#ETF与衍生品 Seeing Cathie Wood's recent moves, I have to be honest: I understand the logic of institutional entry through ETF strategies in crypto, but the hidden risks behind this must be guarded against.

Bitcoin's liquidity is the strongest, and this is a fact. However, because of this, during flash crashes like 1011, it has become the nightmare "bagholder"—being hammered down first, causing other coins to collapse in unison. I've seen too many people believe that ETFs would bring in gentle institutional funds, only to see leveraged derivatives blow up and risk assets all plunge simultaneously.

So, the real concern isn't the story of "institutions are coming," but rather to ask clearly: Are there derivatives backing these ETF products that are amplifying volatility? How deep is the liquidity? When extreme market conditions occur, could these tools become a new "scalping" mechanism?

BTC, ETH, and SOL each have their own positioning, but don't be fooled by the story. Institutional strategies do bring more capital, but they also mean more complex games. In this cycle, surviving longer is far more important than making quick profits—avoiding potential liquidity traps is more reliable than betting on the next rally.