The Role of Reference Points in Achieving Equilibrium Efficiency in Fair and Socially Just Economies

PANews reported on September 25th that according to SoSoValue data, Bitcoin spot ETFs saw a total net inflow of $241 million yesterday (September 24th, US Eastern Time). BlackRock's IBIT saw a single-day net inflow of $129 million, bringing its total net inflow to $60.776 billion. Ark Invest and 21Shares' ARKB saw a net inflow of $37.7217 million, bringing its total net inflow to $2.184 billion. As of now, the total net asset value of Bitcoin spot ETF is US$149.736 billion, and the net asset ratio accounts for 6.62% of the total market value of Bitcoin, with a cumulative net inflow of US$57.492 billion.

Sen. Elizabeth Warren (D-Mass.) and Sen. Elissa Slotkin (D-Mich.) demanded an investigation Wednesday into potential conflicts of interest concerning Trump administration officials David Sacks and Steve Witkoff, and their association with the World Liberty Financial cryptocurrency venture.read more

The cryptocurrency industry appears to be breaking with the traditional four-year cycle. The institutional adoption of exchange-traded funds, the tokenization of real-world assets, and the evolution of stablecoin infrastructure are reshaping the entire market. In a report released on September 24, an analyst using the pseudonym Ignas pointed out that the listing of Bitcoin and Ethereum ETFs in 2024 will be a watershed event - since April, crypto ETFs have led all asset classes with a net inflow of $34 billion. These products have attracted the participation of pension funds, consulting firms and commercial banks, transforming cryptocurrencies from retail speculation targets to institutional allocation assets on par with gold and the Nasdaq index. Currently, the assets under management of Bitcoin ETFs have exceeded US$150 billion, accounting for 6% of the total BTC supply; Ethereum ETFs control 5.6% of ETH's circulation. The SEC’s adoption of universal listing standards for commodity ETPs in September accelerated this trend, paving the way for fund filings for assets such as Solana and XRP. The report calls this shift in ownership from retail investors to long-term institutional investors the "Great Rotation in Crypto Assets." While traditional cyclicalists are selling, institutional investors continue to accumulate, pushing the cost basis upward and forming a new price bottom. ETFs have become the primary purchasing channel for Bitcoin and Ethereum, fundamentally changing the supply conditions that drive historical cyclical patterns. Stablecoins have gone beyond the scope of trading tools and evolved into payment, lending and financial management functions. The $30 billion real-world asset (RWA) market is a reflection of this expansion, with tokenized treasuries, credit, and commodities building on-chain financial infrastructure. The U.S. Commodity Futures Trading Commission recently approved stablecoins as collateral for derivatives, opening up institutional application scenarios beyond spot demand. Payment-oriented blockchain projects (such as Stripe’s Tempo and Tether’s Plasma) are driving the integration of stablecoins into the real economy, while digital asset treasury (DAT) companies are providing equity market access for tokens that have not yet been approved for ETFs. This mechanism not only provides exit liquidity for venture capital, but also introduces institutional funds into the altcoin market. The RWA tokenization, which establishes benchmark interest rates through government bonds and credit instruments, is building a real capital market on the chain. BlackRock's BUIDL and Franklin Templeton's BENJI act as bridges, connecting trillions of dollars of traditional capital to crypto infrastructure. This allows DeFi protocols to rely on legal collateral and lending markets, breaking away from the cycle of pure speculation. This structural shift signals that cryptocurrencies are evolving from cyclical speculative assets to permanent financial instruments. However, as institutional capital prefers sustainable business models rather than purely narrative-driven ones, individual performance differentiation may replace the general rise in prices.