Wall Street is recruiting, where will Bitcoin go?

Foreword: The crossroads of encryption in the capital torrent

In July 2025, when the news that Circle's stock price soared 23% in a single day on Nasdaq was all over the screen, the news that Ant Group announced that it would include USDC in its cross-border payment system once again set off the market... The boundary between traditional capital and the encryption world is melting at a speed visible to the naked eye. Taking this opportunity, Golden Finance held a space on July 10, 2025 with the theme of "Does the bull market still rely on storytelling? Supervision, institutions, and giants are here to disrupt the situation."

In this space, we invited several important guests who have long been concerned about the changes in the industry structure to discuss together.

They are:

• Gary Yangge, incubator investor of CICADA Finance, founder of Xinghan Capital, founder of Eureka Capital, @gary_yangge

• Chloe, head of HTXRESEARCH, @ChloeTalk1

• AngelaTong, CMODFGandJsquare, @AngelaT0731

• DC is greater than C macro chain data analyst, @DL_W59

This two-hour discussion revealed the tearing and rebirth of the crypto industry in the capital frenzy.

Part 1: Does Bitcoin still belong to ordinary people? Is the spirit of decentralization being diluted?

Angela: Retail investors can still participate, but the right to speak will be transferred to institutions

"I think retail investors can still continue to hold BTC, but the room for growth will not be as large as before. After the ETF was passed, institutions did come in, bringing a portion of stable buying and truly turning BTC into digital gold. But it also means that the right to speak on future price trends is more in the hands of institutions. Volatility may not be as severe as before, but long bull markets are more likely to appear."

She added: "This is not a complete 'surrender', nor a comprehensive 'recruitment', it is a role change."

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

Gary divided the development of Bitcoin into two stage curves.

"The first stage was an era when Bitcoin's spiritual missionaries flourished everywhere. Both Satoshi Nakamoto and early geeks were practitioners of anti-establishment, anti-finance, and anti-centralization. But now, we are entering the second curve, a new stage dominated by asset management and institutional logic."

He emphasized: "The current trading volume structure has actually shifted from retail investors to institutions, then to large institutions, and finally even to the level of national reserves and government sovereignty. Circle, BlackRock, these participants are no longer speculators, but formal representatives of global capital."

"So I said that this is a phased recruitment. It's not that Bitcoin has lost its value, but that we have to redefine its value logic."

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

Dale pointed out from the perspective of macroeconomic policies and on-chain data:

Chloe: Base and other projects are already exploring dual tracks

"In fact, as early as 2021, Coinbase had thought about issuing tokens at the same time as issuing shares, but the regulatory environment at the time was too tight and it could not be implemented."

"Now you see, Base has clearly stated that it may issue its own token. Worldcoin is one of the most typical examples. Including recently Arkham is also considering listing and issuing tokens in parallel."

"From exchanges, Layer2 to AI projects, there are more and more cases of dual-track operations. Future projects must consider not only on-chain users, but also shareholders."

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

Angela: Copying MicroStrategy's path, ordinary people should pay attention to risks

"These two paths have two regulatory logics: the former must comply with capital market rules, while the latter is more of the logic of on-chain securities (SecurityToken)."

"At present, the ToB market is truly being promoted, and it is easier for institutions to reach a consensus. The ToC market also faces an educational threshold. ”

Part 3: Sino-US Competition and Global Expansion of Stablecoins

Space entered the middle, and the host brought out the most cutting-edge topics - Circle's backdoor listing, JD.com/Ant's entry into stablecoins, the Genius Act, and the new stablecoin ecosystem in Latin America and Africa. Stablecoins are no longer a technical issue, but a bridgehead for global financial competition.

Chloe: HTX launches a variety of stablecoins to participate in the global monetization game

"We have currently launched multiple stablecoin products such as USD1, EUR1, HKD1, and have reached cooperation with multiple trading platforms, wallets and payment companies."

"Especially in Latin America and Africa, we have done a lot of fee-free promotion plans to promote the use of stablecoins in actual payments and cross-border settlements."

She pointed out: "The Genius Act is a very smart bill. It is not to tighten supervision, but to outsource the issuance rights of US dollar stablecoins to compliant third parties and expand the franchisee team of the US dollar system. ”

“This is a new way for the globalization of the US dollar, outsourcing the "coinage" to let more people help it expand.”

Gary: The use of RMB stablecoins should be viewed in stages

Gary analyzed from the perspective of Chinese capital background:

“At present, onshore RMB stablecoins are more used as accounting tools, and policy risks and compliance boundaries have not been clearly defined.”

“But the offshore market can be gradually piloted, such as testing cross-border clearing scenarios in Southeast Asia and the UAE.”

“From the perspective of currency evolution, stablecoins must go through the three stages of ‘accounting → acceptance → currency’. Many of our projects are still in the first stage. ” He added: “Don’t rush for success, stablecoins are a slower business than DeFi.” Part 4: Wall Street’s Dominance and the Next Step of the Crypto Market With Wall Street giants such as BlackRock dominating ETFs, has Wall Street already dominated the market rhythm of BTC? How will the policy path and capital direction evolve in the future? DC is greater than C: funds are still in the game, but the direction is clear “The liquidity flooding has not been thorough, and they are still in the stage of watching and walking.” “The recent rounds of rebounds are not actually driven entirely by ETFs, but are rhythmic transactions centered on expectations of rate cuts, favorable policies for BTC, and macroeconomic variables. ”

“But the trend is clear: traditional funds are looking for certainty, and ETFs are the starting point of this trend rather than the end point.”

Part V: HTX’s Stablecoin Ambition

Chloe disclosed: “We launched stablecoins such as USD1, and the core is to seize the offshore US dollar market. Now it has achieved:

The world’s first to support TRX chain USDC recharge

Holding a European stablecoin license to promote euro stablecoin transactions

Implementing a zero-fee policy in Latin America/Africa (BTC/USD1 transactions are free from May 6th to December 31st)

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

Conclusion: From missionaries to asset managers, the crypto market is heading towards a hyperbolic era

"Tonight we discussed whether Wall Street has "recruited" BTC, the underlying logic of the currency-stock linkage, the differentiation of the stablecoin paths between China and the United States, and the rhythm of traditional capital in reshaping the crypto market... We can see that crypto 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 spiritual origin of decentralization? Will it make Bitcoin and blockchain another "financial product"? These are still unanswered questions.

As Gary said: "Our generation may not be the implementer of Satoshi Nakamoto's ideal, but the promoter of the institutionalization process of crypto assets."

The future of crypto assets is not only about ideas, but also about capital and institutions. The gap between capital and ideals may be the soil for a new round of Alpha.

Live playback link:https://twitter.com/i/spaces/1RDGlzPzdvqxL

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