#加密货币抵押品应用 Looking at last night's market Snapshot, the shadow of the 2017 cycle comes to mind again. The CFTC has approved ETH, BTC, and USDC as Collateral for derivation - on the surface this may seem trivial, but in the long course of history, it marks a watershed signal.

Do you remember? The most debated topic over the years was whether crypto assets could become real Collateral. From Maidsafe in 2014 to various collateral agreements later, the market has been asking the same question: Who will believe in the value of this thing? Now that regulators have given their nod, what does it mean? It means that crypto assets have evolved from being "speculative items" to the recognition stage of being "financial instruments."

But there is an ironic point here. You see, Strategy spent 963 million USD to buy BTC, and the holdings soared to 660,000 pieces. This is a sign of institutionalization, as well as a signal of concentrated risk. History tells us that whenever large amounts of funds start to frantically accumulate a certain variety, it is often the eve of a cycle reversal. Wasn't the situation at the end of 2017 just like this?

Looking again at the stablecoin projects that have halved, XPL plummeting by 90%, and the panic index still at 22, indicating "extreme fear"—this is a clear market differentiation. The gap between quality assets and junk projects is rapidly widening, while most retail investors are still stuck in the middle.

The macro interest rate meeting early last Thursday was indeed a key point, but don't be misled by the short-term technicals. The regulation of crypto collateral is a long-term logic; it doesn't change tomorrow's price, but rather the ecological structure of the next five years. Only those projects that can survive until the moment of large-scale application of collateral will be the true winners.

The current crazy operations are just like the historical repetitions - they are the norm in the cycle.