I. Structure and Core Meaning
The following diagram shows several key beneficiary factors of the US cryptocurrency policy, including:
1. ETF Applications: The green area indicates that ETFs are an important tool in the traditional financial market, and the launch of cryptocurrency ETFs means that these projects have gained greater acceptance among institutional investors and the mainstream financial market. The approval of Bitcoin and Ethereum spot ETFs in 2024 has proven the driving effect of ETFs on market prices and adoption.
2. Blockchain Projects Attend White House: The red area suggests that these projects may have participated in direct dialogue or policy-making activities with the US government. White House attention usually means these projects are important in terms of regulatory compliance, technical applications (such as supply chain management, decentralized identity), or national strategy.
3. Mentioned by Trump: The orange area indicates that Trump's attitude towards cryptocurrencies has shifted from criticism to support in recent years, especially during the 2024 election campaign, when he publicly supported cryptocurrencies and launched his own NFT project and MEME coin. Projects mentioned by Trump may gain market attention and short-term price momentum due to the celebrity effect.
4. Cryptocurrency Projects Based in the US (Made in USA): The orange area. They may have inherent advantages in policy support, especially in the context of the US-China technology competition.
II. Meaning of Overlapping Regions
Dual Overlap: Projects appearing in two categories indicate they have advantages in multiple aspects. For example, BTC (Bitcoin) and ETH (Ethereum) are in both the "ETF Application" and "Mentioned by Trump" regions, showing their dual benefits in policy support and public attention.
Triple Overlap: Located in the center of the diagram, including SOL (Solana), XRP (Ripple), and ADA (Cardano). These projects meet the three conditions of "ETF Application", "White House Participation", and "Mentioned by Trump", making them the biggest potential beneficiaries of US cryptocurrency policy.
III. Specific Project Classification and Analysis
1. Triple Benefit Projects (Center Region: ETF + White House + Mentioned by Trump)
These projects are in the overlapping part of the three regions, and are the "core winners" of policy support.
SOL (Solana):
Background: Solana is a high-performance Layer 1 blockchain, known for its high throughput and low transaction costs, and is one of the main competitors to Ethereum.
Analysis: Solana's presence in the center region indicates that it is highly focused on in US policy-making, may be applying for an ETF, and has also gained Trump's recognition. Solana's high performance makes it widely applicable in DeFi (Decentralized Finance) and NFT (Non-Fungible Token) fields, which may have attracted government interest, especially leveraging the leading advantage of MEME coins to gain a large share of on-chain active users.
XRP (Ripple):
Background: Ripple is mainly used for cross-border payments, and its token XRP has long been in legal dispute with the US Securities and Exchange Commission (SEC) (since 2020).
Analysis: XRP's presence in the center region may indicate that its legal issues are being resolved, or its position at the policy level has improved. In 2024, the SEC's regulatory attitude towards cryptocurrencies became more relaxed, and if XRP can pass the ETF application, it may see a large influx of capital.
ADA (Cardano):
Background: Cardano is a blockchain project that emphasizes academic research and layered architecture, known for its scientific approach and sustainability.
Analysis: Cardano's position in the center region indicates that it has gained more recognition in the US market, and may have played a role in policy-making or government cooperation. Its technical strength may make it a candidate project for government support.
2. Dual Benefit Projects
ETF Application + Mentioned by Trump (Green + Orange Region)
BTC (Bitcoin):
Background: Bitcoin is the largest cryptocurrency by market capitalization and is seen as digital gold. In early 2024, the US approved a Bitcoin spot ETF, driving its price and institutional adoption, and in 2025 BTC will be actively promoted to become a strategic reserve currency for the US and even other countries and major listed companies.
Analysis: Bitcoin's presence in both the "ETF Application" and "Mentioned by Trump" regions reflects its stable market position. Trump's mention may further enhance its public image and attract more retail investors.
ETH (Ethereum):
Background: Ethereum is the second largest cryptocurrency, supporting smart contracts and the DeFi ecosystem. In May 2024, the Ethereum spot ETF was approved.
Analysis: Ethereum's position in this region reflects its dual advantages in policy and public attention. The wide application of the Ethereum ecosystem makes it a focus for institutional investment.
White House Participation + Mentioned by Trump (Red + Orange Region)
TRUMP:
Background: Likely a meme coin or token related to Trump, common in projects driven by celebrity effect.
Analysis: Its presence in this region suggests it is more based on Trump's personal influence than technical strength. Such tokens usually have high volatility and are suitable for short-term speculation.
MELANIA:
Background: Likely a token or project related to Trump's wife Melania.
Analysis: Similar to TRUMP, the MELANIA token may also be based on celebrity effect, lacking long-term technical support.
HBAR (Hedera):
Background: Hedera is an enterprise-grade blockchain using the Hashgraph consensus mechanism, suitable for scenarios such as supply chain management and decentralized identity.
Analysis: Hedera's position in this region suggests it may have deep cooperation with the US government, and is also receiving attention from Trump. Its enterprise-level applications may give it long-term development potential under policy support.
ETF Application + White House Participation (Green + Red Region)
This region has no projects, indicating that currently there are no projects that simultaneously meet the "ETF Application" and "White House Participation" conditions but are not mentioned by Trump.
3. Single Category Projects
3.1 ETF Application (Green Region)
Projects: DOGE (Dogecoin), BONK, XCH (Chia), AVAX (Avalanche), FIL (Filecoin), SUI, APT (Aptos), NEAR, MOVE.
Analysis:
Meme Coins: DOGE and BONK are meme coins with strong community-driven characteristics but limited technical applications. Their ETF applications may be more to attract retail capital.
Layer 1 Blockchains: AVAX, SUI, NEAR are high-performance Layer 1 blockchains, similar to Solana, and may seek to enter the traditional financial market through ETFs.
Storage and Infrastructure: FIL (decentralized storage), XCH (green blockchain), etc. have broader technical applications, and their ETF applications may reflect institutional optimism about their long-term value.
3.2 White House Participation (Red Region)
Projects: LTC (Litecoin), LINK (Chainlink), DOT (Polkadot).
LTC: Litecoin is a fork of Bitcoin with faster transaction speed, and may be of interest in government payment or settlement scenarios.
LINK: Chainlink provides decentralized oracle services, a key infrastructure for the DeFi ecosystem, and its White House participation may be related to data credibility.
DOT: Polkadot is a cross-chain protocol aimed at connecting different blockchains, and its technology may attract government interest in interoperability.
3.3 Mentioned by Trump (Orange Region)
Projects: OP (Optimism), AXS (Axie Infinity), BAT (Basic Attention Token), ZEC (Zcash), MANA (Decentraland), ONDO, APE (ApeCoin), LPT (Livepeer), UNI (Uniswap), STX (Stacks).
Analysis:
Diversity: This region includes a variety of project types such as Layer 2 solutions (OP), DeFi (UNI), games (AXS), privacy coins (ZEC), metaverse (MANA), etc., reflecting the broad scope of Trump's mentions.
Speculative Nature: Trump's mentions may be more for market hype than based on technical assessment. These projects may see short-term price increases due to increased attention, but their long-term value needs to be assessed based on their fundamentals.
3.4 Made in USA (Subcategory in Orange Region)
Projects: BLUR (NFT market), ALGO (Algorand), GRT (The Graph), MINA, HNT (Helium).
Analysis:
Made in USA: These projects originate from the US and may have advantages in policy support. For example, ALGO and GRT are infrastructure projects focusing on high-performance blockchains and data indexing respectively, and may benefit from government priority support in the technology field.
Technical Applications: Projects like HNT (Internet of Things) and MINA (lightweight blockchain) may become more attractive in policy-making due to their technological innovations.
IV. Macro Trends and Policy Background
4.1 ETF Promotion
Historical Background: 2024 was a breakthrough year for cryptocurrency ETFs, with the approval of the Bitcoin Spot ETF (in January) and the Ethereum Spot ETF (in May) injecting a large amount of institutional capital into the market.
Trend in the Chart: More projects (such as SOL, XRP, ADA, AVAX, etc.) are applying for ETFs, indicating that the integration of cryptocurrencies and traditional finance is accelerating. The launch of ETFs may significantly increase the market value and adoption of these projects.
4.2 Trump's Influence
Background: Trump's attitude towards cryptocurrencies has shifted from criticism to support in recent years. He publicly supported cryptocurrencies multiple times during his 2024 campaign, and even launched his own NFT project.
Reflected in the Chart: The variety of projects mentioned by Trump, including meme coins (TRUMP, MELANIA), DeFi (UNI), and games (AXS), reflects that his influence is mainly concentrated on market hype and public attention, rather than technical evaluation.
4.3 White House Involvement
Background: The US government's attitude towards blockchain technology is shifting from regulatory pressure to cooperation and support. White House-involved projects may involve decentralized identity, supply chain management, or financial innovation.
Reflected in the Chart: Projects like SOL, XRP, and HBAR are in the White House Involvement area, indicating that they may have played an important role in policy-making.
4.4 Advantages of "Made in USA"
Background: Against the backdrop of the US-China technology competition, the US government may prioritize supporting domestic blockchain projects to ensure technological sovereignty.
Reflected in the Chart: Projects marked as "Made in USA" (such as ALGO, GRT, HNT) may gain long-term development advantages under policy support.
V. Potential Market Impact
5.1 Central Area Projects (SOL, XRP, ADA)
Market Prospects: These projects have become the biggest winners due to the triple benefits, and may attract more institutional and retail investors.
Specific Impacts:
SOL: Solana's high performance may make it the preferred choice in DeFi and NFT, and ETF approval may further drive its price increase.
XRP: If its legal issues with the SEC are resolved, ETF approval may trigger a large influx of capital.
ADA: Cardano's scientific approach may give it an advantage in government cooperation, with greater long-term development potential.
5.2 ETF-Related Projects (BTC, ETH, AVAX, etc.)
Market Prospects: The launch of ETFs will bring more institutional capital to these projects, boosting their market value.
Specific Impacts:
BTC and ETH: Already approved for ETFs, with a stable market position, Trump's mention may further attract retail investors.
AVAX, SUI, NEAR: If ETFs are approved, they may become the beneficiaries of the next wave of high-performance blockchains.
5.3 Trump-Mentioned Projects (TRUMP, MELANIA, UNI, etc.)
Market Prospects: These projects may experience short-term price increases due to hype, but their long-term value depends on their fundamentals.
Specific Impacts:
TRUMP, MELANIA: Meme coin characteristics, high volatility, suitable for short-term speculation.
UNI, OP: DeFi and Layer 2 projects with strong technical capabilities, Trump's mention may bring them more attention.
5.4 White House Involved Projects (HBAR, LINK, DOT, etc.)
Market Prospects: These projects may receive more government contracts or policy support, with greater long-term development potential.
Specific Impacts:
HBAR: Enterprise-level applications may give it an advantage in government cooperation.
LINK: The widespread application of its oracle services may make it a bridge between DeFi and government cooperation.
VI. Conclusion
Biggest Winners: Solana, XRP, and Cardano have become the core beneficiaries by meeting the triple benefits, and may perform outstandingly in policy support and market performance.
Market Leaders: Bitcoin and Ethereum continue to maintain their dominant positions, with ETFs and Trump's mentions adding more attention.
Policy Support: Projects involved with the White House (such as HBAR, LINK) may benefit from government cooperation in their long-term development.
Made in USA: Projects originating from the US (such as ALGO, GRT) may gain competitive advantages under policy support.
