As soon as the news broke that TRON is going to push for an ETF, the entire Asian market exploded. Sun Yuchen has really played a risky game this time, directly submitting the world's first TRX spot ETF application to the Hong Kong Securities and Futures Commission, clearly aiming to be the first to eat the crab before the Bitcoin ETF. The market reaction was quite honest, with TRX instantly surging 18% within half an hour of the news, leading to a collective uprising of tokens across the entire TRON ecosystem.

But those in the know are sweating—it's true that the daily settlement volume of USDT on the TRON chain crushes Visa, but that 70% centralized nodes and Sun Yuchen's one-man governance model perfectly match the securities characteristics that the SEC despises the most. Even more dramatically, on the day the application was submitted, an abnormal transfer of 290 million TRX suddenly appeared on the TRON chain, directly breaking through the critical support level of $0.14.

Insiders reveal that this application is essentially a gamble. If Hong Kong opens this door, it would be equivalent to indirectly acknowledging that TRON is not a security, allowing Sun Yuchen to return to the US market with a royal decree. But do you think the regulatory agencies will go along with this? Just look at those vaguely visible short contracts, and you will know that big players are betting on the outcome of this farce.