Mr. Bruce has written very detailed about the content of 401K, with two key points. One is the definition of cryptocurrency. Pension funds are subject to dual supervision by tax laws and the Ministry of Labor, and they cannot invest in anything they want. Generally, they can only invest in compliant and moderately risky assets. Therefore, opening up the investment of pension funds indicates that BTC and ETH spot ETFs are considered compliant and moderately risky. This is a crucial definition. Secondly, not only is a large amount of capital entering, but investors are also likely to undergo structural changes, which I think is even more important because the investment attribute of pension funds is a long-term or fixed investment with a low turnover rate, which is completely different from the high-frequency and short-term trading in the cryptocurrency market. So in the future, it is very likely that Bitcoin and Ethereum will bid farewell to the possibility of a short-term sharp rise, but in return, it will reduce market volatility, increase bottom support, and be more like safe haven assets such as gold, rather than purely high-risk assets. This article is sponsored by Bitget | @ Bitgetzh