Although the current market, especially the cryptocurrency sector, has shown some signs of stabilization after experiencing fluctuations, it is indeed worthwhile for us to think deeply about the real motivations and impacts of ETF (Exchange Traded Fund) participants at the weekend. From a positive perspective, ETFs have undoubtedly brought valuable incremental funds to the market and promoted market liquidity and activity. However, the logic behind the in-depth analysis of the reasons why Wall Street giants have flocked to this field is far more than that.

First of all, as a product of financial innovation, the essence of ETFs is to attract a large number of investors to enter specific markets or asset classes through professional management and low-threshold participation. For financial institutions on Wall Street, issuing and managing ETFs not only means a stable source of income - that is, management fees, which are usually continuous and considerable, especially when the management scale is large. This "dry and flood guaranteed income" business model is undoubtedly one of the important reasons that attract them to compete for layout.

Secondly, the issuers of ETFs often have a deep quantitative trading background and rich market experience. When these institutions apply the quantitative trading strategies and technologies they have accumulated in mature markets such as US stocks to emerging fields such as cryptocurrencies, their advantages are self-evident. Especially in the current market environment, the quantitative trading program generated with one click can efficiently execute trading strategies and capture market opportunities, which plays a significant role in improving the performance of ETFs and attracting investors.

Furthermore, although the third halving event in the cryptocurrency market has attracted widespread attention from the market, the subsequent trend has not fully developed in line with market expectations. In this process, the participation of ETFs may have changed the market ecology and game pattern to a certain extent. Through ETFs, institutional investors can more conveniently configure cryptocurrency assets, thereby affecting the supply and demand relationship and price trends in the market. At the same time, the changes in ETF holdings and trading behaviors may also become the focus of market attention, guiding the emotions and decisions of retail investors.

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