Recently, something quite interesting happened in the investment circle. BlackRock's Bitcoin Spot ETF fell by 9.6% this year, yet it managed to attract over $25 billion, ranking sixth in the 2025 U.S. ETF inflow leaderboard.

How outrageous is this performance? It has surpassed traditional gold ETFs with a growth rate of up to 65%, and it is the only product among the top 25 in terms of capital inflow that has a negative return. In other words, while others are making money, it is losing money, yet it has attracted the most and the most steadfast capital inflow.

What does this indicate? Analysts reveal that institutional investors do not care about short-term fluctuations at all; they are betting on the long-term future of Bitcoin. When these real funds are being poured in one by one during the downturn, the signal is very clear — they are not looking at tomorrow, but at the landscape of five, ten, or even further years.

But this phenomenon also exposes a dilemma in traditional finance. Large capital wants to embrace the future of crypto assets but can only gain exposure through strictly regulated "traditional tools" like Bitcoin ETFs. They gain convenience, but at what cost? The control over the assets is not in their hands, and they have to endure the extreme volatility of Bitcoin itself.

This touches on the core issue of the crypto ecosystem: can we create a stable force within this system that does not rely on traditional financial intermediaries while embracing innovative assets and effectively countering volatility? The answer is yes. This is also why products like decentralized stablecoins are receiving increasing attention—they attempt to bridge the gap between traditional finance and the crypto world.