#加密货币ETF发展# Looking back at the development of ETFs, it truly evokes a myriad of emotions. From the Winklevoss brothers' first application for a Bitcoin ETF in 2013 to the SEC's approval of the physical redemption mechanism today, it has been a long wait of ten years. How many twists and turns have we experienced during this time? I remember in March 2017, the SEC first rejected Winklevoss's application, and the market was in great distress. But we old-timers understand that the change in the regulatory stance takes time.

The SEC's approval of physical redemptions now means that the ETF is one step closer to us. This is a milestone progress for the entire industry. Looking back at the difficulties of those years, we can better appreciate how hard-won today's achievements are. However, we must remain clear-headed; the ETF is just a tool, not the goal. What matters is how to leverage this tool to bring more value to the industry.

There is still a long way to go in the future, but at least we have taken a solid step forward. I hope young people can cherish the hard-won opportunities and continue to contribute to this industry. After all, history always rises in a spiral, and today's progress will become the cornerstone for tomorrow's development.