As Wall Street's capital giants with deep pockets turn their attention to Dogecoin, once seen as a toy for the grassroots, the long-standing underdog story in the crypto market is quietly rewriting its script. And all of this pivot point is focused on the two major moves thrown by Grayscale Capital on September 20, each stirring the nerves of the crypto circle.

Move one: Dogecoin ETF upgrade breaks through, lowering the entry threshold for retail investors

Grayscale is not playing by the rules this time: they have directly transformed the originally closed operation of the Dogecoin trust into an ETF structure, and specially brought in Coinbase as a support, making it the core custodian. This is not just a simple form adjustment; once the U.S. Securities and Exchange Commission (SEC) gives the green light, this ETF will land on the market with the stock code GDOG. By then, ordinary retail investors will no longer have to deal with complex cryptocurrency trading processes; with just a few clicks of the mouse, they can participate in Dogecoin investments, drastically lowering the previously high entry barriers.

Action Two: Ethereum Trust modifies rules, aiming for breakthroughs in real-time trading.

Meanwhile, Grayscale has set its sights on Ethereum: it proposed to modify its own Ethereum ETF listing rules, intending to use the newly introduced universal listing standards. Don’t underestimate this change; it hides a careful plan to bypass some traditional regulatory restrictions. The goal is clear: to enable the Ethereum ETF to achieve more efficient real-time trading, as close as possible to the liquidity of ordinary stock ETFs. It’s worth noting that cryptocurrencies have always been criticized by institutions for their inconvenient trading and large liquidity fluctuations. Grayscale's move is aimed at breaking this deadlock.

Xing Ge's sharp commentary: The game of Dogecoin ETF, opportunities and risks are evenly split.

In Xing Ge's view, Grayscale's seemingly aggressive move is actually a calculated step-by-step strategy. On one side, there’s Musk occasionally publicly endorsing it, while on the other side, a large number of retail investors hold a faith-based adoration for Dogecoin. Coupled with the liquidity buff brought by ETFs, as long as the SEC gives the green light, Dogecoin is likely to transform from a meme coin that everyone jokes about into a compliant asset recognized by institutions, instantly elevating its status.

But the risks are glaring: the SEC has always been picky about approving cryptocurrency ETFs, and it took eight years for just the Bitcoin ETF to get approved. What about Dogecoin? It has long been questioned by outsiders for having 'no clear underlying value support,' relying solely on its popularity. Whether the regulators will make an exception this time and set a precedent for it is still a big question mark.

Ripple effects: Ethereum breaking the ice may lead to a follow-up trend, with Coinbase reaping the benefits.

What’s even more worth noting is the demonstration effect behind the adjustment of Ethereum's rules. Grayscale is testing regulatory boundaries with universal standards, essentially sending a signal to the market: the SEC's regulatory framework for cryptocurrency ETFs may have the potential for loosening. If the Ethereum ETF can indeed break through first, there will likely be a wave of altcoins following suit to apply for ETFs. At that time, the cryptocurrency market will no longer resemble its previous wild growth but will take a big step towards compliance and institutionalization.

There’s another hidden winner that cannot be overlooked: Coinbase. Grayscale specifically chose it as the custodian, which means it wants to leverage Coinbase's compliance qualifications to enhance the trust of the regulators. If more cryptocurrency ETFs are launched in the future, Coinbase's custody income will surely soar, and the competitive landscape in the custody of the crypto industry is likely to be rewritten as a result.

Now the entire cryptocurrency circle is guessing: if Dogecoin can really succeed in becoming legitimate, which cryptocurrency asset will be next pulled into the ETF framework? Can Ethereum ETF break through regulatory barriers and become the first large-scale case using universal standards?

The answers to these questions not only determine the fate of a particular cryptocurrency but may also unveil a new path for the deep integration of traditional finance and digital assets. After all, when Wall Street's capital begins to take cryptocurrencies seriously, the rules of the game in this market are bound to change.

Still the same question: feeling lost and helpless, not knowing when to enter the market? Follow Xing Ge, and let him guide you through the market!@星哥狩猎日记

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