Market sentiment has been a bit divided lately. Bets on Polymarket show that the probability of a 25 basis point rate cut in December has soared to 93%, and the probability of no rate cut is only 8% - it seems that everyone is quite clear about the Fed.

The flow of funds is a bit intriguing. Yesterday, the Bitcoin spot ETF had a net outflow of $195 million, and the Ethereum side also had an outflow of more than $41 million, but the Solana ETF attracted $4.59 million in a single day. What does this wave of operations mean? Everyone's own taste.

BlackRock's Larry Fink recently gave Bitcoin a new definition – a "panic asset." He said people are not buying it because they are optimistic about the future, but because they are afraid of fiat currency depreciation, financial turmoil and geopolitical crises. In other words, Bitcoin is more of a safe haven in times of uncertainty than a growth investment in the traditional sense. The CEO of Fidelity is more optimistic, directly stating that he holds Bitcoin and believes that it will occupy an important position in the savings system.

CZ's views are more radical. He felt that the entire crypto market is only 3-4 trillion US dollars, which is too small, and it will have to reach at least 30-40 trillion US dollars in the future.

JPMorgan Chase & Co. is not deterred by the recent plunge, and their "volatility-adjusted Bitcoin vs. gold model" is still strong, with a 6-12 month price target of $170,000. The National Bank of Canada was not idle either, directly buying $270 million in MSTR shares.

In addition, a certain research institution (you know) believes that tokenized stocks are becoming the next flashpoint in the RWA track after stablecoins and treasury bonds.