#ETF与衍生品 After looking at Cathie Wood's three-tier positioning of BTC, ETH, and SOL, it indeed captures the core logic of institutional allocation. BTC, as the most liquid entry-level asset, performed the most resiliently during the flash crash on 1011—this is crucial— the more extreme the market conditions, the more it reveals who truly considers it a "hedging asset."

The current question is, when will institutional ETFs truly enter the market on a large scale? From a copy-trading perspective, the movements of these major players determine the medium-term trend, but blind following is not advisable. My strategy is to divide positions for observation: allocate 30% to those traders who have already pre-positioned, and keep 70% flexible until clear signals of ETF approval and implementation are confirmed.

Opportunities in Ethereum and Solana lie ahead. The infrastructure layer and application layer β are not fully released yet, liquidity is relatively weaker, and volatility will be greater. These types of assets are more suitable for accounts with high risk tolerance and strict stop-loss discipline to follow, rather than for conservative investors.

History has shown that once information is digested, it often confirms the bottom; now is the accumulation period. The key is to find traders who can maintain rational position management during extreme panic, rather than those who only chase returns.