Today, the SEC approved the BTC and ETH combination ETF submitted by Bitwise, but there was no reaction in the market. After reviewing the source file, three key points were drawn, and the original link is placed at the bottom 1. The ETF's holdings include both BTC and ETH, with a ratio of 80% BTC and 20% ETH based on their relative market values. The purpose of launching this ETF is to reduce the operating costs of the fund management company itself and the expense liabilities owed to the fund management company 3. The ETF has been accelerated for approval and is expected to be completed within 30 days. The main reason for the acceleration is that sufficient compliance preparations have been made before this, so there is nothing to discuss, rather than accelerating approval because it is very important So to summarize, many friends previously believed that a combination fund of BTC and ETH would be very beneficial for ETH, as it would flow a portion of the funds used to purchase BTC into ETH. However, after the ETF was approved today, it did not cause any waves in the market. The main reason may be that on the one hand, Bitwise's scale itself is not as large as BlackRock's, and on the other hand, the purpose of this type of fund is not to increase buying volume, but only to merge two existing assets and reduce operating costs for itself and its clients. And being accelerated through also indicates that in the eyes of the SEC, this matter is not so 'important'. Currently, only the approval of three ETFs will have a significant impact on the market 1. The ETF pledging ETH has been approved, but currently no issuer has submitted relevant materials, which is quite strange. I don't know where the problem lies, is it compliant? Is it technology? Or is it like many conspiracy theories that haven't attracted enough funding? 2. In addition to BTC and ETH, which are already existing assets, the passage of ETFs such as SOL and Doge. 3. A basket of asset ETFs, such as various altcoin combination funds previously launched by institutions such as Grayscale, if corresponding types of AI Crypto ETFs, Defi Crypto ETFs, etc. can be launched, it can truly end the dominance of BTC https://www.sec.gov/files/rules/sro/nysearca/2025/34-102310.pdf