Bitcoin's recent pullback hasn't been as intense. Compared to the fluctuations over the past four or five years, this range is actually quite moderate, and the underlying logic may be related to traditional funds being constrained by macroeconomic factors.

The pace of Bitcoin's rise in 2025 is noticeably different from previous years, with the most significant variable being the overwhelming rollout of spot ETFs. This is gradually transforming Bitcoin from a purely speculative asset into a part of asset allocation, with its speculative nature fading.

Regarding the future trend, the market is divided into two camps. The pessimists believe Bitcoin will experience a deep correction, even returning to previous low-price ranges; the optimists dismiss this and are betting that Bitcoin can reach $150,000 by the end of the year, with some more aggressive predictions aiming for $250,000 in 2027.

In simple terms, the door to traditional finance for Bitcoin has already been opened, but gaining social acceptance like gold will still take another 5 to 10 years. This process won't happen overnight, but the direction is already clear.