December 14th, ARK Invest founder Cathie Wood stated that during the 1011 flash crash, Bitcoin had the strongest liquidity of all crypto assets, usually being the first to be sold off and dragging down other currencies. Other currencies experienced larger price drops. With the relevant information already digested, the market may have bottomed out. Cathie Wood emphasized that Bitcoin represents a new global monetary system and asset class, serving as the preferred entry point for institutions into the crypto space and should be at the forefront of institutional asset allocation.Regarding Ethereum and Solana, Cathie Wood pointed out that the narrative is changing. Ethereum is the infrastructure of choice for institutions, building Layer 2 solutions on Ethereum. However, as the number of L2 solutions rapidly grows, whether it will be "commoditized" is still worth observing. Nonetheless, the Ethereum ecosystem continues to expand, and Ethereum is our second choice. Solana leans more towards a consumer-facing blockchain ecosystem and also has the potential to be part of institutional expansion in the future.In terms of asset allocation, Cathie Wood said that as flagship strategies cannot directly hold crypto ETFs, ARK mainly participates in the crypto industry layout in stock form, including Coinbase, Robinhood, and stablecoin-related company Circle, and holds a small amount of Ethereum and Solana exposure. Currently, crypto-related assets account for about 12%-13% of the portfolio, which is a relatively appropriate proportion.She added that the market is focusing on whether large traditional financial institutions (such as Morgan Stanley, Bank of America, Wells Fargo, UBS, etc.) will formally introduce Bitcoin through ETFs in this cycle, and this decision may become a key variable influencing the next stage of the market.