Global Bitcoin treasuries have surpassed 4 million BTC, marking a significant milestone as institutional adoption of the cryptocurrency accelerates. This development highlights the growing interest from large-scale investors in Bitcoin as a store of value. Despite this increase in institutional holdings, analysts caution that Bitcoin continues to trade like a risk asset rather than being perceived as "digital gold." This suggests that while adoption is rising, Bitcoin's volatility and market behavior still align more closely with traditional risk assets.