According to CoinMeta, CryptoQuant CEO Ki Young Ju stated that the peak of this bull market has been driven by institutional funds from outside the United States and ETF. Currently, there is no spot Bitcoin ETF in South Korea, making it impossible for retail investors to purchase foreign ETF, and companies are also unable to open exchange accounts to buy Bitcoin. He pointed out that the popularity of Bitcoin is currently concentrated in the United States, and the next phase will be global institutionalization, accompanied by greater liquidity of stablecoins and the establishment of RWA mechanisms. More institutions will hold Bitcoin as a strategic asset, and many countries that lack ETF will also find it easier to obtain Bitcoin.