BitGo co-founder and CEO Mike Belshe wrote that the next round of the crypto bull market will progress more slowly than the previous cycle and will also have lower volatility. This is not a warning, but a sign that crypto asset classes are gradually becoming more mature. He said that capital is shifting toward real-world applications: the stablecoin supply has just hit a new high of $322 billion, exceeding the size of foreign exchange reserves of more than 95 countries. Citigroup expects this figure to reach $4 trillion by 2030. Tokenization is also developing along the same path; this is infrastructure building, not speculation. From the custody business perspective, even though BTC has fallen from its peak, participation in Bitcoin by RIAs (registered investment advisors) and institutions is still at a historical high. Belshe said retail chases prices, institutions build positions, and smart money is quietly moving. Slowing growth does not mean weakness—rather, Bitcoin is shifting from a speculative tool to a reserve asset, and as the holder base gradually matures, its volatility risk premium will narrow.