#机构采用加密货币 After reviewing the core arguments from Solana Breakpoint, one observation is worth noting: the logic of institutional entry is shifting from "crypto as a substitute" to "crypto as infrastructure."

Traditional financial giants like Western Union and Pfizer are choosing Solana not to speculate on the coin price, but to solve real business pain points using stablecoins and asset tokenization. Paxos applying for a clearing agency license, Bhutan's sovereign gold token TER about to launch, and OSL's compliant stablecoin USDGO—all point in the same direction: traditional financial assets are migrating to the blockchain on a large scale.

From a follow-trade perspective, what does this mean? The trading styles of operators will diversify. Short-term speculative traders may face challenges from liquidity fragmentation, but those who truly understand asset tokenization logic and are betting on institutional-grade infrastructure development will find their current position adjustments especially critical.

Raoul Pal said the cycle should peak in 2026, not next year—this extended timeframe gives institutions ample time to deploy. The key question is: which type of expert are you following? Are you maintaining a steady position during this wave of certainty dividends, or rushing to chase highs? The former usually experiences smaller drawdowns and has clearer retrospective logic.

The SOL spot ETF has seen nearly $1 billion in net inflows over six weeks, with order books tighter than Binance—this indicates on-chain trading is gradually eating into centralized exchange traffic. The competitive landscape of underlying infrastructure is reshaping; those who can keep pace will be more comfortable in the next cycle.