#美国非农就业数据未达市场预期 Grayscale's two new products recently attracted attention: HYPE ETF and BNB ETF have respectively completed registration procedures in Delaware. As institutional-grade fund products, such layouts usually indicate that traditional finance is continuously expanding into digital assets. From a market perspective, the signals released by current macro data are also affecting the performance of risk assets—US non-farm payroll data below market expectations, such economic slowdown signals often increase investors' interest in alternative assets. The fluctuations of major mainstream cryptocurrencies in the market, $BTC $ETH $SOL, also to some extent reflect the linkage effect between the launch of these fund products and macro data. It is worth noting that the expansion of institutional-grade ETFs has a profound impact on the industry ecosystem.