This time, compared to the rise of $ETH in May, I want to update my views: thread(1-8)🧵 1. This rise is mostly driven by institutional buying. 2. The influence of Peter Thiel entering the market acts as an emotional catalyst. 3. The peak phase is likely when altcoins start to adopt a "micro-strategy," leading to a collapse of weak consensus assets, which will then transmit declining market confidence to mainstream assets, but for strong consensus assets, it presents a buying opportunity. 4. Strong consensus assets, BTC is basically undisputed in the market, while ETH has some controversy, but it has the most potential, and the excessive FUD sentiment correction is still ongoing. 5. The ETH/BTC exchange rate has risen to 0.03+, which was expected; it has passed the absolute bottom but still has room to grow. 6. This coin-stock structure requires higher sensitivity in the stock market, leading to greater volatility, making the timing of entry very important. On the crypto asset side, the model is simpler, but there are indeed more degen opportunities in the stock market. 7. It’s not a perpetual motion machine; MicroStrategy and BTC are not either. Fundamentally, it’s a structural issue. MicroStrategy has a better structure, and its debt currently seems manageable, with interest being repayable. The "new micro-strategists" usually adopt a more aggressive approach, and the core of everything is very simple: it’s about financing capability and how to strengthen that capability through narrative and packaging, creating a good structure so that when market risks arise, they don’t have to sell their coins and can even continue to raise funds. 8. However, the problem is that if smaller assets also follow suit aggressively, this approach is too risky and could easily backfire. There’s also suspicion of transferring stocks from one hand to the other, which poses compliance risks as an X factor, leading to a decline in market confidence in this model. If it gets serious, it could affect mainstream assets, even MicroStrategy and BTC. This is a potential risk that can be predicted, but to some extent, it’s also an opportunity; it’s all about perspective.