On a certain day in 2030, when BlackRock's Bitcoin ETF surpasses the S&P 500 index fund, Wall Street traders suddenly realize: that thing they once mocked as a 'dark web toy' is now controlling the global capital's throat.
In 2025, the outflow of funds from the Bitcoin ETF led to a price drop, and analysts referred to it as the 'distribution phase' of a bull market. This round of the bull market has high institutional participation, retail behavior is more rational, and both the market structure and cyclical characteristics have changed, making 2025 a key year for bulls and bears.
