ARK Invest highlights a shift in Bitcoin's role from an optional asset to a strategic component in institutional portfolios, driven by four key trends. Firstly, a more relaxed macroeconomic environment and clearer regulatory frameworks are paving the way for institutional entry. Secondly, structural demand is being created as spot ETFs, corporate balance sheets, and sovereign reserves continue to absorb new supply. Thirdly, Bitcoin's potential as a high-beta digital extension of gold offers room for value appreciation. Lastly, the convergence of retracement and volatility compared to previous cycles indicates a maturing market structure. The focus has shifted from whether to allocate Bitcoin to determining the allocation proportion and path.