币圈大涨后暴跌，而约130个“山寨币相关ETF”正在排队报批，等待美股上市

Core Viewpoint - The recent market turmoil in the cryptocurrency sector has put issuers attempting to package altcoins into compliant financial products in a difficult position, as their ETF applications face scrutiny regarding the stability and liquidity of underlying assets [1][4]. Group 1: Market Dynamics - During the cryptocurrency price surge, Wall Street quickly acted, with issuers submitting a significant number of altcoin ETF applications, attempting to package these high-volatility, low-trading tokens into regulated financial products [3][5]. - As of October 18, approximately 130 ETF applications related to small cryptocurrencies are awaiting approval from the SEC, covering tokens like Polkadot, Chainlink, and meme coin Pengu [3][5]. - Recent sell-offs have led to a substantial evaporation of market value, with altcoin indices dropping by 11% to their lowest levels since April [3][4]. Group 2: Regulatory Environment - Many ETF applications were submitted months ago during a period of optimistic market sentiment, with issuers betting on the continued risk appetite of retail investors [5][6]. - The current regulatory environment, influenced by the previous administration's leniency towards digital assets, has encouraged issuers to be more aggressive in their applications [5][6]. - The SEC's recent closure due to government shutdown may delay the approval process for pending applications [6]. Group 3: Structural Vulnerabilities - Despite the appealing ETF structure, the underlying assets remain highly speculative, relying on rapid capital flows, retail rotation, and viral momentum, which have yet to be tested in fund form [7]. - Concerns have been raised about the structural fragility of these products, with many analysts doubting the sustainability of numerous ETFs launched in the current environment [7]. - The recent market collapse has heightened worries about the disconnect between regulatory approvals and investor protection, especially as retail traders face significant losses [7]. Group 4: Market Value Determination - Incorporating altcoins into a regulated ETF framework could provide retail traders with a safer avenue to access high-risk assets, offering clearer disclosures and custodial protections compared to offshore exchanges or leveraged derivatives [8]. - The ETF industry is likened to a "spaghetti cannon" strategy, where numerous products are launched to see which ones gain traction, with the market ultimately determining their value [8].