Since the beginning of the year, both Bitcoin and Ethereum have experienced pullbacks, but from the ETF perspective, the net inflow data this year remains a huge positive. What does this contrast reflect? The story of traditional finance entering the market is still unfolding — although Wall Street institutions are loud, the actual turnover process takes a considerable amount of time.

From a macro trend perspective, although RWA on-chain has been discussed multiple times, this time the capital driving force is indeed different from the past. The key question is, which chain will this wave of institutional funds ultimately flow into?

Looking at the choice of technology stack clearly explains the issue. The top privacy computing solutions like Zama primarily choose Ethereum, indicating that ecosystem maturity and security are still the most important factors for institutions. Judging from fundamentals, ecosystem completeness, and application deployment speed, Ethereum remains the most solid foundation in this cycle. Short-term fluctuations are just fluctuations, but from the long-term logic of capital allocation, the choice remains clear.