#资产代币化 Seeing this research report from Coinbase, I actually feel a bit cautious. ETF, stablecoins, tokenization, and regulation—these four forces stacking together sound very exciting, but the issue is—these are all long-term narratives, and the real trading opportunities often lie in the expectation gaps.

Asset tokenization is especially worth paying attention to. The expanded application of stablecoins in DvP settlement and the widespread acceptance of tokenized collateral—what does this mean? The threshold for institutional funds entering is substantially lowered. But the key is the time window—2026 is the true stacking period. How much of this has already been priced in?

Recently, I’ve been reviewing the strategic adjustments of several traders with different styles. The aggressive ones have long been betting on the regulatory landing in the β market, while the conservative ones are focusing on the fundamentals of selected underlying assets. The biggest risk when copying strategies at this point is mixing styles—traders with different approaches can perform very differently within the same cycle.

The recommended approach is to split the positions: use small amounts to follow the aggressive traders to capture short-term volatility as expectations are realized, while maintaining relatively stable exposure with the conservative ones. Wait until genuine institutional-level liquidity enters before adding leverage. It’s still a phase of observing more and acting less, unless you can precisely judge whether this wave is driven by expectation absorption or real demand activation.