Michael Saylor recently revealed an interesting signal—the attitude of the old big banks in the US towards cryptocurrencies has done a 180-degree turn. Now, eight top banks have started engaging in Bitcoin custody and lending services, something that was almost unthinkable before.

More importantly, the regulatory climate is indeed changing. Even the traditionally conservative Vanguard has loosened up, allowing trading of ETF products linked to Bitcoin and XRP. The market is still betting that the Federal Reserve will cut interest rates by 0.25 percentage points, which is good news for risk assets in this macro environment.

The price trend also speaks volumes: Bitcoin rebounded from a low of $86,700 to around $92,300, and is now eyeing the $94,200 threshold. However, on the other hand, it’s still somewhat difficult for ordinary retail investors to enter on a large scale—legal frameworks, operational thresholds, and risk management requirements remain obstacles. It seems that the gap between institutional players and the retail market cannot be bridged in the short term.