$ETH Gemini collaborates with Glassnode to release a report: Currently, about 30.9% of Bitcoin is firmly held by 'centralized large holders' such as ETFs, publicly listed companies, and governments, getting closer to being a 'strategic reserve'.

In terms of trading volume, centralized platforms and regulatory bodies account for 75%. This is not a market anomaly; it's institutional consolidation.

Price volatility is decreasing, and Bitcoin is increasingly resembling 'Wall Street's regular army'. There are even models predicting that sovereign allocations could enter, with potential short-term valuations expanding by 25 times.

So, is Bitcoin ultimately a safe-haven asset or a disguised 'substitute for government bonds'?..