Recently, the global financial markets have continued to heat up, with precious metals and the US stock market hitting record highs, and market sentiment clearly improving. However, interestingly, the crypto market presents a "two extremes" situation—despite frequent positive macro news, Bitcoin's performance remains relatively weak and has not kept pace with the broader market.

From the industry infrastructure perspective, good news has been coming one after another. Morgan Stanley officially submitted an application to the SEC to launch a Solana ETF product, which is seen by the industry as an important recognition of the SOL ecosystem by institutions, marking another step by mainstream financial institutions in crypto asset allocation. Meanwhile, Microstrategy (MSTR) has been temporarily removed from risk, allowing the company to retain its position in the S&P index, clearing obstacles for continued Bitcoin accumulation.

These signals indicate that, despite significant short-term volatility in the crypto market, institutional deployment has not stopped, and industry ecosystem development is steadily progressing. Investors are advised to closely monitor the subsequent impacts brought by these infrastructure developments.