Recently, US-listed companies hoarding cryptocurrencies has become a hot topic, with over 250 firms entering the crypto market. But is this wave really a good sign? Not necessarily.

On the surface, signals like relaxed regulation and friendly policies seem positive. But from another perspective, why are big capital suddenly so interested in crypto? Packaging highly volatile assets within the shells of listed companies and then selling them to retail investors worldwide—sounds a bit suspicious.

The problem is that the extreme volatility of the crypto market has been "financialized." In the past, bear markets only affected crypto enthusiasts; now, that's no longer the case. Your traditional US stocks might be backed by significant crypto exposure, and when volatility hits, it could wipe out your holdings instantly. This is called structural risk diffusion—risk spreading from a small scope to the entire financial system.

So, what to do? Three suggestions:

**First, beware of concept hype**—most companies suddenly shifting to crypto are just riding the trend;

**Second, diversify your portfolio**—don't go all-in on a single sector. Mainstream assets like BTC and ETH are relatively safer, stay away from high-valuation niche themes;

**Third, follow policies but trust the technology**—policies change, people change, but every transaction on the blockchain is permanently recorded.

The fastest way to make money in a bull market is often also the way to lose the most. When everyone is cheering "good news," risks have already accumulated significantly.