Last night, a blockchain movement drew attention—a 10.4-year-old Ethereum genesis address suddenly had new interactions, transferring out 2000 ETH. This asset was once worth only around $620, and now has ballooned to nearly $5 million. The long-term holder chose to wake up at this moment, and the story behind it is worth deep reflection: this is not just a personal wealth story, but also a reflection of the collective shift in market sentiment.

The gears of time are also accelerating on a macro level. Recent US employment data has been weak, and the market generally expects the Federal Reserve to potentially start cutting interest rates earlier. Under such easing expectations, the flow of funds has become interesting—gold ETPs, as traditional safe-haven assets, are being challenged, while Bitcoin ETPs are attracting a large influx of new capital. This is not just a simple asset allocation adjustment; fundamentally, it reflects a re-pricing of capital’s view on "future value storage."

The performance of tech stocks further confirms this. In the US stock market, leading tech giants like Oracle and NVIDIA continue to strengthen, driven by both the long-term imagination space of the AI industry and the stimulus of a loose liquidity outlook. Money is flowing from all directions into assets representing growth and innovation, and the direction of this capital tide is very clear.

However, turning points often come with resistance. The Polish Parliament recently passed a strict crypto law that was previously vetoed by the president, and has now been submitted to the Senate again. This regulatory tug-of-war exposes a contradictory situation: traditional authorities want to impose stricter controls on crypto assets, but also worry that outright bans could stifle the vitality of emerging industries. The trend toward global compliance is already a certainty, but this path will undoubtedly face obstacles.

We seem to stand at a tense crossroads: on one side, long-term holders’ beliefs are being awakened by market realities; on the other, traditional systems are trying to steer this torrent with new regulatory frameworks; on one side, the liquidity dividends released by the macro environment; on the other, regulators’ caution and hesitation. This intersection is crucial for the next phase of market development.