The narrative logic of cryptocurrencies has undergone a significant change. Discussions that once focused on pilot projects and proof of concepts have now shifted to infrastructure development, scalability, and the positioning of crypto assets within the long-term financial system. The approval of the Bitcoin spot ETF is a key milestone—this event directly marks a turning point in market sentiment. From this moment on, more and more institutional capital is re-evaluating the structural opportunities of this asset class. From technological exploration to system integration, the industry's overall maturity is accelerating.