$BTC Bitcoin ($BTC), trading near $103K, remains volatile but pivotal in crypto markets. Despite a 5% drop from its $110.8K peak, institutional adoption grows via Bitcoin ETFs (BlackRock, Fidelity). Liquidity challenges persist, with wider spreads than traditional assets. Network security hits records (mining difficulty: 126T, hashrate: 918 EH/s), yet fees stay low (~$0.30/tx). Bullish 2025 targets ($150K-$200K) rely on halving-driven scarcity, but bear risks (drop to $78K) loom if macro conditions worsen. Regulatory progress (SEC ETF approvals) helps, but CBDCs pose long-term threats. BTC's role expands beyond "digital gold" to corporate/sovereign reserves, though liquidity stagnation (flat exchange balances) needs addressing for stability.