【Observation on the Current Status of Crypto Assets Spot ETF Applications】Current public information indicates that 9 non-Bitcoin crypto asset projects (including SOL, XRP, LTC, ADA, AVAX, APT, SUI, MOVE, TRX) and 4 memecoins (DOGE, TRUMP, BONK, PENGU) have had related institutions submit spot ETF applications. Verifiable information shows that most of the above projects possess the following characteristics: 1) The project entity's registration location or core operating team is based in the United States; 2) Strategic support from domestic capital or compliance institutions in the United States; 3) Belong to WLFI (full name or institutional attributes need to be noted) investment portfolio projects. The current application landscape is characterized by a high correlation with regulatory resources and institutional capital, and specific approval progress still needs to be confirmed by official disclosures from regulatory agencies.