#加密资产安全威胁 After reading this article and pondering it repeatedly, the core issue is actually very painful: **When the wealth effect becomes the sole driving force, the original intention of decentralization is half dead**.

Honestly, the biggest takeaway from following the market these years is—institutions and retail investors are playing fundamentally different games. Institutions have been strategically arbitraging in the L2 ecosystem for ten years to earn subtle profits, while retail investors are still dreaming of getting rich overnight during the copycat season. Since the launch of spot ETFs, the four-year cycle of BTC has already been rewritten, and even copy trading strategies need to be adjusted accordingly.

When Ethereum switched from PoW to PoS, I felt that something had broken. Personal nodes were effectively pushed out of the production system, leaving only institutions and large nodes to play the game. Even more ironically, stablecoins are gradually replacing ETH as the on-chain benchmark asset—centralized assets like USDT/USDC have become the real "middlemen," which is completely opposite to our original vision of decentralization.

The current dilemma is this: **CEXs are entering the garbage time, on-chain migration is inevitable, but we have lost the promise of freedom and it’s also hard to ensure true prosperity**. Retail investors are caught between Wall Street and protocols, unable to buy cheap chips and instead forced to buy into ETF exit tools used by institutions.

To adjust the copy trading logic, the key is to identify who is truly following the institution’s cycle, rather than chasing narratives that are already doomed to fade. In this cycle, choosing to track solid large positions is much safer than betting on meme coins doubling. The truth may be hidden deep in history, but market liquidity does not lie.