The emergence of encrypted ETFs with #加密ETF申请热潮涌现 brings multiple impacts. It provides new channels for investors and increases capital inflow into the market. It promotes the standardization of the crypto market and enhances transparency. However, it may also attract more speculators and exacerbate price volatility. Regulatory challenges increase, posing risks to the stability of the financial system. Investors need to view this rationally and guard against risks.