#比特币ETF资金流入 VanEck's design idea for this AVAX spot ETF is quite interesting—directly pledging 70% of holdings, and using a 4% service fee to accumulate on-chain yields that contribute to the fund's net asset value. This mechanism is considered innovative at the ETF level.

From a copycat perspective, such capital inflow events often attract a wave of institutional followers. But the key questions are: can the staking yields reliably cover that 4% cost, and can custodians like Coinbase Custody truly ensure asset safety under extreme market conditions? I've seen many copycat traders stumble on these innovative products, mainly underestimating liquidity risk.

If you want to follow traders operating in this direction, my advice is to observe their understanding of AVAX's fundamentals—are they simply chasing ETF hype, or do they genuinely believe in the on-chain ecosystem? The former carries higher risk and is easily driven by sentiment; the latter is worth long-term tracking. Also, it's best to choose traders who are willing to reduce their positions when overvalued, as the risk premium for pledged assets is often undervalued by the market.

In fact, over the past two years, I've followed several seasoned AVAX traders. The most resilient one never chased small profits from staking yields but focused on ecosystem activity and developer progress. Frankly, high yields may look tempting, but the real skill is in surviving long enough to realize those gains.