Recently, the head of stocks and ETFs at a top global asset management firm shared an interesting perspective during a media interview — Bitcoin and Ethereum are still in very early stages. Once this statement was made, the market reacted significantly, with many investors interpreting it as a bullish signal from traditional financial giants.

There is an intriguing behind-the-scenes logic to this judgment. This institution has long been involved in spot ETF products, attracting substantial institutional capital, which in turn is gradually changing traditional finance’s view of crypto assets. Since they also say "still early," it implies that in their view, this sector has far from reached its ceiling, let alone peaked.

The core logic is quite clear. As a store of digital value, BTC’s role is to serve as a digital reserve asset, while ETH provides the infrastructure for decentralized finance. How much do these two occupy in global asset allocation? Compared to gold, stocks, and bonds, the allocation to crypto assets is still in its infancy. Imagine if global pension funds, sovereign wealth funds, and large asset management institutions start allocating to these assets — what changes might occur in the market?

The regulatory environment is becoming increasingly clear, and custody systems and compliance frameworks are continuously improving, paving the way for the next phase of growth. With more participation from traditional financial institutions, the entire market structure could undergo a fundamental transformation.

From an investment perspective, this essentially boils down to a simple point — short-term volatility is insufficient to obscure the long-term trend. When one of the world’s largest asset management firms still considers BTC and ETH as "early-stage assets," it indicates that the potential for this sector has not yet been fully priced in. Those worried about a top may need to reconsider.