#BTC资金流动性 An interesting phenomenon—this year, Bitcoin's price volatility has actually been more stable than Nvidia's stock. What does this indicate? The industry is maturing.

According to Bitwise's data analysis, there are several key drivers behind this shift. First, the Bitcoin market itself has become more mature, with market depth and liquidity improving. Second, the proportion of institutional investors' holdings continues to rise; their large capital and more rational trading naturally help suppress extreme price fluctuations. Additionally, the influx of large amounts of funds into ETF products has provided more stable buying support for the market.

All these changes together have resulted in Bitcoin's relatively stable performance this year. From a certain perspective, this is a sign of it moving towards mainstream assets.