The widespread cross-chain bridge in the crypto world communicates different infrastructures, and in the two markets of traditional finance and the world on the chain, there is also an urgent need for a "bridge" between the two. The Grayscale Trust is the most famous bridge among them. If a compliant institutional investor is bullish on Crypto, how can the Crypto exposure be configured in full compliance? Gray Trust is one of the answers. In the bull market boosted by this round of institutions, the rapid rise of Grayscale Trust has also allowed the traditional financial industry to see new opportunities-entering the Crypto world is a real demand urgently needed by the market. Even at the moment, Grayscale still has the largest holdings among institutions, and its holdings of BTC have reached 649,000. For a long period of time, the gray trust share has been one of the main ways for institutions to invest in Crypto currency indirectly.

Unfortunately, Grayscale Trust is not so "easy to use". Grayscale is not a true ETF product, and has long been regarded as a substitute for Crypto ETF. Although it provides institutions with Crypto exposure, Grayscale Trust also has great disadvantages compared with real ETFs. Grayscale Trust’s GBTC shares not only have a 6-month lock-up period, but can only be resold after unlocking and cannot be redeemed. This special mechanism may also be one of the reasons for the long-term premium of Grayscale shares compared to BTC. For several years, Grayscale GBTC has maintained a high premium level, even exceeding 100% at the highest level. The lack of a regulatory framework has left institutional investors lacking easy-to-use tools for entry.

In addition to Grayscale Trust, there are other alternatives on the market. As early as 2017, French Tobam ​​issued the world's first BTC mutual fund. In the same year, Swissquote Group of Switzerland launched a BTC certificate ETP product, which was listed on Six Swiss, the largest stock exchange in Switzerland. Since then, Germany, Sweden, Austria and other countries have successively issued Crypto ETP products. Similar to the disadvantages of Grayscale Trust, these products can only meet part of the ETF's functions-ETP is essentially a bond and cannot be included in the fund's regulatory framework.

Within the current regulatory framework, the Crypto ETF is the real market demand. After all, alternative alternatives to ETFs cannot truly replace ETFs. If a Crypto ETF can be established, a fully compliant, intraday trading financial product can be established by financial institutions that can be regarded as fund purchases. This greatly reduces the threshold for institutions to deploy Crypto. This is one of the reasons why the Crypto industry has repeatedly rejected applications in the past eight years but is still applying.

CryptoETF is currently accelerating. However, in the most capital-intensive United States, there is still no compliant ETF launched. According to statistics, at least 15 asset management institutions in the United States have applied for Crypto ETF at least 35 times. Unfortunately, none of them has been approved so far. With the gradual improvement of the compliance framework, the door of the Crypto world is gradually opening up to traditional finance. If the BTC futures ETF is passed this time, it may have a certain demonstration effect in the traditional financial field. And whether the US Crypto ETF keeps up with the pace of other regions, or is it "promising to launch" for several years, we still need to wait for time to give an answer.