Adrian Fritz, Chief Investment Officer of 21Shares, stated that the continued inflow of funds into spot Bitcoin ETFs is strengthening Bitcoin's core position in institutional asset allocation, even as prices continue to fluctuate below $80,000. Fritz pointed out that Bitcoin ETFs have absorbed nearly $2 billion in funds this year, with sources including retail investors, institutions, and hedge funds engaging in arbitrage and options strategies. He believes that as traditional asset management institutions like Morgan Stanley accelerate their deployments, crypto assets are being more widely incorporated into multi-asset portfolios. Bitcoin's current daily trading volume exceeds $50 billion, and its liquidity level is approaching that of large-cap tech stocks like Nvidia. The ETF mechanism provides liquidity in both the primary and secondary markets, gradually giving it the attributes of an "institutional-grade asset." Although the market remains constrained by the macroeconomic and interest rate environment, Fritz believes that ETF inflows have shifted from speculative-driven to structural demand, and he expects Bitcoin to challenge the $100,000 mark this year, driven by factors such as improved geopolitical conditions, continued capital inflows, and short covering. At the same time, altcoin differentiation is intensifying, and the market is shifting towards an asset selection logic that places greater emphasis on fundamentals and cash flow. (CoinDesk)