As BTC continues to soar, institutions and retail investors seem to be heading towards two extremes. On one hand, there are institutions with strategic reserves of BTC worth millions or even billions of dollars; On the other hand, retail investors are becoming increasingly silent, watching BTC prices rise higher and higher, and even more afraid to get into the market, fearing that they will become high-level buyers. If 2017 is a grassroots bull market dominated by retail investors; 2021 is a carnival of retail investors and institutions dancing together; In 2025, it has become a bull market of strategic reserves among institutions competing for chips. What will the next bull market look like? Will it become a national level scenario of grabbing BTC reserves for digital foreign exchange? Is there a chance for BTC to break through $1 million?