Bitcoin has just completed a sharp rally, with its price breaking through the $93,000 mark and a 24-hour increase of 7%. Ethereum has also moved up in tandem, regaining the $3,000 level. Market sentiment has clearly warmed, with bullish forces starting to dominate.

There are two key driving factors behind this round of gains that are worth paying attention to.

**A Historic Shift in Traditional Finance’s Attitude**

Vanguard—the world’s second-largest asset management company—recently made a disruptive decision: officially opening up trading access for spot Bitcoin ETFs. Keep in mind, Vanguard had always been a staunch opponent of cryptocurrencies. This 180-degree shift—what does it mean? It means the last line of resistance against crypto assets in traditional finance is giving way.

Even more interesting, Bank of America has begun recommending clients allocate 1%-4% of their assets to crypto. The transition of traditional financial institutions from “resistance” to “testing the waters,” and now to “actively recommending allocation,” has taken less than two years.

**A Fundamental Change in Market Narrative**

A founder of a leading exchange publicly stated yesterday that the market will soon witness more all-time highs. Such statements from industry leaders often carry strong signaling power.

Looking at capital flows, open interest in the Ethereum futures market is rising significantly. This typically indicates that large funds are repositioning. Coupled with the upcoming Pectra upgrade, which could further reduce Layer2 costs, technical and capital factors are resonating together.

**Some Thoughts at the Current Stage**

The market is moving from “institutional exploratory allocation” to a new stage of “full embrace.” Vanguard manages trillions of dollars in assets— even if only a tiny fraction flows into the crypto market, it will have a profound impact on supply and demand.

But it’s important to stay clear-headed: a clear trend does not mean there will be no volatility. On the contrary, during rapid rallies like this, pullbacks tend to be violent as well. High-leverage operations are always dangerous, especially in an environment of surging volatility.

For ordinary investors, the real opportunity lies in understanding the essence of this transformation—when traditional gatekeepers of finance begin to actively embrace new assets, we are witnessing a profound redistribution of wealth. The question is not “whether to participate,” but “how to participate rationally.”

Treat BTC and ETH as core digital assets for long-term allocation, not short-term speculative targets. Keep a close eye on ETF fund flow data—this is the most important indicator in this cycle. Remain rational; in a historic trend, surviving is more important than making quick money.