#比特币ETF资金流动 Seeing that US banks officially opened Bitcoin allocation today, institutions managing $1.7 trillion in assets are allocating 4% to BTC, and many people are getting excited again. But I must calmly say—this is a good thing, but we also need to stay vigilant.

Ten years ago, I saw a similar wave of "institutional recognition," each time accompanied by a large influx of new retail investors. This move by Bank of America indeed marks a shift in mainstream finance's attitude—from denial to openness, and that process itself is positive. But the problem is, when capital flows so obviously, a bunch of junk projects and scams claiming "institutional backing" will also emerge in the market.

My experience is that institutional entry often means two things happening simultaneously: one is genuine value recognition, and the other is high-risk speculative opportunities. Large players like BlackRock and Fidelity choosing ETF products are relatively safe, but that doesn't mean the entire ecosystem is trustworthy. Those small coins, new projects, and high-APY mining schemes claiming "making money with institutions" are often the easiest places to get caught in this wave.

Another detail worth noting—Bank of America's suggested allocation ratio is 1-4%. This ratio itself tells you that even if you're optimistic, it's only a supplementary part of your assets, not the core. I've seen too many people misunderstand this, thinking that institutional backing means they can go all-in.

Continue to observe capital flows, but don't loosen your risk defenses. This time really is different, but it's also truly complex.