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

In addition to ETFs, several institutions are continuously buying. 'Bitcoin whale' MicroStrategy raised approximately $2 billion between October 31 and November 10 and purchased 272,000 Bitcoins. On November 16, it again acquired 51,780 Bitcoins for about $4.6 billion, and management plans to raise $42 billion between 2025 and 2027 to further increase its Bitcoin holdings.

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

Trump's crypto-friendly stance has not only impacted U.S. policy but has also driven the layout of crypto assets in countries around the world. At present, 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 suggests that oil-producing Gulf countries like Saudi Arabia, the UAE, and Qatar may be investing in Bitcoin at the sovereign level.