The underlying logic is quite complex: Iran has already incorporated BTC into international settlements, Japan and Switzerland are also advancing policy acceptance, and sovereign-level recognition is accelerating. Institutions like BlackRock and Morgan Stanley are continuously increasing their holdings in ETFs, and the BTC balance on exchanges has even fallen to its lowest point in nearly a decade, indicating that more and more people are holding without selling. However, the Bollinger Bands have narrowed to the lowest level since early 2024, and this compression usually suggests that a significant directional breakout is brewing, with a potential volatility range of about ±40% ready to be unleashed.