#ETF与衍生品 Seeing Cathie Wood's recent interview really gives a sense of enlightenment! She clearly outlines the logic behind institutional entry: Bitcoin as the gateway to the global monetary system, Ethereum as the institutional-grade infrastructure, and Solana supporting the consumer application ecosystem—these three lines almost cover the entire core value chain of Web3.

What excites me most is the key variable she mentioned—the ETF. Once traditional financial giants like Morgan Stanley and Bank of America officially deploy through ETFs, what does it mean? It signifies that crypto assets are evolving from "niche investments" to "standard institutional assets." This is not just a price increase but an upgrade in the entire market structure and perception.

There's also a detail worth paying special attention to—during the flash crash in October, Bitcoin's liquidity was the strongest, and the sell-off was the fastest, but this also proved its resilience. When market panic dissipates and focus shifts to institutional deployment, what we actually see is the market's transition from fear to faith.

Decentralized finance is building a bridge connecting Web3 and the traditional financial world using traditional tools like ETFs and derivatives. How cool is this process? We are standing at a watershed moment, witnessing the deep integration of two financial systems.