According to Wu Blockchain, CryptoQuant founder Ki Young Ju shared a post stating that the peak of this bull market cycle is likely to be driven by overseas institutional funds and spot ETFs outside the U.S. He pointed out that South Korea has yet to approve a spot Bitcoin ETF, retail investors cannot purchase overseas ETFs, and companies are even unable to open exchange accounts to buy Bitcoin. So far, this cycle has been primarily driven by U.S. adoption narratives, but the next phase will focus on a global institutionalization process supported by deeper stablecoin liquidity and RWA infrastructure. In the future, more institutions will include BTC as a strategic reserve asset, and access barriers in countries lacking ETF channels will gradually improve. https://www.(wublock123.com)/news/news-67315