#美联储恢复降息进程 Yesterday, the encryption ETF market dropped a few heavy bombs, the most exciting being from XRP — the Spot ETF (code TOXR) launched by 21Shares officially went live on Cboe BZX, attracting 50 million USD on the first trading day. This is already the fifth XRP ETF approved in the United States, with the first two from Grayscale and Franklin attracting over 67 million and over 62 million respectively. The total inflow of XRP ETFs for the entire month of November reached 666 million USD, which is more than the combined total of BTC and ETH.

In terms of price, XRP increased by 0.75% to $2.19, with a market cap soaring to 132 billion. Interestingly, the balance of XRP on exchanges plummeted by 29%, while the number of new wallets rose by 40,000—this is clearly a signal of supply tightening. Analysts over at DLNews are saying that the previous ceiling of 2.45 to 2.60 has been broken, and the next stop could be heading straight for $3.5.

On the other hand, although BlackRock's IBIT reported a loss of 2.2 billion in November (with a net outflow of 346 million for the entire BTC ETF that month, setting a record low), their executives openly stated that this product has already become the company's top cash cow—earning 245 million just from management fees, which is more profitable than the S&P 500 index fund. The global allocation scale is close to 100 billion, and some KOLs say this is a signal to buy on dips. If BTC truly increases tenfold, BlackRock's revenue will rise accordingly.

ETH has also performed well, with a net inflow of 300 million this week leading the way. Coupled with the Fusaka upgrade and PCE data catalyst, the price broke through $3900. Although SOL's ETF turned negative, the first compliant version in Asia was approved, and the price still rose by 10% to $180. DOGE's ETF (GDOG) also saw 3.23 million come in on its first day. Franklin even packaged DOGE, XRP, and SOL into a basket ETF, with a scale exceeding 200 million.

Nasdaq has also made a major move - planning to expand the options cap for the BTC ETF by 4 times, and Canary Capital is also filing for a domestic encryption ETF. Institutional funds are clearly starting to rotate from BTC to these altcoins like XRP and SOL, and the pace has become very fast.