Looking at the "currency stock" market of U.S. stocks, it is very similar to the cloud currency network at the beginning of 2017. At that time, there was no Binance, and Huobi and OK only had BTC and LTC. Yuncoin is an altcoin exchange run by Li Xiaolai, and the aesthetics of coin selection are very good, and it is the first to list ETH. There are more than a dozen coins on the website: BTC, ETH, LTC, ETC, NEO, SIA...... Everyone only buys these few when they gather in the currency circle, because there is no choice for anything else. Later, the mad cow of 17 years came, and NEO rose 1,000 times, and the others at least increased dozens of times. Looking at U.S. stocks now, there are only seven or eight "currency stocks" with a market value of more than 3B, and most of them have only one target for each track. Want to buy an exchange? Only Coinbase. Want to match Bitcoin? Only MicroStrategy. Want to match stablecoins? Circle is one of the best. A lot of people say that Circle's valuation is too high. But when the whole market is a stablecoin target, do you want to configure this track, not on the top of high PE? The current "coin stock" market is like the cloud currency network in 2017. The subject matter is scarce, the liquidity is concentrated, the narrative is highly focused, and everyone is holding a basin of water and pouring water into the same pool.