#ETF与衍生品 Seeing Cathie Wood's list, my first reaction isn't "what to buy," but rather "what to be cautious of."

BTC, ETH, and SOL are indeed the main targets for institutional entry, but you need to think carefully about the nuances. BTC is positioned as the gateway to the global monetary system—sounds impressive, but don't forget the flash crash at 1011, where BTC's high liquidity made it the "firefighter," and when it was hammered down, it was the first to drag other coins down. This is reality: assets with high liquidity are often the first to be sold off in a crisis.

If big institutions like Morgan Stanley and Bank of America really deploy heavily through ETFs, it could be a significant market factor. But I want to remind you—this is precisely the moment when retail investors are most likely to experience FOMO. Every time you see news like "institutions entering," countless people rush in, only to be the last to catch the falling knife.

Derivatives require even more caution. ETFs are relatively safe tools, but once leverage in derivatives is amplified, market volatility can overwhelm you. During flash crashes, leveraged retail traders often suffer losses several times greater than spot holders.

So my simple advice: institutional deployment is a fact, but don’t let this fact blind you. First, ask yourself—are you genuinely optimistic about the long-term value of these assets, or are you just chasing the trend to make quick money? If you can't answer this clearly, even the best targets can lead to significant losses.