#机构投资者采用 Seeing the words of Coinbase's head of research and investment, I have to say a few honest words. Over the past two years, I've seen too many projects claiming "institutional adoption" to harvest retail investors. And what happened? When regulation tightens, the true nature is exposed.

But this time is different. The regulatory framework is moving from ambiguity to clarity. This is a good thing for projects that are genuinely doing things, and a noose for those who survive in the gray areas. Clear regulation of stablecoins in the US and the implementation of the EU's MiCA regulations—what does this mean? It means institutions no longer need to take detours or find various loopholes.

The key logical chain here is: clear regulation → institutions dare to enter on a large scale → the ecosystem truly matures → retail investors' ways of living can improve. The era of relying on information asymmetry, FOMO, and big players sweeping in is indeed coming to an end.

But I want to remind everyone: don’t be blinded by grand narratives like "the pillar of global financial infrastructure." There are still many projects selling the same story, just with a different shell. To survive longer in this cycle, you need to learn to distinguish—there's a huge difference between projects truly recognized by institutions and those pretending to be institutional to harvest retail investors. In this process, risk awareness is more important than anything else.