Bitcoin spot ETFs have become the most convenient channel for U.S. stock investors. Data shows that BTC spot ETFs have seen a continuous influx of large amounts of capital, with the total inflow volume of the top ten ETFs consistently increasing over the past 7 days. Currently, Bitcoin spot ETFs hold over 1 million Bitcoins.

In addition to ETFs, several institutions are also continuously buying. "Bitcoin whale" MicroStrategy raised about $2 billion between October 31 and November 10, purchasing 272,000 Bitcoins. On November 16, they again acquired 51,780 Bitcoins for about $4.6 billion, with management planning to raise $42 billion between 2025 and 2027 to further increase their Bitcoin holdings.

Currently, MicroStrategy owns about 1.67% of the globally circulating Bitcoins. Additionally, other publicly traded companies in the U.S., Hong Kong, Japan, and so on have also disclosed their Bitcoin holdings in their latest financial reports, with more and more listed companies planning to treat Bitcoin as a treasury reserve asset.

Trump's crypto-friendly stance not only impacts U.S. policy but also drives the layout of crypto assets in various countries around the world. Currently, El Salvador continues to purchase 1 BTC daily, with its Bitcoin holdings reaching about 5,900 BTC. The Bhutanese government holds over 12,000 Bitcoins, accounting for 34% of its GDP. Market news indicates that oil-producing Gulf countries such as Saudi Arabia, the UAE, and Qatar may be investing in Bitcoin at the sovereign level.