Where is the home of Bitcoin in Wall Street's invitation?

Introduction: The Crossroads of Encryption in the Capital Tide

In July 2025, when news broke that Circle’s stock price surged 23% in a single day on Nasdaq, Ant Group announced the inclusion of USDC in its cross-border payment system, reigniting the market… The boundaries between traditional capital and the encryption world are melting at a visibly rapid pace. Seizing this opportunity, Golden Finance held a space titled “Is the Bull Market Still About Storytelling? Regulation, Institutions, and Giants are Stirring the Pot” on July 10, 2025.

In this space, we have invited several heavyweight guests who have been closely following the changes in the industry’s structure to engage in discussion together.

They are:

• Gary Yang, CICADA Finance incubator investor, founder of Starry Sky Capital, founder of Eureka Capital, @gary_yangge
• Chloe, Head of HTXRESEARCH, @ChloeTalk1
• AngelaTong, CMODFGandJsquare, @AngelaT0731
• DC greater than C Macro chain data analyst, @DL_W59

“The entry of Wall Street is a stark proof of data,” said Angela, an early investor in Circle, during this Space, “the institutional holding ratio has skyrocketed from less than 1% in 2020 to now 15%, and the proportion of whale trading volume has jumped from 35% to 58% within three years.” Investor Gary’s conclusion is even sharper: “This is a phase of pacification—traditional finance is incorporating encryption through KYC and compliance regulations, but the ultimate goal of decentralization will not perish.”

This two-hour discussion unveiled the tearing and rebirth of the encryption industry amidst the capital frenzy.

Part One: Does Bitcoin still belong to ordinary people? Is the spirit of decentralization being diluted?

Angela: Retail investors can still participate, but the decision-making power will shift to institutions

“I think retail investors can still hold onto BTC, but the potential for price increases won’t be as significant as before. After the ETF approval, institutions have indeed entered the market, bringing some stable buying pressure, and have truly transformed BTC into digital gold. However, this also means that in the future, the power to influence price movements will be more in the hands of institutions, and while volatility may not be as intense as before, a prolonged bull market is more likely to occur.”

She added, “This is not a complete ‘surrender’, nor a total ‘reconciliation’, but a role transformation.”

Gary: This is a phased reconciliation, the first curve is about to end

Gary divides the development of Bitcoin into two stages.

“The first stage was the era when the spiritual evangelists of Bitcoin flourished everywhere. Whether it was Satoshi Nakamoto or the early geeks, they were all practitioners against the system, against finance, and against centralization. But now, we are entering the second curve, a new stage dominated by asset management and institutional logic.”

He emphasized: “The current transaction volume structure has actually shifted from retail investors to institutions, then to large institutions, and ultimately even towards national reserves and government sovereignty levels. Participants like Circle and BlackRock are no longer speculators; they are formal representatives of global capital.”

“So I say, this is a phased reconciliation. It’s not that Bitcoin has lost its value, but that we need to redefine its value logic.”

DC greater than C: The golden path may be replicating, and retail investors can still seize the bull market

Dale points out from the perspective of macro policy and on-chain data:

“In 2004, after the listing of the gold spot ETF, gold took about ten years to rise from 2 trillion dollars to 13 trillion dollars, increasing sixfold. ETFs are an important tool for asset inflow and forming long-term incremental funds.”

“Will Bitcoin also experience a long bull run in the future? I think it is possible. Institutions will certainly occupy a larger share, but retail investors can still seize the dividends through early positioning.”

He added: “We must accept a reality that Bitcoin has become a part of traditional finance. The era of relying on rumors or community hype to achieve excess returns is coming to an end.”

Part Two: The Real Path of Coin-Stock Linkage and Dual-Track Issuance

The topic shifts to the “dual-track” cases of “issuing tokens + issuing shares” that have recently emerged in places like Hong Kong and the United States. The host points out events such as Circle’s shell listing, Base’s consideration of issuing tokens, and MicroStrategy boosting its stock price through “buying tokens,” guiding the discussion: Is the linkage between tokens and stocks becoming a new trend?

Chloe: Projects such as Base are already exploring dual tracks

“In fact, as early as 2021, Coinbase considered issuing shares while also launching a token, but the regulatory environment at that time was too tense to implement it.”

“Now you see, Base clearly states that it may issue its own Token, and Worldcoin is one of the most typical examples. Recently, Arkham is also considering going public while issuing a token at the same time.”

“From exchanges, Layer 2 to AI projects, there are more and more cases of dual-track operations. Future projects need to consider not only on-chain users but also shareholders.”

She pointed out: “In the future, many companies will first obtain compliant financing through traditional IPOs, and then issue tokens to establish community consensus, and vice versa.”

Angela: Copy the path of MicroStrategy, ordinary people should be aware of the risks

Angela supplemented from the perspective of risk control and financial structure:

“MicroStrategy’s logic is that it has a stable cash flow, holds BTC and other encryption assets, and at the same time, shareholders are willing to buy its stock at a premium for BTC. All three points are essential.”

“But this model is not something that anyone can replicate. Once a project uses a coin with a smaller market capitalization to leverage its stock price, the volatility can greatly amplify the risks, especially for retail investors without discernment.”

She warned: “We cannot generalize the logic of ‘buying a company equals buying a Token’. That is a specific result under compliance and capital games, not a standard answer.”

Gary: There are two paths for the linkage between currency and stocks, securitization and tokenization are not the same thing

“In fact, the so-called linkage between cryptocurrencies and stocks has two paths. The first is to securitize companies that hold encryption assets, allowing stock prices to reflect BTC or other tokens; the second is for institutions to map stocks into tokens.”

“These two paths represent two different logics in regulation: the former must comply with capital market rules, while the latter is more aligned with the logic of on-chain securities (Security Token).”

“At present, the ToB market is the one truly making progress, as institutions find it easier to reach a consensus. The ToC market still faces educational barriers.”

Part Three: The Competition and Global Expansion of Stablecoins between China and the United States

As the Space enters the mid-stage, the host throws out cutting-edge topics - Circle’s reverse merger, JD/Ali’s entry into stablecoins, the Genius Act, and the new ecosystem of stablecoins in Latin America and Africa. Stablecoins are no longer a technical issue, but a stronghold in the global financial competition.

Chloe: HTX launches various stablecoins, participating in the global monetization game

“We have currently launched multiple stablecoin products such as USD1, EUR1, HKD1, and have established partnerships with various trading platforms, wallets, and payment companies.”

“Especially in Latin America and Africa, we have implemented many fee-free promotion programs to promote the use cases of stablecoins in actual payments and cross-border settlements.”

She pointed out: “The Genius Act is a very clever piece of legislation. It does not tighten regulation, but rather outsources the issuance of dollar stablecoins to compliant third parties, expanding the ranks of affiliates in the dollar system.”

“This is a new way of dollar globalization, outsourcing ‘minting’ and allowing more people to help expand it.”

Gary: The use of the renminbi stablecoin should be viewed in stages

Gary analyzes from a Chinese state-owned background:

“Currently, onshore Renminbi stablecoins are more used as accounting tools, and there is no clear definition of policy risks and compliance boundaries.”

“But the offshore market can gradually pilot, for example, testing cross-border clearing scenarios in Southeast Asia and the UAE.”

“From the evolution of currency, stablecoins must go through three stages: ‘accounting → acceptance → currency’. Many of our current projects are still at the first stage.”

He added: “Don’t rush for results; stablecoins are a slower business than DeFi.”

Part Four: The Dominant Landscape of Wall Street and the Next Steps for the Encryption Market

With giants like BlackRock dominating ETFs, has Wall Street taken control of the market rhythm for BTC? How will future policy directions and capital flows evolve?

DC is greater than C: funds are still in play, but the direction is clear.

“The liquidity boom has not yet fully settled; they are still in a wait-and-see stage.”

“The recent rounds of rebounds are not entirely driven by ETFs, but rather by rhythm trading around interest rate cut expectations, favorable policies for BTC, and macro variables.”

“But the trend is very clear: traditional funds are seeking certainty, and ETFs are the starting point of this trend, not the end point.”

Part Five: HTX’s Ambition for Stablecoins

Chloe disclosed: “We have launched stablecoins such as USD1, with the core goal of capturing the offshore dollar market. This has now been achieved:”

The world’s first to support USDC deposits on the TRX chain.

Holding a European stablecoin license promotes Euro stablecoin trading.

Implementing a zero-fee policy in Latin America/Africa (From May 6 to December 31, BTC/USD1 trading is completely free)

This is not a competition on the track, but a reconstruction of the payment frontier.

Conclusion: From Evangelists to Asset Managers, the Encryption Market Enters a Hyperbolic Era

“Tonight we discussed whether Wall Street has ‘pacified’ BTC, the underlying logic of the coin-stock linkage, the divergence of stablecoin paths between China and the US, and how traditional capital is reshaping the rhythm of the encryption market… It is evident that encryption is bidding farewell to the early missionary era and entering a second curve dominated by institutions, laws, stablecoins, and ETFs.”

Will this second curve completely rewrite the original spirit of decentralization? Will it turn Bitcoin and blockchain into another “financial product”? These remain unanswered questions.

As Gary said: “Our generation may not be the ideal implementers of Satoshi Nakamoto, but we are the promoters of the institutionalization of encryption assets.”

The future of encryption assets is related to both ideology and capital and system. In the gap between capital and ideals, perhaps lies the soil for a new round of Alpha.

Live replay link:

Note: This article is based on the live discussion of the guests and does not constitute investment advice. The market carries risks, and decisions should be made with caution.