Institutions' Bitcoin 'picking out the gems' has begun, who's next after MicroStrategy? | Seo Dong-ju, Kim Dong-hwan, Baek Hun-jong, SmashFi CEO

Summary

Baek Hun-jong, SmashFi CEO, recaps the Bitcoin Asia 2026 conference in Hong Kong and contrasts Korean retail Bitcoin trading behavior with global institutional trends. He argues investors should avoid leveraged altcoin and ETF chasing and instead accumulate spot Bitcoin regularly, citing liquidity expansion, debasement, and Bitcoin's roughly 50% ten-year annualized return. He also notes the market is now differentiating among Bitcoin treasury companies such as Strategy, Metaplanet, and Strive/SAT. For H2, he sees limited catalysts besides possible Clarity Act passage, with Bitcoin either retesting prior highs or holding around $80,000 before next year's upcycle.

• The Hong Kong Bitcoin conference was dominated by Bitcoin treasury companies and institutionalization themes.
• Korean retail investors are described as unusually aggressive, favoring leveraged ETFs and short-term momentum trades.
• Baek argues Bitcoin has returned about 50% annualized over the past decade and should be accumulated as spot rather than timed.
• He advises against chasing second- and third-place altcoins such as Ethereum, Solana, and Ripple.
• He also advises against leveraged crypto ETFs such as MSTL.
• The market is now picking winners among Bitcoin treasury vehicles, with Strive/SAT preferred in focus after returning to par.
• H2 catalyst outlook is limited; Clarity Act passage could support a year-end retest of previous highs, otherwise Bitcoin may range around $80,000.