Viewing the crypto economy systemically — The silent period of cryptocurrencies: not a retreat, but waiting for destiny to be called again

1. Institutions are not panic retreating, but are in a phase of de-risking and silence after completing their allocations
2. Bitcoin, as a macro hedge asset, temporarily loses the necessity of "forced allocation" at this stage
3. The ETF approval has提前释放了未来数年的机构需求, reducing the need for continuous buying in the short term
4. Ethereum is in a narrative vacuum period; its asset quality is recognized, but there is no urgent need to increase holdings at present
5. Global capital is generally in a state of "waiting for system-level variable confirmation," with high-beta assets temporarily marginalized

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