Recently, an interesting phenomenon has caught attention. The Nasdaq index has been performing strongly, but Bitcoin has been hovering around $89,000 with continuous fluctuations, forming a clear contrast. Is it really just market volatility behind this? Not necessarily.

A careful look at capital flows reveals the clues. Large amounts of capital are not flowing directly into spot Bitcoin, but rather into Nasdaq ETFs. However, this does not mean that these funds are unrelated to cryptocurrencies — quite the opposite. Listed companies like MicroStrategy, which hold large amounts of Bitcoin, have become an invisible channel for institutions to gain crypto exposure. Investors buying stocks or ETFs of such companies are essentially indirectly allocating to Bitcoin assets.

Even more noteworthy is the trend of "on-chainization of US stocks." Leading institutions like BlackRock and Coinbase are promoting an innovation: tokenizing traditional stock assets. When users can trade on-chain token versions of Apple, Nvidia, Tesla directly on crypto platforms, it changes the logic of market participation. The on-chain liquidity of high-quality assets attracts funds that originally participated in altcoins.

The key point is that the game rules of the market have quietly changed. Institutions no longer need to directly push up Bitcoin prices; they can achieve asset allocation at a higher level through traditional financial instruments, ETF structures, and on-chain asset allocation. Retail investors are still waiting for a rebound with traditional thinking, but the market's dominant power has already shifted into the hands of those who understand cross-sector operations.