#机构以太坊储备破1000万枚# The current positive trends in the Crypto Assets market (regulatory legislative progress, thriving stablecoins, surge in corporate coin purchases, institutional ETF get on board, recovery of Ethereum vitality, etc.) have been widely reported, yet the market still underestimates the scale of the bull run and overlooks four key developments that have not been fully priced in. More governments are expected to purchase Bitcoin; the market previously anticipated that the "three knights of Bitcoin demand" (ETF, corporate, government) would jointly drive demand, but currently, government purchases have not made a strong push: the US only holds confiscated Bitcoin, while the actions in Pakistan and Abu Dhabi are relatively small, far less than the ETF (which has purchased 183,000 BTC) and corporations (which have purchased 355,000 BTC). Countries and Central Banks are moving slowly but making progress; although there will not be a large number of announcements before the end of the year, more news about government coin purchases may emerge and could become a major catalyst by 2026, driving prices up.