When the news about TRON's ETF push came out, the entire Asian market exploded. Sun Yuchen is really taking a gamble 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 response was honest enough; within half an hour of the news, TRX surged by 18%, along with a collective uprising of tokens within 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 that of Visa, but the 70% centralized nodes and Sun Yuchen's one-man governance model perfectly align with the characteristics of securities that the SEC despises the most. Even more dramatic, on the very 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 big gamble. If Hong Kong opens this door, it would be tantamount to indirectly admitting that TRON is not a security, and Sun Yuchen could return to the US market with the emperor's sword. But do you think the regulatory agencies will buy it? Just look at those faintly visible short contracts to know that big players are betting on the outcome of this farce.