A recent phenomenon worth noting: over 250 publicly listed companies have incorporated Bitcoin and other crypto assets into their financial reports. Some companies even consider "HODLing" as one of their main strategies. What does this indicate? Crypto assets are migrating from the geek circle to the mainstream market.

In the past, the rise and fall of cryptocurrencies mainly circulated within exchanges. Now, it's different—through the stocks of listed companies, retail and institutional investors in traditional finance can also participate indirectly. This indeed opens a new traffic window. But it also brings new issues: many investors in the stock market have a relatively shallow understanding of crypto assets and can be easily frightened by volatility.

How should we view this "stock market + crypto circle" linkage? My straightforward opinion is: don't follow the trend just for the sake of following. If a listed company's main business is stable and crypto assets are just part of its asset allocation, such a company is relatively controllable. Conversely, if a company's valuation relies almost entirely on crypto trading, then the risk should be questioned.

Ordinary investors can consider a few approaches: First, select the crypto assets you truly believe in and adopt dollar-cost averaging rather than chasing highs; second, participate through compliant spot ETFs and listed company stocks to diversify and reduce single-point risk; third, most importantly—don't go all-in, don't use leverage, and explore with spare funds.

The market is changing, and awareness must keep up. Continuous learning, staying calm, and holding your positions are the ways to find your place in this wave of market movements.