On October 11th, after the huge shock in the cryptocurrency market: US regulatory agencies, asset management groups, and banks have fully opened their doors to cryptocurrencies led by Bitcoin! Among them, the new policies of CFTC are the most worthy of attention!!! Due to this policy, it will bring a stronger capital inflow effect than after the SEC approves the BTC ETF in 2024. It is expected that the total amount of funds entering the ETF will be 1-2 times larger, strongly favoring BTC/ETH dominance. On December 4, 2025, Caroline D. Pham, acting chairman of the U.S. Commodity Futures Trading Commission (CFTC), announced that cryptocurrency products will begin trading for the first time on federally regulated CFTC registered futures exchanges in the United States. This move marks an important step in the Trump administration's commitment to ushering in a golden age of innovation and building the United States into the "world capital of cryptocurrencies". Similar to the market effect after the SEC approved the Bitcoin spot ETF in 2024. What does this mean? That is to say, traditional exchanges directly allow Bitcoin to be listed for trading, just like the Shanghai Stock Exchange listing Bitcoin. Can you imagine this scene? It can be expected that in the near future, Bitcoin will gradually land on the New York Stock Exchange, NASDAQ, Tokyo Stock Exchange, Korean Stock Exchange, Hong Kong Stock Exchange with a group of close brothers and sisters Speaking of which, the CFTC's green light for Bitcoin this time signifies a complete shift in regulatory paradigm: from "law enforcement first" to "innovation friendly". The CFTC is no longer just imposing fines as a "post punishment", but actively providing regulatory "green lights" to integrate cryptocurrency trading into the mainstream financial system. This is similar to the standardization process of the stock market shifting from over-the-counter trading to NYSE/NASDAQ, marking the transition of cryptocurrency from "wild growth" to "mature stage". Subsequently, at least 7 exchanges will open spot cryptocurrency trading. Will bring For example, the Chicago Mercantile Exchange (CME) has a history of nearly a hundred years, with gold like standards and risk management. Overall, this approval will reshape the cryptocurrency ecosystem, with an expected total capital entry size equivalent to 1-2 times that of ETFs, benefiting BTC/ETH dominance. Approval of SEC Bitcoin ETF in 2024: Net inflow of approximately $120-130 billion (cumulative AUM exceeding $57 billion) in the first year after approval (2024), with Q1 reaching $12.1 billion. This drove BTC prices from $47000 to over $100000, with institutional funds such as BlackRock's IBIT contributing over 80%. As of December 2025, the net inflow of BTC ETF has reached $14.8 billion (surpassing the same period in 2024), ETH ETF has accumulated $13 billion, and SOL ETF has reached $618 million. The total inflow of encrypted ETFs exceeded $20 billion, indicating sustained demand. 1. Reference to CFTC approval Spot exchange trading is more flexible than ETFs (supporting leverage, direct settlement) and is expected to attract similar or higher scale funds, but may initially rely more on institutions (such as pension funds, hedge funds). Standard Chartered and other institutions predict that after clear regulation, BTC prices can reach $150000 to $200000, with implied demand exceeding $500 billion. 2. Expected scale of capital inflow Short term (December 2025 to Q2 2021): 10-30 billion US dollars. The first batch of exchanges such as Bitnomial will be launched on December 8th, and it is expected that the trading volume in the first month will be transferred from overseas platforms (such as Binance) by 5-10 billion US dollars, with initial exploration by institutions accounting for 70%. (Note that these native cryptocurrency exchanges may be greatly impacted. If the Hong Kong Stock Exchange opens cryptocurrency trading one day in the future, do you still need those non-standard and frequently inserted exchanges?) For example, TradFi giants such as Charles Schwab have announced their entry to promote the return of retail funds. Reason: Similar to the first week trading volume of $2.2 billion for ETFs, spot DCMs provide KYC/AML protection, attracting over 100 million US investors. Mid term (2026 full year): 50-100 billion US dollars. Institutional funding led: A report shows that global BTC ETPs and listed companies have purchased 944000 BTC (worth over $700 billion) by 2025. The CFTC framework will unlock more, such as pension funds and sovereign wealth funds (BlackRock CEO mentioned having purchased a low of $80k). Expansion impact: ETH/SOL and other expansion listings, combined with the "Crypto Sprint" plan, can generate a total inflow of 1-2 times the ETF level, driving the market value from $3.23 trillion to $5 trillion. Long term (2026-2030): 1-10 trillion US dollars. The goal of CFTC's "Crypto Sprint" is to unlock $10 trillion in institutional capital through ETFs, derivatives, and reserves. (The current market value of Bitcoin is $1.84 trillion)