The data from the past week has been quite surreal. Fidelity liquidated 2,000 BTC, and BlackRock's spot ETH product sold off 36,000 ETH within a week. The entire market seems to have been sucked into a vortex, with $260 million just evaporating. Retail investors are still pondering bottom-fishing, while institutions have already run—this gap, to put it bluntly, is a crushing difference in information dimension.

Why are institutions so eager? Simply put, paper BTC and real BTC are two different things. Custody risks (the lessons from FTX are still fresh), the one-size-fits-all premium discount, the management fees eaten away daily... When these costs are factored in, if the price doesn't rise, it's like a slow bleed. Plus, T+0 can't save slippage, redemption waiting periods still take several days, and efficiency is painfully low.

In comparison, the mechanism of on-chain stablecoins is much cleaner. 200% over-collateralization, real-time liquidation, minting within 10 seconds, zero Gas fees—these features essentially make risk transparent and visible. The protective fund is on standby 24/7, and short sellers trying to dump are directly absorbed, a defensive capability that ETFs simply can't match.

Even more aggressive is the profit model. While others cut losses to stop bleeding, you can reverse-mint coins to lock in the dumping profits, simultaneously starting a 12% APY daily return. It takes just 30 seconds to flip from cutting losses to increasing income—this is true hedging logic, not passive bottom-fishing waiting for rebounds.

This market correction isn't about how long you can endure, but about who can keep their risk isolation cleaner.