In fact, Ethereum and Bitcoin are the cornerstones of decentralized finance. This debate has been ongoing since the last cycle without a conclusion.
Once Ethereum doubles again, this discussion will become a prominent topic.
Thank you to Mr. Blue Fox for throwing jade and bricks——
In other words:
BTC is the "gold of the financial world",
ETH is the "constitution of the financial world".
1️⃣ETH is an "institutional architecture", not just an asset
The essence of ETH is not a simple "value anchor" like BTC, it is more like an operating system with a new institutional architecture. It carries not only assets on the chain, but also the on-chain reconstruction of "financial operation rules": including liquidation logic, contract execution, fair transactions, and other contents that were originally supported by legal and institutional trust systems, can now be automatically completed by code. This institutional automation capability is one of the fundamental logics for institutions to bet on ETH.
In a nutshell:
BTC is the "gold" of the financial world, and ETH is the "constitution" of the financial world.
2️⃣ ETH is the "second curve" of dollar hegemony
Rather than ETH against the US dollar, ETH is the inevitable support for the digitization of the US dollar. Stablecoins (USDC/USDT) are essentially the "on-chain colonization" of the US dollar, and the current mainstream issuance platform is the ETH ecosystem. This "technology outsourcing" actually made ETH the network infrastructure of the new empire of the US dollar.
So, Wall Street institutions are not interested in ETH itself, but they have realized:
If the US dollar is to continue to dominate the future AI + on-chain world, it is necessary to bet on ETH.
3️⃣ From "investing in ETH" to "building on ETH"
This round of competition for ETH is not just about buying tokens, but a prelude to institutions preparing to migrate financial native business logic to the chain. They not only want to buy assets, but also want to become on-chain banks, on-chain exchanges, and on-chain custodians...... This is a deeper binding of interests.
Here's why:
Grabbing ETH is not about grabbing price, but about grabbing entrances, land property rights, and the right to speak in the future.
On the surface, ETH is an open platform; But the deep logic is that it socializes regulatory risk. Different institutions can deploy protocols, trade products, and do KYC in the ETH ecosystem, while the public chain bears the pressure of underlying governance and technological change. This kind of "anti-risk collective contracting system" is more realistic than going it alone.
BTC is the "value consensus" and ETH is the "institutional consensus".
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