#加密货币ETF发展 Looking back at the development of cryptocurrency over the years, it has truly been a sea change. When Bitcoin first emerged, who could have imagined that we would have financial products like ETFs today? I saw the latest news that multiple institutions have reduced their holdings in Strategy, with the scale of reduction reaching as much as $5.4 billion. This can’t help but remind me of the ups and downs of the past.

This time, institutional reduction isn’t due to forced liquidations caused by a market downturn, but rather a proactive decision to lower allocations. Bitcoin’s price is around $95,000, and Strategy’s stock price is relatively stable, indicating this is a strategic decision. From this, we can see that Wall Street is quietly changing its approach to cryptocurrency.

In the past, many institutions invested in Strategy as a substitute for Bitcoin, serving as a form of indirect participation. But now, with an improved regulatory environment and a maturing market, they are turning to more direct and compliant Bitcoin exposure, such as spot ETFs and custody solutions. This marks the crypto market’s entry into a new phase.

Looking back, from Grayscale Trust to futures ETFs, every step was full of challenges. Now, seeing the emergence of spot ETFs, it’s hard not to be impressed by the market’s progress. But at the same time, we must remain vigilant, as new opportunities often come with new risks. History teaches us that any rapidly developing field can experience wild volatility.

For investors today, it’s important to understand the logic behind this transformation rather than blindly following the crowd. After all, the market is constantly evolving, and today’s hot topic could become tomorrow’s bubble. We must draw wisdom from past experience and view every change rationally, so we can stand unbeaten in this market full of opportunities and challenges.