The market's expectations for Bitcoin's long-term upside may still be overly conservative.

In Q2, ETF fund flows diverged from institutional behavior, signaling a deepening of institutionalization in crypto assets. Meanwhile, institutional divergence over crypto-related equity targets is also widening.

There is more and more work to be done.

Looking at the recent acceleration of US stock market expansion, there are two main paths: "direct connection with traditional brokers" and the persistence of "US stock tokenization."

While the regulatory clarity brought by the CLARITY Act can certainly fix ETH’s compliance discount, it does not equate to granting it a monetary premium similar to that of gold or BTC.

This 10,000-word research report tells you: Where has the money gone, what are institutions betting on, and what the next stop for DeFi will look like.

The bill clarifies the division of labor between the SEC and CFTC in the crypto space, providing blockchain networks with a legitimate path for token issuance and operation.

As its competitors are all relegated to the second tier of "priced by income," Ethereum has become the only asset capable of competing with Bitcoin and gold for store-of-value status. Even if it captures only a tiny fraction of the capital pools in gold and real estate, it faces the potential for market value expansion by multiples or even tens of times.

Replacing traditional finance was never an option for Wall Street. Instead, it's about creating a parallel world where capital, risk, and returns can be more flexibly and programmatically restructured.

With new projects continuously entering the space, it's crucial to be extra vigilant against the risk of being "reverse-farmed".

Most founders possess genuine game development backgrounds, and their vision for on-chain gaming during fundraising wasn't entirely empty talk. So why do they ultimately end up with project shutdowns or a return to Web2?

A silent species succession has begun.

AI agents are becoming the true native users of cryptocurrency.

You don't need more trades. You need fewer temptations.

A homogeneous industry is ultimately fragile; a market is truly alive only when different species can emerge.