Written by: Haotian

Regarding the recent Ethereum version of the "MicroStrategy Summer" craze, can $ETH really replicate the "positive flywheel" of BTC MicroStrategy? Here are some personal viewpoints:

1) The ETH MicroStrategy is indeed modeled after the successful example of BTC MicroStrategy. In the short term, many US stock companies will try to FOMO, creating a wave of positive flywheel. Regardless of how the trading entities in the US stock market operate, the fact that traditional institutional funds and retail investors are buying $ETH as a reserve asset solidly pulls Ethereum out of its long-term sluggish state.

In other words, the principle that FOMO drives price increases is an unchanging rule in the crypto bull market. However, this time the FOMO participants are no longer pure retail investors from the crypto space, but rather real money from Wall Street, which at least verifies that ETH has finally escaped the predicament of purely relying on narratives from the crypto space and is beginning to attract incremental funds from outside the circle.

2) BTC is closer to the positioning of "digital gold" as a reserve asset, with relatively stable value and clear expectations, while ETH is essentially a "productive asset," with its value tied to multiple factors such as the usage rate of the Ethereum network, gas fee income, and ecological development. This means that the volatility and uncertainty of ETH as a reserve asset are greater.

If the Ethereum ecosystem encounters significant technical security issues, or if regulators apply pressure on DeFi, staking, and other functions, the risks and volatility variables faced by ETH as a reserve asset could be much larger than those for BTC. Therefore, while the narrative logic of BTC MicroStrategy can be referenced, it does not mean that the market pricing and valuation logic can remain consistent.

3) The Ethereum ecosystem has a more mature DeFi infrastructure accumulation and richer narrative extensibility compared to BTC. Through the staking mechanism, ETH can generate about 3-4% native yield, making it akin to "on-chain interest-bearing treasury bonds" in the crypto world.

Institutions buying into this narrative may see it as a short-term negative for the original construction of various infrastructures like BTC layer 2 that provide native asset yields for BTC, but in the long run, it is quite the opposite. Once ETH serves as a catalyst for programmable interest-bearing assets in the ETH MicroStrategy, it will actually stimulate the BTC ecosystem to develop more rapidly and fill in the foundational infrastructure.

4) This round of MicroStrategy Summer essentially represents a major reshuffling of the narrative direction in Crypto's past. Previously, project teams built projects and spread technical narratives to VCs and retail investors in the market, essentially speaking to the native inhabitants of the crypto space. Now, this new narrative, whether it’s RWA or TradiFi, may need to tell stories to Wall Street.

The key difference is that Wall Street does not buy into pure concepts; they want PMF—real user growth, revenue models, market size, etc. This forces crypto projects to shift from a "technology narrative orientation" to a "business value orientation," which is the pressure that competitors like Solana have brought to Ethereum. Ultimately, it must be faced.

5) The US stock micro-strategy concept operators, including SharpLink Gaming, Bitmine Immersion Tech, Bit Digital, BTCS Inc., etc., are mostly companies that have struggled with growth in traditional capital market businesses and need to integrate crypto to find new breakthroughs. Their choice to go all-in on crypto assets often stems from a lack of growth points in their main businesses, forcing them to seek new value growth engines.

The reason these operators dare to be so aggressive is largely due to taking advantage of the "arbitrage window" before the regulatory mechanisms mature, driven by the US government's sweeping push for reform in the crypto industry. In the short term, they have exploited many legal and compliance loopholes—such as the ambiguity in accounting standards for classifying crypto assets, the leniency of SEC disclosure requirements, and the gray areas in tax treatment.

MicroStrategy's success has largely benefited from the super bull market of BTC, but as replicators, they may not have the same luck and operational capabilities. Therefore, the market enthusiasm brought by these operators is not significantly different from the previous pure crypto native narrative hype; it is essentially a gamble and trial-and-error, and one must remain vigilant about investment risks.

Note: This round of MicroStrategy Summer feels more like a "big drill" for crypto entering the mainstream financial system. Success would be a joy for all, while failure would still be a small joy (after all, any experiment that can pull ETH out of the narrative fatigue quagmire is a success, regardless of the outcome!).

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