Spot ETFs Aren't the New Thing Anymore
Bitcoin ETFs are no longer the newest product category — spot Ethereum, XRP, and Solana ETFs are already trading alongside them.
That's a fast product-maturity curve: Bitcoin went from "unprecedented ETF launch" to "one of four" in about two years. The next differentiation battle (yield-bearing products, staking-enabled funds) is already underway, as we've covered with BlackRock/Goldman's race this week.
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