Originally, I thought that Trump's crazy support for cryptocurrencies after taking office would bring the market an unprecedented bull market. However, the plot development seems to follow the previous rounds of bull markets, where altcoins rose dramatically and outside funds poured in for us to take over. But this time, it seems like the script has changed. After the Bitcoin spot ETF was approved, outside funds started treating Bitcoin like US stocks.

In fact, Trump's support for cryptocurrencies attracted a large amount of off-exchange funds into the market, but these funds only entered the first layer, namely the US stock market. They didn't even reach the second layer, with Coinbase not receiving much of the funding benefits. Let alone the CEX and DEX that we play with every day. This is also why now, as long as any stock market gets involved with cryptocurrencies, it takes off. After all, the funds have entered, and then Bitcoin rises sharply, while coins like Circle and Coin also rise sharply. Many investors didn't even think about buying altcoins on native exchanges because the learning cost is too high and it's easy to fall into scams. A few days ago, a new company specializing in carbon neutrality moved in next to us. They saw us discussing crypto and eagerly exchanged ideas, saying that financial media has been reporting on stablecoins every day and asked if there are corresponding stocks to buy. I told them they could buy altcoins in the stablecoin sector in the crypto circle. They said they weren't very used to buying coins and felt that stocks were more reliable. Even though the A-shares have been known for years for suspected retail investor exploitation, ordinary people indeed trust this more. I believe a similar situation occurs in the US stock market as well. The reason these funds want to buy crypto-related assets is that current policies highly encourage cryptocurrencies, creating profit expectations. In previous bull markets, when Bitcoin reached new highs, the entire network was discussing it. The funds wanting to increase their crypto dividends didn't want to buy US stocks; they simply had no choice because regulatory compliance policies did not support such actions. They could only participate in the native crypto circle, and those who didn't want to chase high Bitcoin prices could only invest in various altcoins that promised big returns. This is why past bull markets have been accompanied by a strong altcoin wealth effect.