The biggest difference between Bitcoin strategic reserves and Ethereum strategic reserves is that Bitcoin can be completely bought out, while Ethereum cannot be fully bought. This means that Bitcoin can serve as digital gold that can be hoarded, but Ethereum must function like digital oil that needs to be consumed. In the past week, Ethereum has minted an additional 16,000 ETH. Currently, the largest strategic reserve institution for Ethereum, Sharplink, holds 280,000 ETH. If this rate of minting continues, the ETH added over four months will offset Sharplink's holdings, leading to a situation of 'cannot be fully bought, fundamentally cannot be bought.'

If an asset continues to inflate due to constant minting, investing continuously into strategic reserves becomes a bottomless pit, ultimately leaving only two choices:

1. Strategic reserve institutions realize that this game is infinite, but funds are limited, so they will inevitably choose to exit the game at some point to consolidate their funds, such as Yilihua cashing out at 3,000, and other institutions will also choose to cash out at a certain price point, making it difficult to hold long-term like Bitcoin.

2. Ethereum must stop inflation for a long time or even enter a deflationary state to end this infinite cycle of internal competition. Only this path maximizes the interests of all parties. To achieve this goal, the Ethereum ecosystem must become active and generate a large number of transactions, which will lead to more burning and halt inflation, entering deflation.

Any smart person will inevitably choose the second path first, so those institutions holding large amounts of Ethereum will also be anxious and seek ways to promote new developments in the Ethereum ecosystem to accelerate consumption, thereby reducing their buying pressure.

Therefore, the demand for new developments in the Ethereum ecosystem is significant and urgent. Once something new emerges, these large institutions will surely push for its development with full force. The wind rises at the end of the green plumes; recently, it's worthwhile to spend some time each day to see if anything interesting comes out of Ethereum. Generally, new things have the following characteristics:

1. Old-timers look down on them and think they are nothing special.

2. The entry threshold is high, requiring time to research.

3. Once they develop to a certain scale, a series of derivative projects will arise around their upstream and downstream.

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