Today is a special day. The US Bitcoin Spot ETF just celebrated its two-year anniversary.

Looking back to January 11, 2024, when the first US Bitcoin Spot ETF was launched and began trading. At that time, Bitcoin hovered around $46,000, and the market was uncertain whether institutional funds would really flood in. Some were optimistic, but many remained on the sidelines.

Two years have passed, and reality has provided a clear answer.

The most direct indicator is the scale of funds. The assets under management of the US Bitcoin Spot ETF have approached $120 billion. Large capital sources like pension funds, family offices, and hedge funds are increasingly entering through this compliant channel. They are not here for short-term speculation but are making long-term allocations.

Price movements also reflect this change. Starting from $46,000, Bitcoin has risen steadily and is now stable around $90,000. This is not just a numerical doubling; behind it is a shift in the nature of the capital—long-term holders have significantly increased, market selling pressure has weakened, and volatility has decreased.

An interesting point is that over these two years, Bitcoin has completely shed its label as a "niche investment." It is no longer synonymous with "speculative tool," but has entered the realm of institutional asset allocation. From a highly volatile speculative asset, it has gradually evolved into a store of digital value. This transformation may seem subtle but is profoundly meaningful.

January 11, 2024, may well be the moment Bitcoin truly opened the door to Wall Street. From that day on, Bitcoin’s story is no longer confined to the crypto circle but has become a new chapter in the financial world.