#数字货币市场回调 To be honest, I was quite surprised to see Vanguard, this old conservative firm, open up trading for an encryption ETF. It's worth noting that this institution has always been known for being 'stable to the point of being rigid' and has generally avoided digital assets in the past.

The reasons given by their brokerage business head Andrew Kadjeski are quite interesting—encryption funds have shown "unique resilience" during market fluctuations. In other words: this thing, although volatile, has strong liquidity and decent return expectations. More importantly, the client demand is there, and institutions can't pretend to be unaware forever.

This matter actually reflects a deeper change. Digital assets are gradually evolving from "speculative hype" to "configurable alternative assets." When even players of Vanguard's caliber begin to accept encryption funds within a compliant framework, it indicates that the industry's recognition of legitimacy is indeed improving. Of course, they have also kept a fallback – only supporting those targets that meet regulatory requirements and have long-term potential, with risk control red lines still drawn very tightly.

From a market perspective, the entry of these traditional giants may bring about two effects: first, attracting more conservative capital to test the waters; second, forcing the industry to accelerate compliance and transparency. As for whether it will trigger a new round of capital inflow? Taking assets like $XRP as an example, the shift in institutional capital's attitude may be more noteworthy than retail sentiment.