The Ethereum version of MicroStrategy craze reshapes the investment logic of encryption assets.

Recently, the Ethereum version of "MicroStrategy" has attracted market attention. Can this approach, which mimics Bitcoin's MicroStrategy, bring a similar "positive flywheel" effect to ETH? Here are a few thoughts on this phenomenon:

1. This wave of Ethereum micro-strategy craze has indeed drawn on the successful experience of Bitcoin's micro-strategy, and may attract more US stock companies to join in the short term. Regardless of who is operating, the actual investment from traditional institutional funds and retail investors treating ETH as a reserve asset has indeed helped Ethereum break free from a long-term sluggish state. This surge driven by Wall Street funds verifies that ETH has begun to attract incremental capital from outside the circle, no longer relying solely on narrative piling within the cryptocurrency circle.

2. Bitcoin is more akin to the positioning of a "digital gold" reserve asset, with relatively stable value and clear expectations. In contrast, ETH is essentially a "productive asset," and its value is closely related to multiple factors such as the usage rate of the Ethereum network, Gas fee revenues, and ecological development. This means that ETH, as a reserve asset, may face greater volatility and uncertainty. If the Ethereum ecosystem encounters significant technical security issues, or if regulatory bodies exert pressure on functions like DeFi and Staking, the risks and volatility of ETH as a reserve asset could be greater than that of BTC. Therefore, while the narrative logic of BTC's micro-strategy can be referenced, the market pricing and valuation logic may not necessarily remain consistent.

3. Compared to Bitcoin, the Ethereum ecosystem has a more mature DeFi infrastructure accumulation and richer narrative extensibility. Through the staking mechanism, ETH can generate an approximately 3-4% native yield, making it the "on-chain interest-bearing treasury bond" in the crypto world. Institutions recognize this concept, which may adversely affect the various infrastructures originally built to provide native asset yield for BTC in the short term. However, in the long run, once ETH plays a greater role as a programmable interest-bearing asset within micro strategies, it may actually stimulate the accelerated development of the BTC ecosystem and improve the infrastructure.

4. This round of microstrategy boom essentially reshapes the narrative direction of the cryptocurrency field. In the past, project parties mainly promoted technical narratives to venture capital and retail investors, but now they need to tell stories to Wall Street. The key difference is that Wall Street is not attracted by pure concepts; they pay more attention to real user growth, revenue models, and market size, which are actual business values. This forces crypto projects to shift from "technology narrative-oriented" to "business value-oriented," which is exactly the challenge that Ethereum faces.

5. The U.S. companies participating in this round of microstrategy concept are mostly traditional capital market businesses that are experiencing sluggish growth and need to integrate cryptocurrency to find new breakthroughs. They choose to fully invest in crypto assets often because their main businesses lack growth points and they have to seek new value growth engines. The reason why these entities dare to be so aggressive is largely due to the "arbitrage window" created by the U.S. government's promotion of the cryptocurrency industry reform before the regulatory mechanisms mature. In the short term, they may have utilized some gray areas in law and compliance, such as the ambiguity in accounting standards for the classification of crypto assets, the lax SEC disclosure requirements, and the gray areas in tax treatment.

The success of MicroStrategy is largely attributed to the benefits of this round of Bitcoin's super bull market, but as a replicator, one may not necessarily replicate the same success. Therefore, the market enthusiasm brought by this operation is essentially still a form of gamble and trial-and-error, and investors need to be wary of the associated risks.

This round of micro-strategy craze resembles a "grand rehearsal" for cryptocurrency to enter the mainstream financial system. Regardless of success or failure, it is a meaningful attempt. Even if it fails, it has successfully pulled ETH out of the predicament of a lackluster narrative, which is in itself a form of progress.