Chinese people flocking to the crypto world? A-share uncles and aunts advocate for Crypto Assets! JD.com is hiring DeFi experts!

In the summer of 2025, the heat wave of the crypto assets market seems to be quietly penetrating every corner of China with unprecedented momentum. Although the official ban on crypto assets remains in place, a grassroots "crypto fever" is surging from the bottom up and from the outside in. The peculiarity of this trend is that it manifests on two distinctly different levels: at the grassroots level, traditional A-share "uncles and aunts" are enthusiastically discussing Bitcoin and Ether in their unique "slang"; while at the high level, e-commerce giants like JD.com and publicly listed companies like Huajian Medical have quietly laid plans, recruiting talents in an attempt to secure a place at this feast of digital assets.

All these signals intertwined, inevitably raising the question: Are the Chinese entering the crypto space in large numbers? Is a massive force from China, blending grassroots enthusiasm with institutional ambition, injecting new and unpredictable variables into the next bull market of the global crypto assets market?

Folk frenzy

To measure whether an investment item has truly "broken out of its circle," perhaps the most vivid indicator is to see if the older generation in the vegetable market has started discussing it. Recently, as Bitcoin briefly surpassed $122,000 and Ethereum reached $4,300, this wave has also swept into the traditional A-share investor community in China.

According to observations, these "old folks" who have been through the stock market battles not only begin to pay attention to crypto asset investments, but also redefine mainstream crypto assets in an extremely "simple and straightforward" yet exceptionally precise language, constructing their own investment narrative: Bitcoin ( BTC ): digital gold. This consensus is the most common, pointing directly to its value storage and anti-inflation attributes. Ethereum ( ETH ): the Nvidia of the crypto space. This metaphor is truly exceptional, breaking away from the old framework of "digital oil" and positioning Ethereum as an indispensable underlying infrastructure of the Web3 world, comparable to Nvidia in the AI era, demonstrating a deep understanding of the value of the Ethereum ecosystem. BNB: the Citic Securities of the crypto space. Comparing BNB to China’s largest brokerage accurately captures its core value and central position as the largest exchange platform coin globally. SOL: the leading casino of the crypto space. This humorous yet apt definition points directly to the characteristics of Solana chain's prevalence of meme coins, fast transaction speeds, and high-risk, high-reward "casino" nature. Dogecoin ( DOGE ): the leading coin under Musk's control. It succinctly reveals its strong binding relationship with the world’s richest man, Musk. USDT/USDC: they can also clearly distinguish between the world’s number one stablecoin and the US compliant stablecoin.

This "grandparents' version" of the Crypto Assets list, while full of grassroots flavor, conveys a message that should not be underestimated. It indicates that, even under strict information control, the value and narrative of Crypto Assets have still managed to penetrate the most grassroots retail investor groups in China through various channels. This bottom-up FOMO (fear of missing out) sentiment is often a strong signal that the market is entering a new phase. Of course, some cautious observers believe that when the "grandparents" start rushing into the market, it may indicate that the market is overheated and could be a contrarian indicator. Everything has its own interpretation.

The undercurrents of institutions

If the enthusiasm of the public is the thermometer of the market, then the actions of institutions are the compass that indicates the future direction. Unlike the clamor of retail investors, China's institutional giants are entering the crypto assets space in a more stable and strategic manner.

Recently, a recruitment announcement from Chinese e-commerce giant JD.com has caused quite a stir in the industry. The company is publicly hiring a "DeFi expert." According to the job description, this expert needs to have a deep understanding of various DeFi protocols, smart contracts, and token economics, with the core task of exploring how to strategically integrate DeFi technology with JD.com's vast e-commerce and fintech operations.

This signal indicates that top tech companies like JD.com have long surpassed merely viewing Crypto Assets as reserve assets for investment. They are seriously considering how to leverage DeFi, this decentralized financial infrastructure, to transform their existing core businesses such as payments, supply chain finance, and customer loyalty programs. This is a strategic elevation from "investment" to "application," suggesting that DeFi may become a key component of the future digital economy.

At the same time, in Hong Kong, which is closely connected to the mainland financial system, another institutional experiment is underway. Huajian Medical Company, listed in Hong Kong, has prominently announced the launch of its "Ethereum Reserve Strategy."

The company's goal is very clear: to emulate the Western world's MicroStrategy's big bet on Bitcoin by continuously and strategically converting a portion of the funds in its balance sheet into Ethereum, and aims to become one of the largest holders of Ethereum among publicly listed companies in Hong Kong.

Huajian Medical's move has set a precedent for listed companies in Asia. It not only provides traditional stock market investors with a compliant, indirect investment channel for Ether, but more importantly, it conveys a strong message to the market: institutional capital not only views Bitcoin as a "digital gold," but also sees Ether as having long-term growth potential as the "Web3 infrastructure."

Duet of Chinese Power

By juxtaposing the enthusiasm for orders shouted by the grassroots "uncles and aunts" with the deep layout of JD.com and Huajian Medical, a complex and fascinating picture unfolds before us. It reveals a relationship between contemporary China and the crypto world that is full of contradictions yet vibrant.

On one hand, there are strict national-level bans attempting to establish a solid firewall for the financial system. On the other hand, there are the unstoppable market forces: at the grassroots level, there is the public desire for wealth appreciation; at the institutional level, there is the foresight seeking future growth curves. These two forces are converging into a powerful undercurrent through Hong Kong, this unique "super connector", and various semi-underground channels.

The elderly investors in China's A-shares may not know what EVM compatibility is, and JD.com's strategists may also be temporarily unable to deploy smart contracts in the mainland. However, their simultaneous actions point to a clear future: China's capital, talent, and market power will certainly not be absent in this round of the global digital asset revolution.

This "duet" performed by both retail and institutional investors may be signaling that, in the upcoming market cycle, the influence from China will reshape the global Crypto Assets landscape in a more diverse, complex, and profound way.