#加密货币现货ETF发展 Looking back at the development of cryptocurrency ETFs over the years, I’m truly filled with emotion. I remember when Bitcoin ETF applications were repeatedly rejected and market enthusiasm was at a low point. Now, seeing products like IBIT with short interest dropping sharply—almost returning to pre-April rally levels—reminds me of when the Winklevoss twins first submitted their Bitcoin ETF application in 2013. The market was still very immature back then, and regulators were extremely cautious. Over the past decade, as the industry has matured, investor education has deepened, and regulatory frameworks have improved, we’ve finally ushered in the spring of cryptocurrency ETFs. The process was long, but it proved the market’s resilience and spirit of innovation. Seeing products like IBIT perform well now only strengthens my confidence in the long-term development of this industry. History always repeats itself, but each cycle brings new opportunities and challenges.