When the news about TRON applying for an ETF came out, the entire Asian market exploded. Sun Yuchen is really taking a risk this time; he directly submitted the world's first TRX spot ETF application to the Hong Kong Securities and Futures Commission, clearly aiming to be the first to capitalize before the Bitcoin ETF. The market reaction was honest, with TRX surging 18% within half an hour of the news, alongside a collective uprising of all tokens in the TRON ecosystem.

But those who understand the industry are sweating—it's true that the daily settlement volume of USDT on the TRON chain surpasses Visa, but the 70% centralized nodes and Sun Yuchen's one-man governance model perfectly match the securities characteristics that the SEC despises the most. More dramatically, on the same 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 revealed that this application is essentially a gamble. If Hong Kong opens this door, it would be equivalent to indirectly admitting that TRON is not a security, allowing Sun Yuchen to return to the U.S. market with a powerful weapon. But do you think the regulatory bodies will buy it? Just look at those somewhat ambiguous short-selling contracts to know that big players are betting on the outcome of this farce.