🔴 Has the capital already come in? Are we still guessing that the shell company is missing the next wave of the BNB bull market, with the thousand-dollar market about to land?! Misplaced focus: Instead of guessing the shell company, it’s better to pay attention to the actual buying pressure in the spot market. Currently, the market's focus on BNB micro-strategy shell companies is actually a projection of anxiety about the momentum of capital entering the market. Everyone overlooks a basic fact: for the spot market, regardless of which institution initiates it, what kind of structure is packaged, or which SPV operates it, as long as the final capital lands in the form of BNB spot, the logic driving the price remains the same. ETH company asset reserves are essentially a re-enactment of strategies on BNB. This is similar to how BMNR and SBET operate ETH; essentially, it allows traditional capital, which cannot directly buy coins, to indirectly hold crypto assets through a "financially packaged" channel. The essence of coin stocks: shadow ETFs and indirect coin-holding channels. You can understand these coin stocks as a type of shadow ETF; on the surface, they are stocks, but the underlying assets are supported by crypto spot. This type of structure is an extremely convenient channel for some institutions with strict regulations, and for us retail investors, buying spot to push up prices is a real benefit. According to current institutional inflow data, WINT, along with another unnamed institution, has raised over 1 billion dollars in total. From a capital perspective, $BNB breaking through 1000 dollars already has the foundational conditions. The market is not rising because of money, but because of expectations: the FOMO compounding effect is starting. But this is just the "visible buying pressure." Real market fluctuations are never just about "who bought how much," but rather who sees these buy orders and thus joins the battle. Based on past experiences with $ETH and $BTC micro-strategy operations, if there is a stable influx of 100 million dollars in spot buying every day, the market will automatically enter a state of "FOMO compounding," where the following buy orders often amplify the original buy orders by 5 to 10 times or more.