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According to ChainCatcher, citing The Block, Bitwise Chief Investment Officer Matt Hougan stated in a report to clients that bitcoin is experiencing an "IPO moment," and the era when only 1% of traditional assets were allocated to BTC has ended. Hougan quoted Wall Street veteran Jordi Visser, comparing bitcoin's current stage to a "silent IPO," shifting from a radical concept to a mainstream asset. Although bitcoin only rose 9% in 2025, underperforming the S&P 500 Index's 15% and gold's 51%, this sideways movement reflects a healthy transfer of ownership from risk-takers to long-term institutional holders. Hougan believes that the sell-off by early investors does not mark the end of the asset's journey, but rather the beginning of a new phase. As bitcoin's risk characteristics decline and its volatility drops significantly, the traditional 1% portfolio allocation is rapidly giving way to a new 5% benchmark. He stated that the path for bitcoin to move from its current $2.5 trillion market cap toward gold's $25 trillion market cap may unfold faster than expected.

ChainCatcher news, the probability of Trump losing the Supreme Court tariff case on Polymarket is currently reported at 61%. Bettors expect that the Supreme Court is likely to reject Trump's argument that "comprehensive global tariffs can be implemented without congressional approval." In a few hours, the oral arguments over the scope of presidential emergency economic powers are about to begin. (Oral arguments at the U.S. Supreme Court usually start at 10 a.m. Eastern Time, which is 11 p.m. Beijing time today.) As previously reported by BlockBeats, the U.S. Supreme Court will hold oral arguments today on whether Trump can impose tariffs under IEEPA. The core issue of the case is whether the president can impose broad tariffs on imports from around the world based on the International Emergency Economic Powers Act (IEEPA). The impact of the case goes far beyond trade policy itself; the Supreme Court's decision will determine whether the president can bypass Congress by invoking emergency powers, thus making such practices a tool for routine governance, and will have far-reaching implications for the constitutional separation of powers and the limits of presidential authority.