#稳定币发展 Seeing Bitmine still accelerating and accumulating 32,977 ETH in the last week of 2025, the first thought that flashed through my mind was: this looks a lot like the story at the end of 2017.

Back then, I also saw institutions adding to their positions during the most indifferent market sentiment, and as a result, the bear market that began in early 2018 turned out to be the smartest strategic move. History always repeats itself in different forms. Now, Bitmine's holdings account for 3.43% of the total ETH supply. What does this number mean? It indicates that leading institutions are voting with real money.

There are a few points Tom Lee mentioned that I particularly want to discuss further. Regarding the stablecoin ecosystem, I’ve gained deeper insights over the past few years—from USDT’s monopoly to the current multi-chain competition among USDC, PYUSD, and others, and to the new track of asset tokenization. The value of Ethereum as infrastructure continues to be repeatedly validated. In 2024, we witnessed a surge in RWA (Real-World Assets) on-chain scale. By 2026, for stablecoins and asset tokenization to truly achieve large-scale adoption, the demand for underlying public chains will undergo a qualitative leap.

But I also have to be honest—there are risks hidden within this wave of optimism. The logic of commodity prices and crypto correlation, while historically validated, is not an iron law. The downturn in 2022 broke many people's assumptions about this "correlation." The acceleration of young generations adopting crypto assets sounds like a certainty, but in practice, policy changes and other variables are often underestimated.

So my observation is: institutions are indeed confident about 2026, but this confidence is best paired with a reverence for cyclical patterns. History shows us that the best strategic moves often happen when others think it’s unnecessary. The current acceleration in accumulation might just be based on this logic.