#比特币ETF The data around the Bitcoin ETF is interesting—US ETPs have only fallen 9% from the October high of $62 billion, indicating that institutional confidence isn't as fragile as it seems. Many people are bearish about the price performance at the end of the year, but they overlook a detail: the rhythm of large capital inflows and outflows is completely different from retail investors.

I agree with the view of the head of research at Galaxy, that it’s only a matter of time before Bitcoin gradually evolves into a hedge against currency devaluation. This isn’t a new concept; gold has followed the same path, and now it’s Bitcoin’s turn. The key question is when large asset allocators and central banks will truly step in. Once this wave is ignited, the price will behave very differently.

Currently, the market looks calm, but the underlying logic is accumulating. Instead of worrying about short-term fluctuations, it’s better to understand why this type of asset attracts institutions. By 2026, portfolio managers revisiting this asset might find that the current price is just a window of opportunity to get in.