have long voted with their money:
→ In the past six months, SOL has risen 63%, crushing ETH (50%)
→ Funds on the Solana chain surged 25% in six months, exceeding 5 billion USD
→ 21Shares and VanEck have secretly applied for a SOL spot ETF!
The SEC's operations are more skillful than those of a meme coin project! First they pump it up, then they dump it; retail investors are once again the leeks? Follow Brother Lei, and you won't get lost!!!
