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I recently realized that my understanding of the Bitcoin ecosystem might be biased.
The common perception is that Bitcoin should first be promoted among C-end users, but the reality seems to be the opposite - the true large-scale allocation of Bitcoin has never been in the hands of retail investors with their small chips, but rather in the hands of institutional investors, high-net-worth individuals, and an increasing number of publicly traded companies.
This change is crucial. When businesses and funds treat Bitcoin as a strategic asset reserve, their core demand is not holding itself, but how to generate returns from these assets. The emergence and expansion of this demand for yield are driving the evolution of the entire ecosystem's business model.
In other words, the use cases and ecosystem development of Bitcoin may essentially be driven by institutional demand, rather than starting with retail users. This is a market shift worth paying attention to.