#纳斯达克加密ETF扩容

The following are the key points regarding the expansion of the Nasdaq Crypto ETF, summarizing the latest developments and potential impacts:

### 🚀 1. **Expansion Content and Goals**

Nasdaq has submitted a rule change application (19b-4 filing) to the SEC, planning to include **XRP, Solana (SOL), Cardano (ADA), and Stellar (XLM)** in its Digital Asset Benchmark Index (NCI). The current index only includes Bitcoin (BTC) and Ethereum (ETH), with weights of 88.3% and 11.7% respectively. The expansion aims to reduce reliance on a single asset and enhance ETF risk diversification and market representation.

### 📈 2. **Key Impacts and Progress**

- **ETF Product Upgrade**: If approved, the Hashdex Nasdaq Crypto Index U.S. ETF (NCIQ) will switch from the narrow-based index (NCIUS) it currently tracks to a broad index covering 9 tokens (NCI), providing institutional funds with diversified crypto exposure.

- **Regulatory Timeline**: The SEC is expected to make a final decision by **November 2, 2025**.

- **Mainstream Recognition Signal**: This move is seen as an important milestone for traditional finance's deeper acceptance of crypto assets, potentially boosting liquidity and price potential of tokens like XRP and SOL.

### 💡 3. **Market Response and Related Dynamics**

- **Solana Ecosystem Surge**: As SOL is included in the index, its Layer-2 solution Solaxy ($SOLX) raised over $46 million in pre-sale financing, with technical upgrades addressing network congestion issues, creating a synergistic effect with Nasdaq's actions.

- **Institutional Positioning Acceleration**: Institutions like Grayscale and 21Shares have submitted various altcoin ETF applications (including SOL, XRP, DOT, etc.), and Bloomberg analysts estimate a 75% chance of SOL ETF approval, expected to bring in $3-6 billion in capital inflows.

### ⚠️ 4. **Challenges and Risks**

- **Regulatory Barriers**: Whether XRP and SOL are classified as securities remains a core controversy, potentially affecting the approval timeline.

- **Short-term Market Volatility**: While XRP is included in the index, due to the SEC's current policies, the ETF cannot yet allocate its assets, leading to tracking deviation risks; technically, XRP faces a resistance level of $2.30, and if it breaks support, it may retrace to $2.14.