On January 8th, the Chief Investment Officer of the investment advisory firm ProCap Financial elaborated in an interview with the media on the real considerations behind Morgan Stanley's launch of Bitcoin and Solana ETF products, while excluding Ethereum.

His core point is quite straightforward: Bitcoin is positioned as the "ultimate safe haven asset" — in the current environment of economic uncertainty and escalating geopolitical risks, institutional investors are allocating to such defensive assets. Solana, on the other hand, plays a different role, more as a proxy for capturing "emerging hot spots" and market sentiment.

In contrast, although Ethereum, as the second-largest public chain ecosystem, supports applications like DeFi and NFTs, it seems to be in an "awkward position" in institutional strategic allocations — not as intuitive as Bitcoin as a store of value, nor as attractive as new concept coins for funds seeking new stories. This reflects traditional financial giants' precise judgment of risk characteristics and market cycles when deploying crypto assets.