Golden Finance reports that Bitwise advisor Jeff Park posted on the X platform stating that Morgan Stanley launching a Bitcoin ETF is an extremely significant positive signal for the following reasons:

1) This means the market size is much larger than previously expected by crypto industry professionals, especially in terms of reaching "new customers."

2) This indicates that Bitcoin's importance on a "social level" is no less than its importance on a "financial level."

3) Essentially, this is a defensive move to address the risk of platforms being "disintermediated" and fee outflows.

Based on the above three points, I am even more confident in Bitwise's bullish logic:

This means——

The total addressable market (TAM) is larger;

The importance of social capital is higher;

The strategic value of distribution capabilities in the crypto field is increasingly prominent and is moving towards stronger "proprietary" and vertical integration.