Citi's recent research report has given Bitcoin a solid valuation—12-month target price of $143,000, with an optimistic scenario potentially reaching $189,000. This is not just a hype promise but a genuine vote of confidence from institutions.

The move by BlackRock best illustrates the point. They have listed the Bitcoin spot ETF (IBIT) as a core allocation asset for 2025, considering it on the same priority level as the seven major U.S. tech giants and U.S. Treasury bonds. Currently, IBIT's holdings have surpassed 800,000 BTC, a number that even exceeds MicroStrategy, long regarded as a Bitcoin loyalist. Morgan Stanley and Wells Fargo are also accelerating their accumulation, with about 90% of the daily inflow into the market coming from institutional investors.

In contrast, data on retail investors appears somewhat bleak. On-chain traffic statistics from a leading exchange show that daily new inflows have dropped from 552 BTC to 92 BTC, a decline of over 80%. Even some crypto influencers who previously gained followers by stories of getting rich quick with altcoins are now shifting their focus to the stock market. The era of achieving financial freedom through dead-end investments in third-rate tokens is indeed over.

The landscape has become clear. Although prices fluctuate within a certain range, capital flows never lie—this is the window for institutional investors to build positions. The $70,000 support level given by Citi remains quite robust. Those who understand this have already begun to position themselves.