Some people are extracting liquidity, while others are providing liquidity. For example, issuing tokens like PUMP and USDC being listed in the US stock market are forms of extraction. However, the Hong Kong and US stocks that replicate Microstrategy's shell companies are genuinely providing liquidity to Bitcoin with real money. Since institutions have been continuously stepping in, it implies that there will be even higher peaks in the future. As for whether it will break the four-year cycle, it is still unclear.

In 2017, cx organization stepped in to buy Bitcoin.

In 2020, Grayscale stepped in through GBTC.

In 2024, ETFs will continue the relay.

In 2025, the US government and institutions will begin to take over.

In the future, global strategic reserves will continue to step in.

Therefore, the story of Bitcoin is far from over!