The net assets of the US spot Bitcoin ETF are approaching $120 billion, with recent inflows of $753 million reaching a three-month high. Analysts point out that as long-term holders and more "sticky" capital investors dominate, the market structure is shifting, and they view Bitcoin as a strategic asset allocation similar to gold. A survey by Bitwise/VettaFi shows that 99% of financial advisors plan to maintain or increase their cryptocurrency allocations by 2026. Although demand for Bitcoin ETFs has exceeded new supply since 2024, prices have remained stable due to sellers being able to meet demand. However, a potential future supply vacuum could lead to significant price volatility.