The Crypto Assets sector has reached an important turning point: Bitcoin can now be used directly as collateral for loans. This development marks further integration of Crypto Assets into the TradFi sector.

When the BTCfi project launches, Ethereum's collateral will still be limited to on-chain operations. However, as the U.S. Securities and Exchange Commission (SEC) recognizes Bitcoin as collateral, the landscape in this field is changing. This decision may have some impact on Ethereum, as the recognition of Bitcoin as collateral is gradually increasing.

From a practicality standpoint, since Bitcoin can be used, why choose Ethereum? Although Ethereum may have greater price growth potential, considering various factors, apart from being a representative of a decentralized public chain, Ethereum seems to lack more compelling narratives.

Ethereum has previously had plans for team reform, foundation reform, and technological innovation, and these changes may eventually come to fruition. However, the pace of market development may not give Ethereum much time to complete these reforms.

The key question is: Are investors willing to wait for all the positive factors of Ethereum to be realized and expect its value to rise? The answer to this question will gradually become apparent in the future market trends.