The peak of Bitcoin’s current bull cycle is likely driven by institutional capital and ETF demand outside the United States.

Improved stablecoin liquidity and continued development of tokenized asset infrastructure will expand global market participation.

For example, in South Korea, the country currently lacks spot Bitcoin ETFs, retail investors cannot buy overseas-listed spot Bitcoin ETFs, and most companies cannot open trading accounts to buy Bitcoin. South Korea has begun phasing in access for businesses. The Financial Services Commission (FSC) roadmap covers roughly 3,500 listed companies and eligible professional investors, but financial institutions and other firms are still excluded.

Strategy’s Bitcoin banking industry adopts an index-based assessment of 25 major institutions across areas such as trading, custody, digital asset products, financing, and corporate participation, with an overall adoption rate of 32%. Data shows that the value of globally tokenized distributed assets is $38.63 billion, up 2.65% from 30 days ago. The Bank for International Settlements (BIS) notes that stablecoins have the potential to enable faster, programmable payments, but their current design may introduce risks related to financial integrity, liquidity, and monetary aspects.

In the two years before listing, U.S. spot Bitcoin ETFs accumulated net inflows of about $57 billion.

The next phase will be global institutionalization, when more institutions view Bitcoin as a strategic asset and countries lacking ETFs will further develop their investment channels.

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