#ETF与衍生品 Seeing Cathie Wood's remarks, I am reminded of the 2017 bull market. Back then, institutions were still on the sidelines, and the idea of Bitcoin as "digital gold" was still fresh. Now things are different — she positions BTC as the entry point to the global monetary system, ETH as the infrastructure layer for institutions, and SOL as the platform for consumer applications. This logical framework actually reflects the market's overall shift from "speculative assets" to "asset classes."

During the flash crash on 1011, I noticed that Bitcoin, with the strongest liquidity, instead became the "scapegoat," first being hammered down and dragging the entire market down. But this precisely indicates that institutional funds are entering — only truly large capital can exhibit such liquidity characteristics in extreme market conditions. Compared to the despair of the 2018 bear market where "no one was willing to buy," the current sell-off at least shows that someone is buying behind the scenes.

The most critical variable is now clear — the ETF decisions by traditional giants like Morgan Stanley and Bank of America. This is no small matter. When Bitcoin spot ETFs were approved in North America in 2021, I knew it was a turning point. If this round can also be approved, the entire liquidity landscape will be fundamentally rewritten. History has shown that every time a systemic entry point opens, the subsequent market often reaches new heights. What we need to do now is wait for this confirmation signal, rather than be misled by short-term volatility. The market may really have bottomed out.