After the US inflation data was released, traditional markets plummeted, but Bitcoin showed unexpected resilience, only experiencing a brief correction before regaining stability. What does this reflect? Institutional funds have long been deeply involved.

From on-chain data, every market dip is quickly absorbed, and the speed at which whales and retail investors take on positions indicates that large institutions are reluctant to reduce their holdings. This is completely different from the panic selling in 2022. Market sentiment has already shifted.

Ethereum is even more interesting. While institutions like BlackRock are vague about the progress of spot ETFs, public information shows that their communication with the SEC has never stopped. Historical patterns tell us that each ETF approval goes through this stage. Smart money has already taken action—on-chain activities related to Layer2 ecosystem tokens and re-staking protocols have significantly increased, enough to demonstrate that institutions are quietly positioning themselves.

Of course, short-term volatility remains unavoidable. The Federal Reserve’s policy stance has not fully softened, and market sentiment is still easily influenced by data. But from a long-term perspective, the trend has already formed.

In practical terms, the current strategy is: dollar-cost averaging into mainstream cryptocurrencies to accumulate positions; at the same time, pay attention to new narratives like RWA, DePIN, AI, and do your homework; keep sufficient cash reserves to respond to potential black swan events. Remember a rule—most of the gains in a bull market fundamentally come from the positions accumulated during bear markets. Position management is always more important than predictions.