BlackRock's entry didn't spark the usual excitement in the crypto world—no MEME hype, no high APY temptations, and marketing buzz was modest.

But it did one simple yet profound thing: it brought the traditional financial logic of government bond yields onto the blockchain through smart contracts.

What was the result? In just over a year, the assets under management (AUM) of this type of spot ETF has reached billions of dollars, with dividend payouts surpassing the 100 million mark. Behind these numbers reflects a fundamental shift in institutional attitudes toward the Bitcoin market.

What’s even more worth pondering are the details—after traditional financial institutions entered, the overall "usability" of the market has increased. It’s no longer just a playground for speculators but is gradually evolving into an ecosystem capable of supporting real capital flows.

This may be the biggest variable facing the crypto market. When traditional finance is no longer unfamiliar, and on-chain yields become predictable, how will you choose?