#美国SEC代币化股票交易计划 Looking at Nasdaq's strong performance, the recent capital flow indeed warrants deep reflection. Bitcoin is fluctuating around $89,000, while US stock indices continue to rise—this phenomenon reflects an interesting arbitrage pathway for institutional funds.

The most straightforward change is that institutions don't necessarily have to directly drive Bitcoin prices. By purchasing stocks of publicly traded companies like MicroStrategy that hold large amounts of Bitcoin, capital can gain exposure to crypto assets—more controllable risk and greater operational flexibility within a compliant framework. This is essentially an indirect layout from a traditional finance perspective.

Even more noteworthy is the trend of "on-chain asset tokenization" driven by institutions like BlackRock. After stocks of Apple, Nvidia, and others are tokenized on-chain, retail investors can directly trade "on-chain Tesla" on exchanges—this model impacts the market in two ways: attracting investors who were previously unfamiliar with crypto, and also diverting hot money that would have otherwise flowed into altcoins.

The issue is that the rules of the game are indeed changing. The old logic of chasing after price rebounds and the speculative cycles of certain coins may no longer apply. Retail investors still use old tactics to find opportunities, but the flow of funds and decision-making power are increasingly in the hands of institutions with compliance tools and financial engineering capabilities.

This is not a conspiracy; it is the evolution of the market: the traditional financial toolchain is growing longer, and capital allocation efficiency is improving. To profit in this environment, simply following the trend is not enough—you need to understand the operational logic of the entire ecosystem.