For every veteran who has floated in the crypto world for years, this bull market from 2024 to 2025 feels so familiar yet so different. Once, we were accustomed to the frenzy ignited by community sentiment, technological breakthroughs, or tweets from some anonymous founder; now, behind every significant pulse in the market, the presence of those suited figures from Wall Street and the financial district is subtly visible.
Yes, please put away the old script of 'grassroots counterattack'; what we are experiencing is an institutional bull market driven by real money that profoundly changes the industry landscape.
The Winds of Change: When BlackRock Shouts 'All In'
If the past crypto market was a vast ocean full of opportunities yet muddled with uncertainties, now, this body of water has welcomed carrier-level players.
On June 12, 2025, news arrived that would etch itself into the annals of crypto history: the world's largest asset management company, BlackRock, which holds over $11.5 trillion in assets, has included 'becoming the world's largest crypto asset manager' in its core vision for 2030.
This is no longer a test but a strategic declaration of full commitment. From CEO Larry Fink's early skepticism about cryptocurrencies to now managing over $50 billion in crypto assets, this dramatic shift itself is the strongest market signal. Its Bitcoin spot ETF 'IBIT' has seen continuous record-breaking inflows since its launch, functioning like a giant vacuum cleaner, drawing traditional capital into the crypto world. BlackRock is not just 'investing' in cryptocurrencies; it is also deeply involved in ecosystem building—managing Circle's USDC reserves and launching tokenized funds BUIDL, it is becoming an infrastructure builder in this new world.
When a 'behemoth' like BlackRock is no longer satisfied with just a 'ticket,' but is vying for the 'top seat,' the nature of the entire game has fundamentally changed.
Asset Liability Git: From 'Barbarians at the Gate' to 'Bitcoin Enthusiasts'
If BlackRock represents the 'absorption' of traditional financial power, then publicly listed companies led by MicroStrategy are staging a spectacular drama of 'internal disruption.'
Under the leadership of CEO Michael Saylor, MicroStrategy has nearly tied the company's future to Bitcoin, hoarding a quantity of Bitcoin on its balance sheet that many crypto-native funds can only envy. This seemingly aggressive strategy is essentially a revolutionary exploration of traditional corporate financial management: in the context of global monetary overproduction, shifting corporate reserves from depreciating cash to a potential store of value—Bitcoin.
This trend is sweeping from North America to Europe. Dubbed the 'French version of MicroStrategy', The Blockchain Group has ambitiously announced plans to raise tens of billions of euros to establish a dedicated Bitcoin treasury. This indicates that treating Bitcoin as a core strategic asset for enterprises is becoming a global trend in corporate governance.
The actions of these publicly listed companies go far beyond mere investment. They continuously buy Bitcoin through bond issuance, capital increases, and other financial means, sending a strong signal to the entire capital market: Bitcoin is not just a speculative tool, but a strategic asset worth holding for the long term. They have directly endorsed Bitcoin's value with their stock prices and financial reports.
The Compliant Bridge: ETFs Open the Floodgates to Trillions in Capital
A key technical prerequisite that allows institutions to enter this bull market on a large scale is the approval of Bitcoin spot ETFs in the U.S. This is akin to building a broad, strong, and fully compliant bridge between the vast ocean of traditional finance and the independent island of cryptocurrencies.
Before this, institutions looking to invest in Bitcoin faced numerous barriers including complex custody, regulatory ambiguities, and risk control difficulties. The emergence of ETFs simplifies all of this. Now, whether it's pension funds, sovereign wealth funds, or ordinary high-net-worth clients, they can easily allocate Bitcoin through their familiar brokerage accounts, just like buying and selling stocks.
Conclusion: Amid the Waves of the 'Institutional Bull Market,' How Should Individual Investors Position Themselves?
This institution-led bull market is significantly different from previous ones:
Stronger Continuity:Institutional investment decisions are based on long-term strategies and macro analysis, rather than short-term emotions, which may lead to a more stable and sustained upward trend in the market.
Enhanced Linkage with the Macro Economy:As institutional funds pour in, the movements of the crypto market will become increasingly intertwined with global interest rate policies, inflation data, and other macroeconomic indicators. Bitcoin is transitioning from an 'alternative asset' to a 'macro asset.'
Volatility May Ease: The influx of large-scale funds increases market depth and liquidity, theoretically smoothing some extreme price fluctuations; of course, sharp adjustments in the short term remain unavoidable.
For us individual investors, this means that the past myth of 'getting rich overnight' may diminish, and the space for arbitrage based on information asymmetry is also being compressed. But this is also an opportunity: the market's standardization and transparency provide us with a safer, more predictable investment environment.
In the era of the 'Institutional Bull Market,' our investment strategies need to evolve accordingly:
Abandon Short-term Speculation, Embrace Value Investment: Stay close to those core assets recognized by institutions.
Focus on Macro Narratives: Understanding every statement from the Federal Reserve may be more important than chasing a particular community hotspot.
Keep Learning: By learning the analytical frameworks used by institutions and understanding new trends such as tokenization and RWA (Real World Assets), we can continue to ride the waves of this 'smart money'-led tide.
Undoubtedly, the 'coming of age' for cryptocurrencies has arrived. Welcome to the era of the 'Institutional Bull Market.'
Disclaimer: This article is merely a market analysis and opinion sharing, and does not constitute any investment advice. The cryptocurrency market is highly volatile, and investment carries risks; proceed with caution.
