Around this Ethereum version of the "Micro Strategy Summer" craze, can $ETH really replicate the "positive flywheel" of BTC micro strategy? Talking about some personal opinions: 1) ETH micro-strategy is indeed a successful model of emulating BTC micro-strategy, and many US stock companies will try Fomo in the short term and form a wave of positive flywheel. Regardless of the trading entities of U.S. stocks, the fact that real money traditional institutional funds and shareholders' buying power uses $ETH as a reserve asset has really brought Ethereum out of a long-term weak state. In other words, Fomo drives the rise, which is the unchanging iron law of the bull market in the currency circle, but this time the main body of Fomo is no longer pure retail investors in the currency circle, but real money on Wall Street, at least verifying that ETH has finally gotten rid of the dilemma of relying solely on the stacked narrative of the currency circle and began 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", and its value is bound to multiple factors such as the utilization rate of the Ethereum network, gas fee income, and ecological development. This means that ETH as a reserve asset is more volatile and uncertain. Once the Ethereum ecosystem encounters major technical security issues, or regulators put pressure on DeFi, staking, and other functions, the risks and volatility variables faced by ETH as a reserve asset are much higher than that of BTC. Therefore, the narrative logic of the BTC version of microstrategy can be used as a reference, but it does not mean that the market pricing and valuation logic can also be consistent. 3) The Ethereum ecosystem has more mature DeFi infra accumulation and richer narrative malleability compared to BTC. Through the staking mechanism, ETH can generate a native yield of about 3-4%, making it equivalent to the "on-chain interest-bearing treasury bonds" of the crypto world. In the short term, this story is a bearish for the original construction of BTC layer2 and other infras to provide native assets for BTC, but in the long run, it is the opposite. 4) This round of micro-strategy Summer is essentially a major reshuffle of the narrative orientation of Crypto in the past, and the original project team built the project and spread the technology narrative to VC and retail investors in the market, to put it bluntly, it is all told to the natives of the currency circle. The key difference is that Wall Street doesn't eat pure concept pies, they want PMF - real user growth, revenue model, market size, etc. This forces crypto projects to shift from "technical narrative-oriented" to "business value-oriented", isn't this the pressure that the previous competitor Solana brought to Ethereum? After all, you still have to face it; 5) This round of US stock micro-strategy concept traders, including SharpLink Gaming, Bitmine immersion Tech, Bit Digital, BTCS inc., etc., are mostly companies with weak growth in traditional capital market business and need to integrate Crypto to find new breakthroughs. The reason why these traders dare to be so radical is largely to use the "arbitrage window" before the U.S. government drastically promotes the transformation of the crypto industry to the maturity of the regulatory mechanism. In the short term, there are many legal and compliance loopholes - such as the ambiguity of accounting standards on the classification of crypto assets, the relaxation of SEC disclosure requirements, and the gray area of tax treatment. The success of micro-strategies largely reaps the dividends of BTC's super bull market, but as a copyist, they may not have the same luck and trading ability. Therefore, the market popularity brought by the trading entity this time is not much different from the previous pure Crypto native narrative hype, and it is essentially a gamble and trial and error, so remember to be wary of investment risks. Note: This round of micro-strategy Summer is more like a "big training" for Crypto to enter the mainstream financial system, everyone is happy if it succeeds, and a small joy when it fails (after all, the experiment that can drag ETH out of the quagmire of weak narrative is a success or failure!). ）