An interesting paradox is unfolding in the market: Bitcoin has fallen 9.6% this year, yet BlackRock's Bitcoin ETF (IBIT) has attracted $25.4 billion—making it the sixth-largest ETF inflow this year, even surpassing the gold ETF with a 64% increase.

What does this indicate? Simply put—large institutions are not concerned with short-term fluctuations. They are doing something more important: every dip is an opportunity to pour in capital, systematically and massively accumulating Bitcoin.

On-chain data proves all of this. Addresses dubbed "new whales" now control nearly 50% of the realized market value of Bitcoin. Compare this to 22% at the beginning of 2025; the growth rate is astonishing. From another perspective, this isn’t speculation but a redefinition of the entire market’s cost basis.

As tens of trillions of traditional financial capital flows in with an attitude of "ignoring volatility, focusing only on share," the entire market logic is quietly changing. A brand-new asset allocation system is taking shape—cryptocurrencies are moving from the periphery to the center.

In this new system, Bitcoin’s role is clear: digital gold, the bedrock of the entire portfolio. But there’s a practical issue—no complete financial system can rely on gold alone. It needs something that can circulate, be priced, and settle efficiently—truly a "hard currency."

The entry of large capital marks a turning point. BlackRock and others are not only bringing real money but also a completely different approach: long-term holding, prioritizing allocation, and risk management. Their view of Bitcoin is straightforward—it’s a strategic reserve asset, just like national gold reserves.

But here’s the problem: these institutions, which have been operating in traditional finance for decades, have built a framework designed for managing large-scale assets. They need more than just a store of value—they need tools that can be used in daily operations. Bitcoin solves the value storage problem, but the needs for liquidity and stability remain unaddressed.

This gap is exactly where the next wave of institutional capital will fill. Market evolution never stops.