Recently, the cryptocurrency industry has become increasingly integrated with the US stock market, and I am even considering picking up my old skills to continue trading in the US stock market. Previously, there was a wave of exchanges represented by OKX rushing to go public on the US stock market, and later various companies have stepped down to launch US stock tokens. Yesterday we briefly talked about Robinhood's use of the ARB chain to allow European retail investors to trade US stocks, which led to a significant increase in ARB. In the evening, HOOD lived up to expectations by 12.77%, and even rose 3.16% after market hours, about to break through the $100 mark. I am also considering whether the deep linkage between the US stock market and the cryptocurrency industry will be a blessing or a curse for the cryptocurrency industry. From the perspective of the overall operation mechanism of the US economy, in recent times, whether it is the promotion of low-level legislative construction such as the stablecoin bill, or xStocks and Robinhood The two represented tokenization routes of the US stock market are essentially extracting liquidity from the global market. The role of stablecoins is to provide support for the US dollar system by absorbing global private liquidity into the US Treasury market. Tokenization of US stocks: attracting global funds to the US stock market and further consolidating the position of US financial capital. This combination of punches gradually confirms the possibility of the previous US dollar anchor swap strategy, which means that the US dollar is preparing to anchor onto the chain for the third time after gold and crude oil to continue its dominance. After all, US stocks and bonds are only extensions of the US dollar hegemony itself. As long as the international status of the US dollar can continue to be maintained, US financial capital can still rely on the global market for blood. But this requires the United States to maintain strong military strength as ballast, and military leadership requires maintaining strong industry. Internally in the United States, the goals of industrial capital and financial capital are the same, the only difference is the battle of routes. So since these bills, measures, and products may all be aimed at facilitating the entry of cryptocurrency funds into the US stock market, or allowing more over-the-counter funds to enter the US stock market through the cryptocurrency market, then there will be two situations. 1. Existing funds in the cryptocurrency industry are being drained by the US stock market 2. After the off exchange funds are exchanged for stablecoins and enter the US stock market, the cryptocurrency circle plays the role of a switch and bridge, which can collect some tolls and leave some funds in the cryptocurrency circle But regardless of which of the above plans, due to the advantages of the US stock market itself, the disadvantages of the cryptocurrency industry in the court after being recruited are fully displayed. Without its unique advantages, it appears to be devoid of the vitality of all things before 2021, and may never have the scene of competition and vitality before 2021 again. But this is also very similar to niche idol worship. You hope that your idol will one day be discovered and soar in value, but you are also worried that he will have to hide his sharpness and lose the appeal of his youth after entering the mainstream and being accepted by the public. From this perspective, the previous knockoff seasons may no longer exist, and funds will search for more valuable targets. We must iterate to updated versions to adapt and survive. Digging gold in the intersection of stocks and currencies may be the best gameplay in the near future. The integration of the US stock market and the cryptocurrency industry is an irreversible trend. In the short term, the cryptocurrency industry may face pressure due to fund diversion, but in the long run, this integration will promote its maturity and force the cryptocurrency industry to accelerate innovation. As long as the cryptocurrency industry can find a unique positioning through innovation, its future depends on whether it can maintain its personality in the "court" rather than being completely assimilated by the US stock market.