#数字资产市场动态 Industry research institutions recently expressed the view that we should not overly rely on traditional financial institutions to push $BTC to a high of $150,000. This viewpoint has sparked much discussion—although institutional funds have entered the market, their risk appetite and operational logic may not be the main drivers of Bitcoin's rise. The medium to long-term market trend will likely still depend on a comprehensive analysis of on-chain fundamentals, market sentiment, and macroeconomic environment. It is worth noting that, based on historical cycles and the current liquidity environment, such expectations adjustment voices are appearing more and more frequently.