BlackRock recently shared an interesting perspective — they say that Bitcoin and Ethereum are still in the early stages, but here, "early" doesn't refer to how much room there is for price appreciation, rather that the pace of large-scale institutional allocation has just begun.

The reality is indeed like this: although recent prices have rebounded, global institutions hold very little of these two assets. Most pension funds, endowment funds, and sovereign wealth funds are currently holding almost zero Bitcoin and Ethereum due to policy and authorization restrictions.

Some might ask, aren't there ETFs now? Infrastructure is also improving? That's true, but BlackRock pointed out that true large-scale automatic allocation hasn't really started yet. Where's the bottleneck? It's approval. The decision-making chain for institutional investors is painfully long — from research, risk assessment, internal approval, to final investment execution. Just think about how long this process takes.

As a result: the cycle of adoption is much slower than the market price fluctuations. In other words, regardless of how Bitcoin and Ethereum perform in price, the timetable for these assets to integrate into mainstream investment portfolios remains a long-term matter.