#机构投资者进入加密市场 Seeing Coinbase's words, I have to pour some cold water. Regulatory clarity is indeed a good thing, but don't be blinded by grand narratives like "Global Financial Infrastructure Pillar."

Having been in the crypto space for many years, I've seen too many stories of institutional entry. Every time, they say they will change the ecosystem, but what happens? Liquidity comes in, and so does pricing power. When institutions build positions, they tell stories and paint visions; retail investors follow the trend and chase high, only to be harvested in rounds after rounds. Clear regulatory frameworks do reduce institutional risk concerns, but for retail investors like us, the competitive environment is actually worsening.

It's not that institutional entry is bad, but we need to recognize reality — when large funds have compliant channels for entry, their costs are lower, information is more symmetrical, and operations are more flexible. Our advantages are shrinking. So what’s more urgent now is: learning to identify the true lifecycle of projects, and being cautious of bubbles inflated under the banner of "regulatory friendliness." Don’t let narratives hijack your judgment.

Regulatory clarity is an infrastructure upgrade, but we should be aware of who benefits more from this infrastructure.