#数字资产投资产品 Seeing Cathie Wood's remarks, I felt a familiar rhythm in my heart.

I remember the flash crash in 2011 very clearly, when Bitcoin dropped from a high level to two digits, and everyone thought it was over. Anyone who experienced that cycle understands that the most liquid assets are often the first to be sold off and the first to find a bottom — this is not a weakness, but rather a sign of market depth. Ethereum and Solana experienced even larger declines, which indicates they are still in the process of building liquidity.

I have seen the logic behind institutional choices evolve multiple times. From cautious observation in 2015, to trial in 2017, and then to large-scale entry in 2021 — in each cycle, institutions repeat the same pattern: first selecting the most liquid assets (Bitcoin), then gradually expanding to infrastructure layers (Ethereum), and finally to application layers and consumer endpoints. Cathie Wood's emphasis on Bitcoin as a "completely new monetary system" actually reaffirms Bitcoin's reserve status, not just as an investment.

The most interesting part she mentioned is that variable — when traditional giants will officially introduce Bitcoin through ETFs. This reminds me of the futures controversy in 2016, when everyone was waiting for a definitive moment. Whenever the market bottoms out, institutional design often becomes the key to the next rally. Looking at the current 12%-13% crypto allocation ratio, it shows that institutions are taking this asset class seriously.

History never repeats, but it often rhymes.