#ETF与衍生品 Noted Cathie Wood's latest thesis on crypto assets, and the underlying logic is worth tracking. The market has validated the view that BTC is the main channel for institutional entry—during the 1011 flash crash, BTC's liquidity performance was indeed the strongest, and selling pressure was released first, which just confirms its "safe haven + liquidity hub" attributes.

The real focus is on the ETF variable. If traditional giants like Morgan Stanley, Bank of America, and Wells Fargo officially enter the market through ETF products, it means that institutional allocation needs shift from passive exploration to active deployment, with completely different capital scales. From an on-chain data perspective, key metrics to monitor include: changes in large-asset holding addresses, net outflows from exchanges, and shifts in derivatives market positions. These indicators can more intuitively reflect the true progress of institutional deployment.

The differentiation in positioning between ETH and SOL has also become clear—institutional infrastructure vs. consumer applications, which determines their performance differences across different cycles. The next phase of market driving forces may shift from sentiment to incremental capital, and it is worth continuously tracking specific institutional movements.