This is not the peak of the cycle, but the starting point of a new cycle. 2025 marks the acceleration of the institutionalization process in the crypto market. Although BTC's annual returns are negative, ETF investors have shown strong HODL resilience. On the surface, 2025 appears to be the worst for crypto, but in reality, it is characterized by: the largest turnover of supply, the strongest willingness for institutional allocation, the clearest policy support, and the most comprehensive infrastructure improvement. Although the price has dropped by 5%, ETF inflows reached $25 billion, optimistic about the market in the first half of 2026. Key points for 2026 include: legislative progress on market structure bills, the possibility of expanding strategic Bitcoin reserves, and policy continuity following the midterm elections. In the long term, the improvement of ETF infrastructure and regulatory clarity lay the foundation for the next round of increases. When the market structure fundamentally changes, old valuation logic will fail, and new pricing power will be rebuilt. #btc