2025-12-30 15:20:14

Bitcoin's path of transformation is filled with drama. From its early revolutionary dreams to being redefined by Wall Street today, institutional attitudes have always been ambiguous—questioning it publicly while never stopping their accumulation behind the scenes.

In October 2025, Bitcoin surged to a historic high of $126,000, causing the entire market to cheer. Who would have thought that just two months later, the price would fall back to $89,000, trapping countless late buyers? This isn't a story of retail investors chasing gains and getting caught; behind it are large institutional capital inflows and outflows.

The most striking change this year is the突破 of $160 billion in Bitcoin spot ETF assets, a first in history. Even more ironic, retail investors have been kept outside this main upward wave—ETFs have become the only gateway for Bitcoin, and control has completely shifted.

Now, talking about Bitcoin is like analyzing stocks—paying close attention to Federal Reserve policies, geopolitical situations, and regulatory trends. This asset is undergoing an identity crisis: should it stick to its original goal of decentralization, or seek Wall Street's approval? Can both be achieved simultaneously?

**Institutionalization Has Become a Reality**

Michael Saylor, head of Strategy company, holds about 640,000 BTC. At peak prices, this holding was worth over $80 billion—approaching the cash reserves of tech giants like Amazon and Microsoft. From an alternative asset to a core reserve on corporate balance sheets, Bitcoin has completed a stunning transformation.

Traditional financial giants are not idle either. Intercontinental Exchange, the parent company of the New York Stock Exchange, has directly invested $2 billion into the decentralized prediction platform Polymarket… This is no longer just testing the waters but real money betting.

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ForkItAllDay

· 2025-12-31 07:38

I knew it would be like this all along—the dream of decentralization has long died. Once Wall Street got involved, retail investors had no say anymore. Now trading Bitcoin is as disgusting as stock trading. Saylor hoarding so many coins, really thinking he's a bank. With institutions holding the power, we can only be exploited. From revolution to domestication, is that all? Can't make money, and have to look at the Fed's face. Don't talk about freedom anymore. As soon as ETFs came out, it was over. Retail investors will always be the bagholders.

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SerumSquirter

· 2025-12-30 15:50

Well said, that’s just the nature of those Wall Street folks. They say Bitcoin is too volatile, but they’ve already accumulated a lot. When institutions enter the market, they enter the market. Don’t pretend to be decentralized here. Saylor’s 640,000 Bitcoins are the answer. Retail investors are completely wiped out; ETFs are the real cash cow. Honestly, those who believed Bitcoin could change the world might feel a bit embarrassed now. From 126,000 to 89,000, this hunt for chasing high buyers is really ruthless. They deserve a lesson. Once regulation tightens, these institutions will have to obey. All the dreams of decentralization will be shattered. Instead of obsessing over an identity crisis, think about how many coins you still have left. Investing 2 billion in Polymarket—that’s true gambling spirit. Retail investors don’t even have access to the entry.

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TheMemefather

· 2025-12-30 15:49

The centralized approach is becoming more and more outrageous, and that pioneering spirit from the early days is really gone. Retail investors are being completely wiped out in this round; their say has long been taken over by institutions. Saylor's 640,000 coins are definitely playing a monopoly game. Wall Street says they want decentralization, but then they leverage up and go long—it's hilarious. It's really just become Stock 2.0; we can never go back to those free days. Bitcoin is now just an ATM for institutions; retail investors are just the little guys. Who wrote this script? It's so ironic.

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GasFeeCrybaby

· 2025-12-30 15:41

Huh, Saylor's buddy holds 640,000, this is basically playing Monopoly... --- To put it simply, buying BTC now is no different from buying stocks, and it's still being tightly controlled by institutions. --- Retail investors being blocked outside the ETF? Isn't this just a disguised way to cut the leeks? --- The dream of decentralization has long died; now we just wait for Wall Street to continue the harvest. --- Dropping from 126k to 89k, I totally understand the despair of those chasing the high, brother... institutions just counterattack and lose everything. --- Spending 2 billion on Polymarket, you'll see what the financial giants are really playing. --- Identity crisis? There’s no identity left; now it’s just a toy for the aristocrats. --- The ETF scale surpassing 160 billion, what does it mean? Retail investors have completely become spectators, haha.

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BlockchainBrokenPromise

· 2025-12-30 15:25

This is the true face of capitalism. Where is the promised decentralization? Institutions are eating the meat, retail investors can't even get the broth. It's so damn ironic. Saylor's 640,000 Bitcoins, we'll never earn that in our lifetime. The ETF has locked Bitcoin inside a besieged city, freedom is gone, only the yield remains.

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ApeWithNoFear

· 2025-12-30 15:24

Decentralization is dead, now it's just institutions' ATM --- From 126 to 89, two months to trap people, a typical pump-and-dump rhythm by the whales --- That guy Saylor holds 640,000 coins, I only have 64 dollars, why is there such a big difference haha --- Once ETFs appeared, retail investors had no chance. Buying BTC now is no different from buying stocks --- The irony is that we once opposed this group on Wall Street, and now we have to compete with them for our livelihoods --- Institutions say they don't want it, but they stash it quickly. Their acting skills are impressive --- Identity crisis? It’s no longer a crisis, it’s already a reality, brother

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GrayscaleArbitrageur

· 2025-12-30 15:23

Wait, is Saylor really holding 640,000 Bitcoins? I feel like this guy is richer than the central bank. Wall Street's move is brilliant—saying decentralization is a scam while secretly funneling retail investors' money into ETFs. With institutions moving in and out so aggressively, retail investors need to be extra cautious. Next time there's a surge, we won't dare chase it. From 126,000 down to 89,000, how many people have been crushed alive in these two months? I just want to know. So now Bitcoin is essentially just a tool for institutions to hedge, the revolutionary spirit is gone, and only the leeks remain. The move to make ETFs the only entry point is brilliant. What happened to peer-to-peer? Laughable. Is Saylor playing chess or gambling? Putting $80 billion of his net worth entirely on one coin—his mental toughness is unmatched. Honestly, buying Bitcoin now is no different from buying stocks. Besides self-custody, how is it still considered decentralized? Wall Street has crowned Bitcoin, but retail investors have been kicked out of the banquet hall.

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