As soon as the news about the ETF application by #波场ETF came out, the entire Asian market exploded. Sun Yuchen is really taking a risk this time, directly submitting the world's first TRX spot ETF application to the Hong Kong Securities and Futures Commission, clearly aiming to seize the opportunity before the Bitcoin ETF. The market reaction was quite honest; within half an hour of the news, TRX surged 18%, along with a collective uprising of all tokens in the Tron ecosystem.

But those in the know are sweating—indeed, the daily settlement volume of USDT on the Tron blockchain surpasses Visa, but the 70% centralized nodes and Sun Yuchen's one-man governance perfectly match the securities characteristics that the SEC despises the most. Even more dramatic, on the very day the application was submitted, an unusual transfer of 290 million TRX suddenly appeared on the Tron blockchain, directly breaking through the crucial support level of $0.14.

Insiders reveal that this application is essentially a gamble. If Hong Kong opens this door, it would be tantamount to indirectly acknowledging that Tron is not a security, allowing Sun Yuchen to return to the U.S. market with a sword in hand. But do you think regulatory agencies will buy into this? Just look at those ambiguous short-selling contracts and you'll know that big players are betting on the outcome of this farce.