#ETF与衍生品 Looking at Cathie Wood's perspective, the core logic is actually quite clear—BTC, as the most liquid asset, acts as the entry point; ETH carries the demand for institutional infrastructure; SOL follows the route of consumer applications. The flash crash response on 1011 also verified this point: BTC was hit first, and other coins fell even more sharply, indicating that institutional heavy holdings are still concentrated in mainstream assets.

What’s truly worth paying attention to is the latter half of the information—the possibility that traditional financial giants will officially enter the crypto market through ETFs. If this step materializes, it will be a game-changer. Recently, I’ve been reviewing the follow-up records of several top traders, and I found that their logic for positioning derivatives is all waiting for this signal. Some are aggressively full-positioning in advance, while others cautiously build positions in batches—resulting in significant differences in returns.

From a risk preference perspective, when choosing a follow target: aggressive traders are suitable for those who buy the dip early and dare to go all-in; conservative traders should follow the pace of building positions in batches. The key to stop-loss is still monitoring liquidity—once the selling pressure on BTC eases, the rebound space for other coins will be greater. We are still in the testing phase; patience is more valuable than frequent operations.