According to CoinMeta, as reported by an early issuer of in2021, the founder of CryptoQuant and also CEO Ki Young Ju stated that the peak of this bull market for Bitcoin will be driven by institutional funds from outside the United States and demand for ETF. The liquidity of stablecoins and the infrastructure for tokenized assets will increase global market participation. He pointed out that South Korea currently lacks spot Bitcoin ETF, and the Financial Services Commission (FSC) roadmap covers about 3,500 listed companies and qualified professional investors, but financial institutions are still excluded. Data from Strategy's Bitcoin banking shows that the overall adoption rate among 25 major institutions is 32%. As of August 29th, RWA.xyz data indicates that the value of global tokenized assets is $38.63 billion, an increase of 2.65% from 30 days ago. The International Settlement Bank (BIS) stated that stablecoins have the potential to enable fast payments, but current designs may bring financial integrity, liquidity, and monetary risks. Ki Young Ju also mentioned that in the two years before the listing of spot Bitcoin ETF in the United States, there was a cumulative net inflow of about $57 billion, and the next phase will be globalization of institutions, with more institutions considering BTC as a strategic asset.