#机构资金流入 Grayscale submits TAO ETF application, I have to say a few words about this. The inflow of institutional funds sounds impressive, but don’t be blinded by this story.

I’ve seen too many projects show a stark difference in performance before and after institutional entry—public opinion is very optimistic during the application phase, funds pour in, and the price soars. And then? Once institutions complete their positions, retail investors realize they’ve been caught at a high point. This isn’t to say that TAO necessarily has problems, but it’s a time to be especially cautious.

The acceleration of spot ETF expansion is indeed a major trend, but the problem is: institutional entry ≠ the project itself has value. ETFs only change the way funds enter; they don’t alter the fundamentals of the project. My advice is, rather than blindly following the wave of institutional funds, ask yourself three questions first—what are the actual use cases of TAO? Is the team reliable based on past performance? Are there obvious pump-and-dump designs in the tokenomics?

Those who truly last long are never the ones chasing the hot trends, but those who can identify risks and stay calm in their judgment. Institutional fund inflows are not a buy signal; they are just a reference data point. Never treat it as a golden ticket.