#ETF与衍生品 Seeing Cathie Wood's latest views, I am reminded that many people have recently asked me how to allocate their crypto assets. The core logic is quite clear: institutions are entering the market on a large scale through ETFs, with BTC as the most liquid asset becoming the preferred entry point. The key variable in this market trend lies here. In the past, sharp declines often saw BTC fall first, followed by other coins, but now the market logic has changed— the entry of institutional funds has altered the liquidity structure. For us retail investors, what does this mean? It means we should seize opportunities related to BTC, ETH, SOL, and their ecological projects and derivatives. In practical terms, my advice is as follows: First, pay attention to the latest developments in institutional crypto ETF products, as they directly influence the trend of mainstream coins; second, during periods when ETF concepts are strengthening, focus on on-chain derivatives interactions that have low fees and stable returns; third, Solana, as a public chain for consumer applications, frequently airdrops ecological projects, and early interactions have the lowest costs. The market may have already bottomed out, and the next stage is when institutions officially enter. Instead of waiting for a big rally, it’s better to scan all projects you can interact with now, accumulating on-chain footprints at the lowest cost. When the real profit period arrives, your account data will already be impressive.

A certain newly entered short seller hasn't had a good couple of days. The wallet ending in 33814 has been aggressively long ETH in the past 13 hours, while simultaneously opening a large short position. Currently, he holds a short position of 36,281 ETH, making him the second-largest ETH short holder on a certain derivatives trading platform. This position is now worth $106 million, but from an opening price of $2,920.21 to now, the unrealized loss has reached $5.1 million. And it's not just ETH. This individual also opened a $48.18 million BTC short and a $13.43 million SOL short. With the current market conditions, these positions are all moving in the opposite direction. It seems that this bearish call has not yet been recognized by the market.