#RWA代币化业务 Seeing the news that BitMine has surpassed 4 million ETH, my mind flashes back to the entire cycle replay.

Remember the frenzy in 2017? Everyone was chasing the rally, while institutions were still watching from the sidelines. By the winter of 2018, most projects had died, but true long-term believers began quietly accumulating. Looking back now, those who kept increasing their holdings during the bear market have long become the market makers today.

What’s interesting about BitMine’s move isn’t just the number itself—although 4 million ETH accounts for 3.37% of the total supply, which is already a quite alarming level of concentration. The key point is what they said: "Connecting Wall Street with the key entity in blockchain tokenization transformation."

This is the truth of RWA. After discussing physical asset on-chain for so many years, the ultimate driver turns out to be traditional financial giants. They’re not here to save blockchain; they’re using institutional capital to steer this transformation. Increasing holdings to 4 million ETH in 5.5 months shows the speed and determination, indicating that Wall Street is already making long-term bets.

Reflecting on the lessons from history: the 2013 altcoin bubble, the 2015 ETC fork turmoil, the aftermath of DeFi’s frenzy in 2020... each time, it was the last wild rush before institutions entered. Retail investors chasing the top can never keep up with the rhythm of the market makers.

The current landscape is quite clear—institutions are building the infrastructure for the RWA ecosystem, and what we need to do is understand how this shift impacts the overall market structure, rather than blindly following the trend. History tells us that true wealth transfer happens before the cognitive shift, not after.