The continuous rise in the price of Bitcoin (BTC) has led to a significant divergence in the behavior of market participants. On one hand, large institutional investors are actively increasing their Bitcoin strategic reserves, often investing tens of millions or even hundreds of millions of dollars. On the other hand, individual investors are becoming increasingly cautious, hesitating in the face of the ever-increasing Bitcoin price, worried that they might become high-level holders.

This phenomenon stands in stark contrast to past bull markets. The bull market of 2017 was primarily driven by retail investors and exhibited grassroots characteristics; the 2021 bull market was a frenzy involving both institutions and retail investors; while the bull market of 2025 seems to be evolving into a strategic reserve competition among institutions for Bitcoin chips.

This trend has sparked thoughts on the future direction of the Bitcoin market. What characteristics will the next bull market present? Is it possible that it will evolve into a competition for digital foreign exchange reserves at the national level? In this case, how likely is it that Bitcoin will break through the $100,000 mark or even higher?

As Bitcoin's position in the global financial system becomes increasingly important, its price trend reflects not only market supply and demand but also increasingly serves as a barometer for the global economy and geopolitical landscape. For individual investors, it is crucial to stay vigilant, analyze rationally, and timely adjust investment strategies in this rapidly changing environment.

Regardless of how the Bitcoin market evolves in the future, it will undoubtedly continue to attract the attention of global investors and may play a key role in reshaping the future financial landscape.