The peak of this bull cycle will likely be driven by institutional money and ETFs outside the US. Korea still has no spot Bitcoin ETF, retail can't buy foreign ones, and companies can't even open exchange accounts to buy BTC. So far this has been a US adoption story, but the next phase is global institutionalization with deeper stablecoin liquidity and RWA rails. More institutions will hold BTC as a strategic asset, and access will improve in the many countries that still lack ETFs. This cycle's top might be when a banker at a regional bank in Korea recommends a spot Bitcoin ETF to a granny for her savings.(Ki Young Ju)