Choi Yoon-young, head of Hanwha Investment & Securities' Digital Asset Research Team, said in an interview with Seoul Economic Daily on the 27th, "Now, rather than a market where all virtual assets rise together as in the past, there is a high possibility that the market will be reorganized around Bitcoin, and altcoins will move selectively." He cited 'institutionalization' as the biggest change in the digital asset market. He also analyzed, "In the past, there was a lot of talk about a 4-year cycle centered on halving, but now the impact of the macroeconomic and liquidity environment has become much greater. Bitcoin is also establishing itself as an asset sensitive to macro variables such as interest rate cuts and liquidity expansion."