The biggest difference between this bull market and previous ones is: the players in Bitcoin have completely changed!

In the past, the price of Bitcoin was mainly driven by 'on-chain whales' and retail investors, with wild fluctuations characterized by grassroots frenzy; but now, traditional capital is making a big entry, with Wall Street giants, publicly listed companies, and even at the national level, all frantically buying in.

1. Wall Street is in: The US Bitcoin spot ETF is swallowing tens of thousands of BTC daily, with institutions like BlackRock and Fidelity holding over a million coins;

2. Publicly listed companies are all in: MicroStrategy holds 214,000 BTC, and the Japanese listed company Metaplanet has directly announced a 'Bitcoin strategic reserve';

3. The national machine is starting: El Salvador continues to increase its holdings, and Wyoming in the US has even legislated to allow BTC to pay government debts...