The U.S. crypto equity market has evolved significantly, marked by three key phases: the "underground mining era" (2017-2020), the "regulated securitization period" (2021-2023), and the current "ETF product explosion" phase (2024-present). The approval of spot Bitcoin ETFs by the SEC has integrated crypto assets into mainstream financial products, with BlackRock's iShares Bitcoin Trust (IBIT) leading the market with $65 billion in assets. The market structure in 2026 is dominated by spot ETFs, cryptocurrency equity companies, and thematic products. Bitcoin ETFs hold approximately 1.32 million BTC, with BlackRock's IBIT capturing 60% of the market. Ethereum ETFs are also gaining traction, with BlackRock's ETHA leading and the upcoming ETHB offering staking rewards. However, the sector faces risks such as regulatory uncertainty, asset volatility, and financial structure challenges for crypto treasury companies like MicroStrategy and Bitmine Immersion Technologies. Despite these risks, innovation trends such as "staked ETFs" and specialized Ethereum treasury companies are reshaping the market. Institutional capital is increasingly flowing into on-chain fixed-income assets, driven by the maturation of the Ethereum staking ecosystem. As the sector transitions from "product innovation" to "ecosystem maturity," key indicators like staking yield growth and regulatory developments will be crucial for its future trajectory.