There's an interesting phenomenon: Michael Saylor recently claimed on X that "Bitcoin's winter is over," as BTC broke through $78,000. This statement from the MicroStrategy chairman sparked widespread discussion in the market and also reflected institutional investors' confidence in the current market conditions.

However, not all analysts agree with this assessment. Market analyst Jason Fernandes stated that even if Bitcoin's winter has ended, altcoins are still "very cold." And Mati Greenspan, founder of Quantum Economics, went even further, believing that this recent correction can't really be called a true crypto winter, but rather "a significant pullback within a larger bull market."

Interestingly, although Greenspan is cautious about calling it a "winter," he agrees with a key point implied by Saylor: Bitcoin is likely already bottomed out and will move higher next. He said, "I think we are very likely seeing the bottom." What's the logic behind this judgment? Saylor and his company have recently increased their Bitcoin holdings significantly, and this ongoing institutional-level buying activity is widely interpreted by market observers as a signal — we are entering a new era dominated by institutions.

But if you only look at institutional adoption, you might underestimate the story that’s coming next. Greenspan pointed out that the crypto industry has gone through three distinct adoption cycles: early adopters in 2013, retail mass awakening in 2017, and institutional entry in 2021. Now? "The fourth and final major driver is adoption at the national level. I believe this will happen soon, especially with a shift in U.S. policy," he said.

This is not baseless speculation. The U.S. is planning to establish a strategic Bitcoin reserve, China and the UK hold about 190k and 61k BTC respectively. El Salvador continues its daily purchase program, aiming to accumulate 7,500 BTC. Even at sub-sovereign levels, places like Wisconsin and New Jersey are beginning to allocate Bitcoin in public pension funds.

Greenspan's vision is very compelling: "Imagine central banks adding Bitcoin to their balance sheets, just as they did with gold in the past, to maintain price stability." Such national-level adoption could be the real protagonist of this cycle. And Saylor’s statement on X is, in a sense, just the beginning of this bigger story.