#数字资产投资产品 Recently, digital asset investment products have experienced mild inflows for three consecutive weeks, totaling $864 million. I have some thoughts I’d like to share with everyone.

What do the data behind this reflect? Investors are gradually shifting from caution to optimism, and this process is actually worth observing. Bitcoin attracted $522 million in inflows, while short-selling products have been outflowing for the second consecutive week. This indicates that market sentiment is recovering, but we also need to see that—Bitcoin’s inflow scale this year is still significantly smaller than the same period last year.

Particularly noteworthy is that Ethereum’s inflow this year has reached $13.3 billion, a 148% increase compared to last year. This reflects a restructuring of the market and a shift in capital allocation. Meanwhile, Bitwise’s Hyperliquid ETF is about to be listed, with a fee rate set at 0.67%, further indicating that institutional allocation enthusiasm is rising.

But what I want to emphasize here is: rising enthusiasm does not mean blindly following the trend. The more positive information like capital inflows and new product launches we see, the more we need to remind ourselves to do three things—clarify our position limits, fully understand product features, and maintain a long-term mindset.

We all understand the volatility of digital assets, and this year’s market performance has taught us a lot. Rational asset allocation has never been about chasing hot trends, but about making rational choices based on our risk tolerance and investment cycle.