If this BTC bull market is driven by ETFs, So counterfeit ETFs may also be the driving force behind the counterfeit season. Grayscale's XRP and DOGE ETF have started trading, In fact, Grayscale is trying to apply for ETFs for all of its eligible products, and Eric Balchunas, a senior ETF analyst at Bloomberg, also mentioned that the approval of the Grayscale Chainlink Trust (LINK) ETF is coming. The logic is also very simple, and the first and most crucial logic is that ETFs signify regulatory recognition of the asset status of a group of blue chip knockoffs. From BTC and ETH to XRP, DOGE, and LINK, this is a clear whitelist hierarchy. Most retail investors and some institutions may not really understand the technical details of encryption, but people will roughly divide them based on whether they can be listed on ETFs. The second logic lies in the way funds enter. For retail investors and institutions, buying counterfeit stocks requires studying exchanges, wallets, managing private keys, and some also bear compliance risks. In fact, most investors are more inclined to use familiar brokerage apps for investment. Based on the above logic, in fact, the structure of the future knockoff season may shift from sector rotation to ETF rotation. Of course, new celebrity memes and animal memes cannot be ruled out, but knockoffs that can be ETFized are definitely more attractive and have more liquidity foundation compared to other knockoffs. Of course, once a certain project or token is determined by the market to never qualify as an ETF, its valuation may plummet, and then sit at a table with MEME, which can be considered a potential risk for existing knockoff holders.