Professional Crypto Research, Market Structure & Thesis Discovery

The market is repairing the tail end of a crypto winter rather than confirming a new trend. ETF flows, regulated infrastructure, and privacy are improving, while leverage, liquidity quality, regulatory transition, and exchange security remain key fault lines.

市场处于寒冬尾部修复而非确认的新趋势起点；ETF 资金、合规基础设施与隐私叙事回暖，但杠杆、流动性质量、监管过渡与交易所安全仍构成关键分歧。

BlackRock provides model allocations while Ondo carries issuance, rebalancing, and liability. The durable value depends on whether Ondo can turn onchain portfolio issuance into shared infrastructure for multiple asset managers, not on one brand endorsement.

BlackRock 提供模型配置，Ondo 承担发行、再平衡与责任。长期价值取决于 Ondo 能否把链上组合发行做成多家资管机构共用的标准通道，而不是一次性品牌背书。