US stock assets moving into crypto exchanges—many people's first reaction is that it's bearish for altcoins. After all, the market size is fixed, and adding a new category means splitting the pie. But if you take a longer-term view, this kind of asset integration is actually bullish. Take crypto itself as an example: In the early days, exchanges only offered Bitcoin. Then came Litecoin, followed by Ethereum, and later a flood of altcoins. The addition of altcoins didn’t suppress Bitcoin. Bitcoin kept rising as it should. Instead, these new assets brought in a ton of newcomers and fresh capital into the market. Integration grows the overall pool of interest and liquidity—it’s not a zero-sum game of slicing up the existing pie. US stocks entering the space is essentially another way of "bringing more people through the door." ps: Altcoins refer to all coins other than Bitcoin and stablecoins.