Recent thoughts There will be no more large-scale knockoff seasons, and the core lies in the pricing model of Bitcoin to fundamentally change it Bitcoin has become a configuration asset, and some of the short-term abnormal fluctuations are mainly due to the counterparty trading model, which is still the old way of thinking There are two major trends in the cryptocurrency market, one has already occurred, which is the allocation of institutional funds to Bitcoin, and the other is the on chain demand at the institutional level In the current crypto user community, a small portion is participating in DeFi, and the majority is still focused on trading. Many old OGs do not know how to use DeFi The passage of stablecoins and crypto friendly bills will drive various income generating demands of institutions to go online, which is actually a larger demand group for DeFi 2 trillion is a possible outcome, but it is not driven by existing demand (such as trading, off exchange, offshore trade, etc.) From the past two points, it can be inferred that one is the initial issuance of UST, and in fact, a lot of the money was not within the industry, but packaged and sold to ordinary wealth managers Another option is to use morpho's lending component directly for Coinbase, and in the future, banks and other institutions will also use aave's institutional level components Institutions follow these principles very simply, driven by interests. Institutions will not have bias and will not refuse to make money just because of past incidents So in the future, 80% of the issuance of 2 trillion stablecoins will be the demand packaged at the institutional level, sold to various funds and to more ordinary wealth managers The driving force of the market has changed, and we can no longer apply the previous thinking mode, otherwise it is easy to be targeted, with various sprints and false narratives