Can ETH really replicate the "positive flywheel" of BTC's micro strategy in the current Ethereum version of the "Micro Strategy Summer" craze? Discuss some personal opinions: 1) The ETH micro strategy is indeed a successful example of imitating the BTC micro strategy, and in the short term, many US stock companies will try Fomo and form a positive flywheel. Regardless of the trading entities in the US stock market, the fact that traditional institutional funds and investors' buying power of real money and silver have used ETH as a reserve asset has effectively brought Ethereum out of a long-term weak state. In other words, Fomo driving the rise is an unchanging law in the bull market of the cryptocurrency industry. However, this time the main body of Fomo is no longer pure retail investors in the cryptocurrency industry, but real gold and silver on Wall Street. At least it verifies that ETH has finally overcome the dilemma of relying solely on the stacked narrative of the cryptocurrency industry and begun to attract incremental funds from outside the industry; 2) BTC is positioned as a reserve asset closer to "digital gold" with relatively stable value and clear expectations, while ETH is essentially a "productive asset" whose value is tied to multiple factors such as the usage rate of the Ethereum network, gas fee income, and ecological development. This means that ETH has greater volatility and uncertainty as a reserve asset. Once the Ethereum ecosystem encounters significant technical security issues or regulatory pressure on DeFi, Staking, and other features, the risks and volatility faced by ETH as a reserve asset are much greater than BTC. So the narrative logic of BTC's micro strategy can be borrowed, but it does not mean that the market pricing and valuation logic can also remain consistent; 3) The Ethereum ecosystem has a more mature DeFi infrastructure accumulation and richer narrative scalability compared to BTC. Through the pledge mechanism, ETH can generate about 3-4% of the original yield, which makes it equivalent to the "interest bearing treasury bond on the chain" in the crypto world. The story of institutional buy in may seem negative in the short term for building various inflas such as BTC layer2 to provide native asset interest for BTC, but in the long run, the opposite is true. Once ETH plays a greater role as a catalyst for programmable interest bearing assets in ETH micro strategies, it will stimulate the BTC ecosystem to develop more rapidly and replenish the basic inflas; 4) This round of micro strategy Summer is essentially a major reshuffle of Crypto's past narrative orientation. Originally, the project team built projects and spread technology narratives to VC and retail investors in the market, which were all told to the natives of the cryptocurrency circle. Now, this new narrative is good for RWA and TradiFi, and may have to tell stories to Wall Street in the future. The key difference is that Wall Street doesn't eat pure concept cakes, they want PMF - real user growth, revenue models, market size, and so on. This forces the crypto project to shift from a "technology narrative oriented" to a "commercial value oriented" approach. Isn't this the pressure brought to Ethereum by its competitor Solana before? In the end, we still have to face it; 5) This round of micro strategy concept trading entities in the US stock market, including SharpLink Gaming, Bitmine immersion Tech, Bit Digital, BTCS inc., etc., are mostly companies with weak growth in traditional capital market businesses that need to integrate Crypto to find new breakthroughs. They choose all in encrypted assets often because their main business lacks growth points and they have to seek new value growth engines. And the reason why these trading entities dare to be so radical is largely because they are taking advantage of the "arbitrage window" provided by the US government's aggressive push to transform the cryptocurrency industry before regulatory mechanisms mature. In the short term, many legal and compliance loopholes have been exploited, such as the vague classification of encrypted assets in accounting standards, loose disclosure requirements from the SEC, gray areas in tax treatment, and so on. Micro strategies have largely benefited from the super bull market of BTC, but as replicants, they may not have the same luck and trading ability. Therefore, the market heat brought by the trading entity this time is not much different from the previous narrative hype of pure Crypto native. Essentially, it is also a bold gamble and trial and error, so remember to be cautious of investment risks. Note: This round of micro strategy Summer is more like a "big training" for Crypto to enter the mainstream financial system. Success is a big joy, and failure is a small joy (after all, any experiment that can drag ETH out of the quagmire of narrative weakness is a success or failure!)