The net inflow of hundreds of millions of dollars into Bitcoin ETFs every day feels as natural as drinking water (yesterday it was 547 million!). However, the liquidity in altcoins is visibly tight. It feels like all the active capital in the market is being sucked away by this black hole called BTC. But upon closer inspection, it seems that top brokerages like Guotai Junan in Hong Kong have been revealed to be fully connecting to HashKey's compliant channel, and Chinese institutions are clearly positioning themselves to 'bridge' traditional capital into the market. Meanwhile, in the U.S., the two major mortgage giants Freddie Mac and Fannie Mae have suddenly announced they are researching the acceptance of cryptocurrencies as collateral, which is practically giving the green light for the 'real estateization of the crypto market'.

Looking at the 'hidden competition' among institutions

The Japanese listed company Metaplanet quietly accumulated 1,234 BTC, pushing its holdings ahead of Tesla. This is chilling to think about—Asian institutions are replicating MicroStrategy's playbook. Even more exciting is the on-chain data: Cumberland suddenly mobilized 450 million USDT to distribute across various exchanges, while HarvestFund's position of 194,000 ETH is growing larger. Now even GameStop's attempt to raise 450 million is speculated to be aimed at buying BTC; this scene closely resembles an upgraded version of the 2017 collective 'blockchainization' by listed companies.

Hong Kong has suddenly become a 'battleground'

The news of 40 institutions clustering to upgrade to the 'No. 1 license' is definitely underestimated! What can this license do after the upgrade? Simply put, it allows traditional brokerages to trade cryptocurrencies directly with their clients. But the most intriguing move is that these Chinese giants cannot build their own exchanges; they must connect to existing licensed platforms. This clearly aims to transform Hong Kong's current compliant exchanges (especially HashKey) into infrastructure-level entities. With the Trump team suddenly accelerating their crypto projects and global regulatory undercurrents stirring, the strategic value of Hong Kong as a stronghold is rapidly rising.

The BTC siphoning effect is difficult to change in the short term: institutions need liquidity depth for building positions, and altcoins may still face a period of pain.

Positioning for compliance dividends: platform coins like HSK involved in the Hong Kong license.

To be honest, the crypto market has now entered the 'clear card phase'—traditional financial giants are entering with licenses, capital, and users to harvest infrastructure dividends. Rather than chasing highs and lows, it might be more crucial to focus on these 'shipbuilding and shovel-selling' sectors for long-term positioning, which could be the key to navigating through cycles.