#比特币ETF资金流入 VanEck's update on the AVAX spot ETF is worth paying attention to—70% staking ratio combined with a 4% service fee, the actual yield needs to be calculated specifically. The key lies in the capital flow: once the ETF is approved and launched, institutional passive holdings of AVAX will automatically be staked, which will significantly change the on-chain liquidity landscape.

From the custodian's perspective, the combination of Coinbase Custody and Anchorage Digital is relatively secure, reducing risk premiums. The design of staking rewards accumulating to the fund's net asset value is also quite clear, avoiding additional operational complexity.

The issue is that currently, Bitcoin ETF capital inflows are strong, and the incremental funds competing on-chain are a reality. Whether AVAX can carve out a share depends on the progress of subsequent applications and the market's recognition of the yield mechanism. It is recommended to monitor the approval pace and the capital scale data after the first batch of ETFs goes live—this will determine the actual change in the on-chain AVAX supply side.