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#稳定币行业发展# The latest report mentions ARK CEO's optimistic expectation that Bitcoin will break 1 million dollars in the next five years. Although this prediction seems optimistic, it needs to be viewed with caution. Analysis of on-chain data shows that the trend of institutional funds flowing into Bitcoin is still ongoing, but it has not yet reached the scale required for such a high valuation. The issuance and circulation of stablecoins are also important indicators, currently mainly concentrated on the Ethereum network. Ethereum, as another important entry point for institutions into the crypto market, indeed provides more options for institutions with its L2 solutions and staking features. However, it is still necessary to closely monitor large on-chain transactions and contract interactions to assess the actual changes in institutional participation. Overall, while the long-term outlook is optimistic, more substantial on-chain data support is needed in the short term for such high price expectations.