#机构加密资产配置 Seeing this news, my first reaction is: institutional entry has changed the game.

In the past, every market decline was accompanied by retail investors' cries and a chain reaction of liquidations, but this time it's different. Cantor's report indicates that the market is dominated by institutions. Even if Bitcoin continues to test $75,000, a systemic crash is unlikely—this is actually good news for us retail traders.

The key is to grasp the characteristics of this cycle: **the divergence between price and on-chain fundamentals is widening**. The interactive value in areas like DeFi, tokenized assets, and crypto infrastructure is still rising, even as prices face pressure. Regulatory clarity is also advancing, and the compliance space for new projects is actually expanding.

So the current strategy is clear—don't be scared off by price movements. Instead, focus on discovering new projects with solid fundamentals and genuine interaction needs. Institutions are laying out long-term infrastructure, and we should actively participate in new project interactions during this phase, using minimal costs to maximize engagement. When the industry truly explodes, we will have already built our positions.

This is not a winter, but a preparation for spring.