Bitcoin recently broke through the $91,000 mark, and behind this is actually a quiet transformation in market structure. If you look closely at the data, institutional investors (including various ETFs and publicly listed companies) now hold over 40% of the supply. Meanwhile, the US is pushing forward with the "Bitcoin Act," and combined with the tightening supply after the halving, these three forces are working together to drive the rally. Unlike the wild swings of the past, this upward trend appears more steady and orderly, indicating that crypto assets are evolving toward traditional financial assets.

The most direct reflection of institutional involvement is in the holding numbers. Out of the 21 million Bitcoins, institutions already hold about 8.96 million, accounting for 43%. Interestingly, early mined coins have gradually settled, with addresses like "Satoshi" that haven't moved in over ten years making up 10%, and approximately 11% of coins have been permanently lost. As a result, the truly circulating supply becomes even tighter. This change has profound implications: Bitcoin's price is increasingly approaching mining costs, and volatility is actually narrowing.

Future capital patterns may become even more critical. Once Hong Kong's stablecoin regulations are finalized, long-term capital such as retirement funds and sovereign wealth funds will have the opportunity to enter on a large scale. These funds buy Bitcoin not for short-term speculation but for asset allocation. When they make large purchases, they can create a "ballast" effect, providing market stability. Numerically, by the end of 2025, the scale of US spot Bitcoin ETFs is expected to reach $84 billion, roughly two-thirds of the size of gold ETFs, making it the main channel for institutional entry into the crypto market.

Policy is also evolving. In November 2025, the U.S. House of Representatives proposed the "Bitcoin Act," which could serve as a new catalyst. This bill allows taxpayers to pay taxes with Bitcoin and exempts capital gains tax. Essentially, it grants Bitcoin a semi-official status, far beyond the vague designation of "virtual assets" in the past. If the bill is passed and implemented, the recognition of Bitcoin will step up to a new level.

Overall, supply is tightening, institutions are continuously entering, and policies are gradually releasing positive signals. These factors combined support the major trend of Bitcoin evolving from a fringe asset to a macro allocation asset. Compared to the previous bull markets characterized by speculation, this rally is more solid in logic, and participants are more institutionalized.