So many companies imitate MicroStrategy, but none of them have truly undergone the test of a bear market. You don't know if they will sell during market downturns, especially given how low the Ethereum ecosystem is right now, which has not yet achieved mass adoption.

It is clear to the discerning that the current activity on the Ethereum mainnet is far below the peak period of the 2020 DeFi summer.

Today, Ethereum's share of #DeFi activity has dropped to 55-60%, being redistributed to #Solana and #Arbitrum. Although the price of Ethereum continues to rise and the institutional cost price is not low, around 3755, the bright prospects painted by the bulls currently seem unrealistic, and no party is actively pushing for substantial progress.

The vision of $ETH as an on-chain financial vehicle, as envisioned by the bulls, is merely talk if it lacks significant ecological prosperity and on-chain activity.

It must be understood that sector and capital rotation is most beneficial to institutions.

Once a crash occurs, such #coin stocks will suffer a double whammy, losing double: the coin price + the stock price. Do you think institutions will really have faith in these Ethereum altcoins like MicroStrategy has in Bitcoin? When paper losses occur, can they persist in continuous purchases like MicroStrategy?

From a first principles perspective, most institutions are still making profits from the crypto circle. Without mass adoption as a foundation for the funds to circulate, the coin stocks will eventually come to an end.