#加密货币ETF发展 Looking back at the development of cryptocurrency over the years, the launch of ETFs was once considered a major milestone. But the current situation inevitably reminds me of those earlier days—new things always come with hope and uncertainty. In hindsight, ETFs did indeed bring a surge to Bitcoin, but the market now seems to be undergoing a structural adjustment. Capital outflows, declining treasury premiums, and a reduction in stablecoin supply—all these signs are reminding us that the driving force behind the bull market may be fading.

From historical experience, such cyclical changes are not uncommon. Every bull and bear cycle reshapes the market structure, eliminating old models and giving rise to new opportunities. I have personally experienced several such turning points and am well aware of both the challenges and opportunities within them.

Currently, Bitcoin’s dominance is increasing, which is quite similar to past crisis periods. In times of uncertainty, investors seek safe havens, and as the most mature and liquid crypto asset, Bitcoin naturally becomes the first choice.

For veteran investors who have been through multiple cycles, the key is to look beyond short-term fluctuations and focus on long-term trends. The launch of ETFs is undoubtedly a milestone, but it’s not the end point. We need to carefully assess the current market structure and consider what the next key factor driving the industry forward might be.

After all, in this rapidly evolving field, the only constant is change itself. Maintaining an open and learning mindset may be the only surefire way to navigate both bull and bear markets.