Policy makers continue to send signals: ETFs are becoming the "mainstream gateway"" to the crypto market.

Cheng Maobo recently stated that digital asset-themed ETFs provide investors with a more transparent and standardized way to participate, while emphasizing the key role of ETF structures in expanding access to the crypto market.
The significance behind this is far more than just "adding an investment tool":

Transforming high-threshold on-chain assets into standard products acceptable to traditional finance

Providing a compliant funding entry point, reducing the difficulty for institutions and retail investors to participate

Enhancing overall market transparency through information disclosure and regulatory mechanisms

Essentially, ETFs are playing a "bridge role"—
Connecting the two originally separate worlds (traditional finance & crypto assets).
When capital no longer needs to "cross cognitive barriers" but enters the market through familiar financial tools, the way incremental liquidity flows fundamentally changes.
Future competition is not just between different tokens, but also a competition for the "entry point."
Follow me for ongoing analysis of capital entry points and market structure evolution.