#ETF与衍生品 Seeing Cathie Wood's latest perspective, I am pondering a question that everyone should consider: Why do institutional funds first choose Bitcoin when entering the crypto market?

The answer is actually quite simple—liquidity. During the flash crash of 1011, although Bitcoin also dropped, it was the first asset to be sold off and the easiest to buy back. What does this indicate? It shows that under extreme market conditions, its resilience is relatively stronger. Ethereum, as an infrastructure layer, and Solana, focusing on consumer applications, each have different positioning, but their risk tolerance and volatility are both higher.

This serves as a reminder to me, and I want to share it with you: when we look at derivative tools like ETFs, we should not only consider the potential returns but also the liquidity and resilience of the underlying assets. Why are institutions cautious? Because they manage other people's money and must find a balance between risk and reward.

If you're also considering allocating related assets, my advice is: start building positions with the most stable assets, gradually increase your understanding of the market, rather than chasing high risk and high returns from the outset. Keep some margin in your positions, and maintain a mindset that allows for long-term fluctuations. Signals of market bottoms are often very vague, but adhering to the principle of safety first will never be wrong.