[IOSG Jocy: Currently an Institutional Accumulation Period, Optimistic About the Market in the First Half of 2026] IOSG founding partner Jocy stated in an article that 2025 marks the dawn of the institutional era, with institutions holding 24% of positions and retail investors exiting by 66%. Although BTC fell by 5.4% in 2025, it once reached a record high of $126,080. The current period is not the bull market peak but rather an institutional accumulation phase. In the short term, BTC is expected to fluctuate within the $87,000 to $95,000 range, with a target of $120,000 to $150,000 in the first half of 2026. Despite the price decline, ETFs still saw an inflow of $25 billion.