Regarding this wave of Ethereum's "MicroStrategy Summer," can $ETH truly replicate BTC MicroStrategy's "positive flywheel"? Here are some personal perspectives: 1) The ETH MicroStrategy is indeed emulating BTC MicroStrategy's successful model, and in the short term, many US stock companies will attempt FOMO, creating a positive flywheel. Regardless of the stock market's operators, the real institutional funds and stock investor buying power that take $ETH as a reserve asset have practically pulled Ethereum out of its long-term sluggish state. In other words, FOMO-driven growth is an unchanging iron law in the crypto market, but this time the FOMO subject is no longer pure retail investors, but Wall Street's real money. This at least verifies that ETH has finally broken free from purely relying on crypto narrative stacking and begun attracting incremental funds from outside the crypto circle; 2) BTC is closer to a "digital gold" reserve asset positioning, with relatively stable value and clear expectations, while ETH is essentially a "productive asset" whose value is tied to multiple factors like Ethereum network usage, Gas fee income, and ecosystem development. This means ETH as a reserve asset has greater volatility and uncertainty. Once the Ethereum ecosystem encounters significant technical security issues, or regulators pressure DeFi, Staking, and other functions, the risks and variables ETH faces as a reserve asset are far more complex than BTC's. So while BTC MicroStrategy's narrative logic can be borrowed, it doesn't mean market pricing and valuation logic can remain consistent; 3) The Ethereum ecosystem has more mature DeFi infrastructure and more expansive narrative potential compared to BTC. Through the staking mechanism, ETH can generate approximately 3-4% native yield, making it equivalent to a "on-chain interest-bearing government bond" in the crypto world. Institutional buy-in to this narrative is short-term negative for BTC's layer 2 infrastructure, but long-term, it might conversely stimulate faster BTC ecosystem infrastructure development once ETH's programmable interest-bearing asset catalyst plays a larger role; 4) This MicroStrategy Summer essentially reshuffles Crypto's previous narrative orientation. Previously, project teams built projects and spread technical narratives to VCs and retail market investors—essentially speaking to crypto natives. Now, this new narrative, whether about RWA or TradiFi, will need to tell stories to Wall Street. The key difference is that Wall Street doesn't buy pure concept stories; they want PMF—real user growth, revenue models, market scale, etc. This forces crypto projects to shift from "technology narrative-driven" to "business value-driven"—isn't this the pressure Solana brought to Ethereum before? Ultimately, they must face it; 5) This round includes US stock MicroStrategy concept operators like SharpLink Gaming, Bitmine immersion Tech, Bit Digital, BTCS inc.—mostly traditional capital market businesses with limited growth, seeking breakthrough by integrating Crypto. Their all-in approach to crypto assets often stems from lacking growth points in their main business. These operators' aggressive stance largely exploits the "arbitrage window" before the US government's comprehensive crypto industry reform and mature regulatory mechanisms. Short-term, they've navigated numerous legal and compliance gray areas—such as accounting standards' ambiguous crypto asset classification, SEC's lenient disclosure requirements, and tax treatment's gray zones. MicroStrategy's success largely benefited from BTC's super bull market, but as copycats, they might not have the same luck and operational capabilities. Therefore, the market heat these operators bring isn't significantly different from previous pure crypto native narrative hype—essentially still a high-stakes gamble and trial-and-error. Remember to be cautious of investment risks. Note: This MicroStrategy Summer is more like a "grand military exercise" for Crypto entering mainstream financial systems—a success would be celebrated, and a failure would be a small celebration (after all, an experiment that drags ETH out of its narrative stagnation is a success regardless of outcome!)