As can be observed, since the financial crisis in 2008, the proportion of gold in central bank reserves has bottomed out and begun to show a long-term upward trend.
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Honestly, there are a ton of high-quality, cash-cow assets in crypto. If you put them on the US stock market, they’d be trading at a 5-10x premium, easy. This cycle, I fully expect a lot of these assets to bridge over to the US markets via tokenized equity models to capture that liquidity. Think Hyperliquid, Pump, Uniswap, Aave, Ethena, Pendle...
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But it's not the main character on stage this time. In past bull markets, the "second place" led the charge. This time, among the top ten coins, only ETH, ADA, and DOGE haven't broken their previous high points, while others have moved. So don't treat it as the leader. However, making money doesn't necessarily mean standing in the spotlight, it's about rhythm. This wave of ETH's rise is primarily due to traditional financial institutional funds pouring in, especially spot ETF, with an inflow speed that's dramatically 5 times that of BTC.
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