#ETF与衍生品 After reviewing Cathie Wood's latest insights, the framework remains clear: BTC as the entry point for institutions, ETH as infrastructure, and SOL targeting consumer applications. The key point she emphasizes is the institutional deployment path—through the ETF channel. The replay data from the 1011 flash crash is worth noting: BTC has the strongest liquidity and was sold off first, with other tokens experiencing larger declines. This confirms a pattern—under panic sentiment, funds tend to flee low-liquidity assets first. The current question is when giants like Morgan Stanley, Bank of America, Wells Fargo, and UBS will take action. From an on-chain perspective, the leverage positions in the derivatives market have stabilized, and there are no recent abnormal outflow signals from large whale wallets. If traditional financial institutions truly enter via ETFs, it will be incremental capital rather than a zero-sum game, which provides substantial support for prices. The key points to watch now are: first, the progress of ETF approval; second, the actual pace of institutional capital building positions. The former determines the channel, the latter determines incremental inflows. The market may have already bottomed, but the true upward momentum depends on when these two variables materialize.

#比特币机构配置与囤积 This week, I saw many listed companies adjusting their asset allocations, from Strategy continuously increasing their Bitcoin holdings to Twenty One Capital disclosing over 40,000 BTC on their first day, and some companies starting to allocate ETH and Filecoin—these actions are actually sending the same signal: institutions are demonstrating what "long-term mindset" truly means through concrete actions. But what I want to emphasize is not how many coins they are allocating, but how they are doing it. Strategy's approach is quite interesting—using DCA (Dollar-Cost Averaging) to incrementally increase holdings rather than going all-in at once; ProCap Financial emphasizes "strengthening treasury stability while balancing capital structure and tax efficiency"; Republic Technologies explicitly mentions orderly increases in ETH after raising funds. All these reflect a common logic: even if optimistic about the long-term prospects, one should remain disciplined in risk management and position planning. The shift towards multi-chain allocation becoming normalized is also noteworthy. From simply expanding Bitcoin treasuries to targeted allocations of functional assets (used for mining collateral, business synergy), it indicates that institutional investors are upgrading their thinking from "investment targets" to "strategic assets." This transition has valuable reference significance for ordinary investors—maturity in allocation is often not about how much you hold, but whether you understand why, how, and how much you are allocating. In the long run, these adjustments by institutions are positive signals. But for us as individuals, the real lesson is to clarify our own risk tolerance, cash flow needs, and investment cycles, then plan our positions based on that. Institutional treasury strategies are worth learning from, but the most important thing is always to find a rhythm that suits yourself.

#以太坊投资机会 This week, I observed an interesting phenomenon—public companies are starting to play the "multi-chain combination punch" with crypto assets. In the past, it was all about Bitcoin in one go, but now things are different. Strategy has invested $960 million to continue accumulating BTC, which we are all used to. But the key signal is here: Republic Technologies is increasing its holdings of Ethereum and has allocated an additional $10 million financing limit specifically for ETH; Shuntai Holdings has directly invested in Filecoin for mining collateral. What does this indicate? Crypto assets are officially upgrading from "financial investment products" to "business deployment tools." What does this mean for us? The ecological value of Ethereum is being recognized again by institutions, not just hype, but actual application scenarios' demand. Multi-chain deployment becoming the norm means opportunities are more dispersed, and there's no need to stick to a single coin. Our current strategy should be: follow where mainstream institutions are increasing holdings, and look for airdrops and interaction opportunities there. New projects in the Ethereum ecosystem are worth paying more attention to because they are supported by the potential demand from these corporate treasuries. The least costly way to profit is to prioritize layout on chains with these increasing signals, which can significantly improve efficiency.