$BTC Gemini teams up with Glassnode to release a report: Currently, approximately 30.9% of Bitcoin is firmly held by "centralized large holders" such as ETFs, listed companies, and governments, getting closer to being a "strategic reserve".

In terms of trading volume, centralized platforms and regulatory agencies account for 75%. This is not a sign that the market has changed, but rather that institutions are banding together.

Price fluctuations are becoming smaller, and Bitcoin is increasingly resembling "the regular army of Wall Street." There are even models predicting: with sovereign allocation entering the market, short-term valuations could expand by 25 times.

So, is Bitcoin a safe-haven asset, or a de facto "substitute for government bonds"?