Bitcoin is entering a new market phase characterized by institutional maturity and reduced volatility, according to Ark Invest's David Puell. Following the launch of spot Bitcoin ETFs in 2024, these products have attracted over $50 billion in net inflows, significantly impacting Bitcoin's supply and demand dynamics. Puell notes that ETFs and digital asset treasury strategies now absorb about 12% of Bitcoin's total supply, driving price action through 2025 and potentially into 2026. Ark Invest projects Bitcoin's price could reach $300,000 in a bear case, $710,000 in a base case, and $1.5 million in a bull case by 2030. The firm attributes the largest share of potential upside to institutional investment. Additionally, Bitcoin's volatility has decreased, with recent drawdowns not exceeding 36%, which may attract more conservative investors. Regulatory clarity and macroeconomic conditions, such as the end of U.S. monetary tightening, could further support Bitcoin's growth.