A founder of a major exchange recently stated confidently during a live broadcast that breaking through $200,000 in Bitcoin is not a fantasy, just a matter of time. This is not just casual talk; it reflects deep thinking about macro variables and market structure.

The key point is that this time, it’s no longer the traditional four-year halving cycle. The real variable comes from a turning point in the regulatory environment—U.S. regulators have significantly lowered their focus on cryptocurrencies in their 2026 agenda, which industry insiders interpret as a signal of "regulatory risk easing." This opens a big door.

While retail investors panic and cut their positions due to short-term volatility, what are traditional financial institutions doing? Giants like Wells Fargo and Morgan Stanley are quietly accumulating large BTC positions through compliant channels such as Bitcoin ETFs. This is not small-scale allocation but capital movements worth hundreds of millions of dollars.

Supply-side changes are also happening. The on-chain holder structure is naturally adjusting, with the concentration of chips among large holders and institutions increasing. On the demand side, the influx of institutional funds is rewriting the market. From this perspective, the so-called "super cycle" logic is not complicated—when regulation is no longer a ceiling, and institutional capital takes over retail holdings, the market structure will undergo a fundamental transformation. That’s why some dare to say $200,000 is not a dream.