Bitcoin's recent performance reveals an interesting market divergence—short-term fluctuations with underlying currents of institutional capital and positive policy signals.

**Policy-Driven Institutional Entry Accelerates**

South Korea's actions are noteworthy. As one of the major global economies, they have explicitly planned to introduce a spot Bitcoin ETF this year in their 2026 economic growth strategy, while also improving the legal framework for blockchain payments. This is not a random move but a clear regulatory-friendly signal to institutional investors. Such policy breakthroughs often serve as a precursor to large-scale capital inflows.

**Listed Companies' Accumulation of Chips**

Data shows that the total BTC holdings of listed companies have surpassed 923,000 coins, equivalent to $86 billion in reserves. Meanwhile, US banks are also reportedly actively increasing their BTC allocations. These institutional-level positions are not short-term trades but reflect confidence in Bitcoin's long-term value.

**VanEck's Bold Prediction**

VanEck's team projects a target of $2.9 million by 2050—based on Bitcoin's potential role as a global settlement asset and central bank reserve. While this figure seems aggressive, it indicates a reassessment of Bitcoin's strategic position by institutions.

**Real-World Concerns: Short-Term Liquidity Pressure**

However, the current ETF fund situation is somewhat perplexing. Over the past week, net outflows reached $671.9 million, with some trading days exceeding $340 million in single-day outflows. This suggests some investors are readjusting their risk exposure, perhaps waiting for better entry points.

**Technical Signs of Fatigue**

On the short-term charts, some bearish signals are visible—MACD histogram remains negative, and short-term moving averages are below long-term averages. These indicators suggest the market may continue to face pressure in the near term. The price is currently trapped within a relatively narrow range, with resistance around $91,520 and a clear sell zone between $95,000 and $98,000. In a low-liquidity environment, price volatility can be amplified.

**Dual Nature of Market Sentiment**

The entire community exhibits a cautious yet hopeful stance. Investors are clearly aware—this is a consolidation phase, and ETF fund volatility in the short term is significant. But for those with a long-term perspective, the accelerated institutional adoption, friendly policies, and ongoing accumulation by listed companies are enough to offset short-term noise.

Overall, Bitcoin is at a delicate balance—short-term technical signals require more confirmation to break through, but the fundamental support in the medium to long term is steadily strengthening.