#比特币ETF Seeing BlackRock's decision, my first reaction is one of relief and restraint. An institution managing trillions of dollars in assets placing Bitcoin alongside U.S. Treasuries and tech giants as one of the three main investment pillars reflects not a speculative frenzy but a deep consideration of the global fiscal landscape.

The logic of asset allocation is quite clear—when sovereign debt expands and the risk of currency devaluation rises, there is a need to seek "non-correlated assets" outside the traditional system for hedging. Bitcoin, as "digital gold," essentially adds a layer of protection to the asset portfolio.

But I want to remind you that institutional recognition does not mean a signal to chase the high. On the contrary, it suggests we should think more rationally about allocation ratios. For most investors, the emergence of Bitcoin ETFs indeed lowers the barrier to participation, but position management remains the top priority. No matter how good an asset is, if over-allocated beyond what one can bear, it loses its safety significance.

BlackRock's mention of the "interest-earning" products in 2026 is worth noting, as this could be the future trend. But at this stage, my advice is—if you decide to participate, start by understanding your own risk tolerance, leave reasonable space within your existing diversified framework, and then choose the appropriate tools. A long-term mindset will ultimately tell us that restrained allocation often yields more than aggressive chasing.