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".
In the past seven days, net inflows into ETH ETFs exceeded $2 billion. This kind of rush has never been seen before.
Wall Street institutions/new agencies are scrambling for ETH for two reasons:
First, BTC is not cheap right now, and becoming another MicroStrategy is not very cost-effective. Of course, this is a secondary reason.
Second, and more importantly, institutions see Ethereum as a new paradigm that is different from Bitcoin. BTC is digital gold, and its leading position is unshakeable. Creating another digital gold is not very meaningful. Ethereum represents a new paradigm; it can support new finance, including stablecoins, asset tokenization, future new payments, and the expansion of dollar hegemony, which leads to on-chain transactions, including lending, trading, derivatives, and more.
Not only are assets like the dollar, U.S. Treasuries, and U.S. stocks being tokenized on-chain, but in the future, once the ecosystem matures, physical gold, collectibles, real estate, and more can also be tokenized, and even BTC is being tokenized on Ethereum (over $20 billion has already been tokenized). Institutions need a new financial infrastructure that can support tens of trillions/hundreds of trillions of dollars. If you were an institution, how would you choose? Ethereum naturally becomes the target for institutions betting on the future of new finance. This also explains why some institutions are now scrambling for ETH.
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