Still tangled in the bear market argument? Just look at Hong Kong's digital asset ETF. It has risen crazily by 33%, with a market capitalization soaring to HKD 5.47 billion, which is enough to illustrate the issue.

Traditional capital is pouring in at an unprecedented scale. The latest market data is straightforward: the total size of Hong Kong's virtual asset spot ETFs has soared by 33% compared to last year, surpassing the milestone of HKD 5.47 billion. Among them, related products under Huaxia Fund (Hong Kong) alone hold a market capitalization of USD 350 million, accounting for nearly 40% of the entire market - an absolute market leader. What does this number reflect? The compliance path is becoming the preferred option for large capital inflows.

Why is this matter so critical? A few points of logic are worth pondering:

**The Significance of the Barometer**. As a major financial hub in the Asia-Pacific region, the stable growth of ETF size in Hong Kong proves that the institutional demand for digital asset allocation is genuine and not just a temporary hype.

**Second, the path is getting wider**. Traditional funds enter through familiar and regulated ETF products; once this path is opened, it will become smoother and smoother. The flow of funds will only increase, not shrink.

**Third, the ecological spillover effect**. Institutional funds holding core assets like BTC, ETH, and ZEC through ETFs will inevitably activate the entire ecological chain due to the resulting liquidity spillover, especially in the most vibrant and consensus-driven sectors.

The reality is clear: we are entering a new cycle driven by compliant capital. While it is certainly important to keep an eye on the capital flows of ETFs, what is more crucial is to identify in advance those high-potential areas that can absorb the overflow of liquidity.

In the Ethereum ecosystem, assets that have top community recognition and cultural heritage are particularly worth paying attention to— the value discovery process of such projects often resonates interestingly with the entry rhythm of institutional funds, becoming an important window to observe the direction of market sentiment.

What do you think of this market movement? Will the continued expansion of Hong Kong ETFs continue to boost market enthusiasm? Share your thoughts in the comments.