When looking at the crypto market, you need to understand the bigger environment behind it—slowing global economic growth, persistent inflation, and the far-reaching impact of central bank interest rate policies. The key point is that the composition of market players has changed; the era of retail investors dominating has passed, and now institutions are the true decision-makers.

The US spot Bitcoin ETF has gained popularity, and with companies like MicroStrategy incorporating crypto assets into their financial reports, their influence on Bitcoin's price movement is growing. It sounds like a good thing, but the reality is a bit more interesting—by 2025, nearly $44 billion in funds will have entered through these institutional channels, yet Bitcoin's price increase hasn't met everyone's expectations. Why? A large number of long-term holders are choosing to sell and cash out at this time, effectively suppressing the buying pressure from new funds. What does this indicate? The market is no longer in the era of "funds pouring in causing explosive growth"; changes in the capital structure are creating a subtle balance.

Beyond institutional funds, the role of stablecoins cannot be underestimated. USDT, USDC, and other dollar-pegged stablecoins have reached record-high circulation levels. They serve as a bridge for transaction settlement and are a pillar of on-chain liquidity. Meanwhile, regulatory efforts in the US are accelerating, especially around stablecoin legislation and the overall compliance framework for the industry. These factors will directly influence how funds flow into the crypto market and the direction of innovation.

However, there is also a concern: the momentum driven by institutions may have hit a ceiling. The inflow of funds into Bitcoin ETFs in 2025 has noticeably slowed, and some companies relying on financing to buy coins are facing a shrinking stock price premium. If the market cannot find new positive catalysts...