As Bitcoin (BTC) evolved from its initial definition phase to gradually face regulatory constraints and its monetary and asset attributes were clearly defined, it has become a substantial asset class that traditional financial institutions can allocate, accompanied by the continuous advancement of financial derivatives. This phenomenon includes the launch of exchange-traded funds (ETFs) and the emergence of financial derivatives such as CME futures. Traditional financial institutions can indirectly or directly allocate to BTC through various channels such as stocks, funds, and derivatives. In fact, this is similar to the development trajectory of other traditional commodities from spot to financial derivatives. In the 1980s, 1990s, and even the early 21st century, numerous similar commodity experiments occurred, with a large number of commodity exchanges and various commodities. However, only a handful survived in the first stage. In the second stage, the commodity categories we see in major asset classes today remained. Including the United States and China, some varieties survived after a final selection process. Once these assets complete their mature evolution, they gradually acquire true macroeconomic attributes or the hallmark characteristics of traditional financial assets. It has begun to be affected by factors such as global liquidity changes and portfolio management position adjustments, and its pricing logic has gradually shifted from the traditional supply and demand relationship of commodities.