Briefly discuss the impacts of the GENIUS Act and the CLARITY Act. They are far-reaching laws affecting the crypto space. First of all, for the U.S. government, its starting point is certainly not to make people in the crypto space happy. Its most important starting point is to maintain, consolidate, and expand the dominance of the U.S. dollar. A characteristic of cryptocurrency technology is that it breaks traditional geographical boundaries, and the dollar can achieve this through blockchain. Just as languages will become fewer, only strong languages can survive. The same goes for currencies; only strong currencies can survive. Some marginal countries were previously able to maintain the existence of their national currencies through geographical boundaries, but this will become increasingly difficult in the future. In some countries, where currency inflation is high, the U.S. dollar stablecoin will gradually be favored by the public, and this scene has already occurred in some high-inflation countries. As the U.S. dollar stablecoin gradually moves towards payment, this impact will become more significant. In fact, these two proposals are very harsh for countries with non-dominant currencies; they act as a crypto bulldozer, flattening weaker currencies. For other strong currencies, such as the euro, yen, and yuan, the expansion of the U.S. dollar stablecoin will also bring certain challenges. Of course, in the end, currency is just a representation; the economic hard power behind the currency is more critical. Now, for the crypto space, especially for the Ethereum chain, the impact is extremely profound. Since Ethereum is a neutral network, not controlled by the U.S., it actually favors the expansion of the dollar. Ethereum has the opportunity to carry a dollar volume far exceeding that of other places in the future. This means two things: first, the amount of assets carried on Ethereum will far exceed what people currently imagine; second, there will be a transaction volume on the Ethereum ecosystem far exceeding the current scale, especially since stablecoin payments are high-frequency actions. This also means that the Ethereum ecosystem has the opportunity to break through to a real user base of hundreds of millions (not just addresses, but truly engaged users), which will create a huge demand for gas, leading to significant demand for ETH. The CLARITY Act defines ETH and other crypto tokens as commodities, removing concerns about being treated as securities; while the GENIUS Act will promote the on-chain presence of the dollar and scenarios for stablecoin payments, which is another potential scenario for large-scale adoption, a grand scene that has not yet unfolded but is about to come.

Looking at Ethereum from a one-month perspective and looking at Ethereum from a ten-year perspective are two completely different Ethereums.

Currently, "techniques" are very popular in the market because they are more effective in the short term and can be understood at a glance. In reality, the more important "principles" are not well-received because they are "abstract" and esoteric, but they are actually more decisive.

The value brought by the scarcity of neutral assets is often overlooked by the market.

Institutions can also infect each other; they are like super-sized retail investors. Their logic is sometimes constrained by the thinking of traditional companies, and they may not truly understand Ethereum, but that doesn't prevent the emotional contagion or the need to manipulate among them.

Comparing ETH to digital oil does not capture its true essence; ETH is much more than just digital oil.

It's becoming hard for ordinary retail investors to afford BTC today; one day the same story will happen with Ethereum.

The current ETH is quite interesting; some institutions are buying in full force while some whales continue to sell off. The major turnover of ETH is still ongoing.

Magic's first self-learning AI agent SMOL has been tested on AbstractChain. It can currently play games by itself, interact in real-time, give tips, buy memecoins, and more, which is quite interesting.

After Wood's entry into the market, Peter Thiel has also indirectly entered the scene. He acquired 9.1% of Tom Lee's Bitmine Immersion Technologies, holding approximately 5.094 million shares. What does Bitmine Immersion Technologies do? Originally a BTC mining and hosting company, it has now transformed into an ETH strategic investment firm, incorporating ETH into its treasury, similar to MicroStrategy for Ethereum. Institutions are not politely embracing ETH; they are vigorously embracing ETH.