#RWA代币化业务 Seeing the recent moves by BitMine, I need to calm down and share some honest thoughts. Holding 4 million ETH and $13.2 billion in assets is truly shocking, but the question is—when big institutions are aggressively increasing their holdings, does that really mean we should follow suit?

Here’s my reflection after experiencing some pitfalls: an increase in institutional holdings is often packaged as a positive signal, but what are they really doing? Accumulating chips. They have enough funds, patience, and influence to drive market narratives, hype up new concepts like RWA tokenization, and by the time retail investors FOMO in, they’re already in a dominant position. I’ve seen too many scripts like this—institutions quietly building positions, media starting to hype, retail investors seeing "big players are increasing holdings" and rushing in, only to get cut again.

The key is to ask yourself three questions: First, how dangerous is the concentration of 3.37% of ETH held by BitMine? Second, the so-called "connecting Wall Street with blockchain tokenization transformation" sounds grand, but what real benefits does it generate? Third, why does every big news about institutional holdings often lead to a wave of retracement afterward?

Living long in this market, I’ve learned the most important lesson—never let others’ chip sizes dictate your decisions. Managing risks well and identifying the true value of projects is the secret to lasting success.