#稳定币市场发展 Seeing this news, my first reaction is not excitement but caution. The stablecoin market is aiming for 500 billion, RWA for 300 billion, and Ethereum TVL has increased tenfold—these numbers are enticing, but I have to be honest: such predictions are most likely the prelude to a rug pull.

Having gone through countless cycles, I’ve noticed a pattern: narratives involving big institutions entering are the most lucrative. As soon as names like JPMorgan and BlackRock appear, retail investors start FOMO, and the coin prices pump accordingly—then what? The institutions have already taken profits. The detail of SharpLink unlocking $100 million worth of ETH early this morning shouldn’t be overlooked—while they tell a good story, their actions are already quite transparent.

Don’t misunderstand, I’m not saying Ethereum has no future; the infrastructure is indeed upgrading, and RWA is a clear direction. The problem is: there’s always a "price response period" between expectations and reality. When these bright visions are hyped into consensus, the risks have already accumulated quite a bit.

Those who have seen it all know that the best investments are never made at the peak of hype. Wait and see what the actual capital flows indicate, rather than just listening to stories. Stablecoins are indeed growing, but behind that growth, are institutions accumulating or distributing? That’s the real question to ask.