According to CoinMeta, Wu said that the founder of CryptoQuant, Ki Young Ju, stated in a post that the peak of this bull market cycle is likely to be driven by funds from overseas institutions outside the United States and spot ETF. He pointed out that South Korea has not yet approved spot Bitcoin ETF, so retail investors are unable to purchase overseas ETF, and even enterprises cannot open exchange accounts to buy Bitcoin. So far, this round has mainly been dominated by the narrative of adoption in the United States, but the next phase will be a global institutionalization process that relies on deeper liquidity of stablecoins and RWA infrastructure. In the future, more institutions will include BTC as part of their strategic reserve assets, and the entry barriers for countries that still lack ETF channels will also gradually improve.