You have probably seen this meme of Game of Thrones where Michael Saylor declares that the crypto winter is over. Yeah, the timing is perfect: Bitcoin has just crossed $78,000 and everyone is wondering if we've really turned the page.

So, is it really over? Not everyone agrees. Mati Greenspan, a former analyst at eToro, seems to have an interesting point. For him, what we've experienced since the October 2025 flash crash (with its $19 billion in liquidations in 24 hours) isn't even a true crypto winter. It's more of a significant pullback in a broader bullish market. The nuance is important.

What’s interesting is that even Greenspan admits that Bitcoin has probably found its bottom. We should see an upward trend from now on. And Michael Saylor, with his position at MicroStrategy, really seems to believe it. His company just added 13,927 Bitcoin to its treasury, bringing the total to around 780,897 BTC. When someone of this caliber continues to accumulate, it sends a signal.

Jason Fernandes, an analyst at AdLunam, also nuances things. Yes, the winter may be over for Bitcoin, but it’s still very cold for altcoins. That’s a distinction we often forget when talking about the crypto market in general.

What I find really relevant in Michael Saylor’s position and his ongoing purchases is that it symbolizes a major transition. We’re moving from an era dominated by early adopters and retail investors to an era of institutional dominance. Corporate treasuries holding Bitcoin are becoming the norm, not the exception.

But Greenspan goes further, and that’s where it gets fascinating. He talks about four distinct adoption cycles: early adopters in 2013, the massive retail awareness in 2017, institutional adoption in 2021, and now the real game-changer, in his view: adoption by nation-states. With the U.S. shifting under Trump, signs are already visible. The United States is considering a strategic Bitcoin reserve. El Salvador continues its daily purchases around 7,500 BTC. China holds about 190,000, and the United Kingdom 61,000.

Imagine central banks adding Bitcoin to their balance sheets for price stability, as they did with gold. That’s the scenario Greenspan envisions. And honestly, when we see governments and entities like Wisconsin and New Jersey exploring Bitcoin exposure in public pension funds, it’s no longer just theory.

So yes, Michael Saylor might be right. The winter may be over. But what’s coming could be much more significant than what we’ve seen so far. Bitcoin’s current price around $80,760 reflects this transition. We are probably witnessing the beginning of a completely new era for cryptocurrencies.