According to analyst Mati Greenspan, recent market movements since the flash crash have been corrections within a broader bull market, with Bitcoin's bottom now in place. Greenspan believes the next phase of gains will be driven by "sovereign adoption," including central banks adding BTC alongside gold to their reserves.
Governments and institutions are increasingly integrating Bitcoin into their holdings. The U.S. government currently holds approximately 300,000 BTC and has discussed establishing a strategic Bitcoin reserve. El Salvador continues daily purchases, while the U.K. government and several U.S. state pension funds have added Bitcoin to their asset allocations.