$BTC

Bitcoin is undergoing a paradigm shift from "digital gold" to "institutional asset." Against the backdrop of a 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 GBTC are reshaping the traditional financial product matrix. The convergence of volatility and the approval of spot ETFs create a positive feedback loop, driving it towards becoming the "third pole" of asset allocation.

Future breakthroughs will focus on three dimensions: in terms of technology, Layer 2 solutions like Lightning Network and OP Stack are expected to solve scaling issues, realizing the vision of a payment network with a million TPS; in terms of regulation, 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; in terms of application, DePIN (Decentralized Physical Infrastructure Network) and the RWA (Real World Asset) track are connecting the value pipeline between the crypto economy and the real economy. If breakthroughs can be achieved between energy consumption and ESG standards, Bitcoin may truly become a bridge connecting traditional finance and digital civilization.