The crypto market is experiencing a stark divide: VanEck bets on AVAX ETF, while USDT faces downgrade to the lowest rating by S&P

Recently, the crypto market has shown a clear divergence: traditional asset management giant VanEck is advancing its application for a spot ETF on Avalanche (AVAX), marking an accelerated infiltration of institutional funds into the altcoin space; meanwhile, the world's largest stablecoin USDT has been downgraded to the lowest rating of 'weak' by S&P Global, exposing risks in the industry's underlying assets.

On December 22, news broke that VanEck submitted a revised filing for the AVAX spot ETF to the U.S. SEC, confirming the trading code as VAVX, with plans to list on Nasdaq, co-custodied by Anchorage Digital Bank and Coinbase Custody, aimed at tracking the AVAX price and incorporating staking yields. Driven by this positive news, the AVAX price increased by 7% within 24 hours and saw a weekly growth of over 18%, becoming a typical signal for institutional investment in altcoins. Behind this move is the simplified approval process for crypto ETFs following the implementation of the SEC's 'Universal Listing Standards', with 35 spot ETFs covering 13 cryptocurrencies currently in the approval queue.

At the same time, S&P Global has downgraded the stability assessment of USDT from 'restricted' to the lowest level of 'weak', with core concerns centered on asset quality deterioration and lack of transparency. Data shows that the proportion of high-risk assets in USDT has risen from 17% to 24%, with Bitcoin exposure reaching 5.6%, exceeding a collateralization ratio of 3.9%, where a decline in a single asset could lead to insufficient collateral. Furthermore, its reserve custodian has not been disclosed, redemption thresholds are as high as $100,000, and under the Salvadoran regulatory framework, there is no requirement for asset isolation, further amplifying risks.

The current market presents a pattern of 'innovation expansion and foundational pressure': institutions are investing in the altcoin sector via ETFs, but the trust crisis surrounding stablecoins could trigger a liquidity chain reaction, and investors need to be wary of the dual challenges of high-risk asset volatility and the stability of the industry's fundamentals. #加密ETF十月决战