#ETF与衍生品 Seeing Cathie Wood's remarks, my thoughts have returned to the crazy market of 2017. At that time, no one cared about BTC's liquidity; everyone was chasing the hundredfold returns of altcoins. And this year, during the 1011 flash crash, Bitcoin demonstrated true resilience—it was the first to be sold off, but also the fastest to recover. This is not a coincidence; it is a sign of an ecosystem maturing.

A decade of accumulation, from retail dominance to institutional participation, from wild growth to institutionalized entry, we see a clear iterative trajectory. The three-layer framework Cathie mentioned—BTC as the entry point to the global monetary system, ETH as the infrastructure for institutions, SOL supporting consumer applications—precisely reflects the ongoing market differentiation.

The key variable lies in ETFs. The attitudes of traditional giants like Morgan Stanley and Bank of America will determine whether the next phase is truly institutionalized or another cyclical fluctuation. I have experienced many times the argument that "this time is different," only to return to the starting point. But this time, there is indeed some difference—regulatory frameworks are improving, liquidity is deepening, and the derivatives market is maturing.

History always repeats itself, but never exactly the same. Those who have gone through several cycles understand that real opportunities often do not lie in the most captivating moments of the story, but in those forgotten by the market and where data quietly accumulates. The current situation warrants careful observation.