$BTC

Bitcoin is undergoing a paradigm shift from "digital gold" to "institutional asset." Against the backdrop of the global central bank digital currency race, its uniqueness as a non-sovereign store of value continues to strengthen, with institutional allocation rising from less than 1% in 2020 to over 6% in 2023. Products like Grayscale's GBTC are reshaping the traditional financial product matrix. The convergence of volatility and the approval of spot ETFs create a positive cycle, promoting its evolution as the "third pole" in major asset allocation.

Future breakthroughs will focus on three dimensions: at the technical level, Layer 2 solutions such as the Lightning Network and OP Stack are expected to solve the scalability dilemma, achieving the vision of a payment network with millions of TPS; at the institutional level, the implementation of the U.S. SEC regulatory framework may give rise to a compliant digital asset custody system, while Singapore's Monetary Authority's "Project Guardian" experiment could set a new benchmark for regulatory sandboxes; at the application level, DePIN (Decentralized Physical Infrastructure Networks) and RWA (Real-World Assets) tracks are bridging the value pipeline between the crypto economy and the real economy. If breakthroughs can be made between energy consumption and ESG standards, Bitcoin may truly become a bridge connecting traditional finance and digital civilization.