Thank you, Teacher Blue Fox, for throwing out the idea—

In other words:

BTC is the "gold of the financial world,"

ETH is the "constitution of the financial world."

1️⃣ ETH is a "system architecture," not just an asset

The essence of ETH is not simply a "value anchor" like BTC; it is more like an operating system for a new type of institutional architecture. It carries not just asset on-chain but also the on-chain reconstruction of "financial operating rules": including clearing logic, contract execution, fair trading, and other aspects that were originally supported by legal and institutional trust systems, which can now be automatically completed by code. This capability for institutional automation is one of the fundamental logics behind institutions betting on ETH.

In short:

BTC is the "gold" of the financial world, ETH is the "constitution" of the financial world.

2️⃣ ETH is the "second curve" of dollar hegemony

Rather than saying ETH is in opposition to the dollar, it is more accurate to say that ETH is an inevitable support for the digitization of the dollar. Stablecoins (USDC/USDT) are essentially "on-chain colonization" of the dollar, and the current mainstream issuance platforms are precisely within the ETH ecosystem. This "technical outsourcing" has effectively made ETH the network infrastructure of the new dollar empire.

Therefore, Wall Street institutions are not interested in ETH itself; they have already realized that:

To ensure the dollar continues to dominate in the future AI + on-chain world, they must bet on ETH.

3️⃣ From "investing in ETH" to "building on ETH"

This round of competition for ETH is not just about buying tokens; it is a prelude to institutions preparing to migrate their financial native business logic onto the chain. They not only want to buy assets but also want to become on-chain banks, on-chain exchanges, on-chain custodians… This represents a deeper binding of interests.

This is why:

Competing for ETH is not about competing for price; it is about competing for entry points, competing for land rights, competing for future discourse power.

On the surface, ETH is an open platform; but the deeper logic is that it socializes regulatory risks. Different institutions can deploy protocols, trade products, and conduct KYC within the ETH ecosystem, while the public chain bears the pressure of underlying governance and technological transformation. This "risk-sharing collective contracting system" is more realistic than going it alone.

BTC is "value consensus," ETH is "institutional consensus."

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