Recently, many people have been discussing the future of Bitcoin. Some institutional analysts estimate that, supported by continuous institutional buying and a favorable macro environment in 2026, Bitcoin could surge from the current $90,000 to $102,000, an increase of about 15%.

The reasoning is actually quite clear—declining labor costs imply reduced inflationary pressure, and the Federal Reserve is likely to continue cutting interest rates next year. This "Goldilocks" economic environment is naturally friendly to risk assets.

However, the current situation is that Bitcoin is still digesting its recent adjustments. Since reaching a historical high of $126,000 in October last year, it has already fallen by nearly 30%. Last Thursday, investors withdrew over $400 million from Bitcoin spot ETFs, which is a somewhat pessimistic signal.

But the actions of institutions are worth noting. There are now 14 spot Bitcoin ETFs in the US, with total managed assets surpassing $100 billion. Among them, the iShares Bitcoin Trust under BlackRock dominates, with a scale of $67 billion. Analysts believe that by 2026, institutional investors will become the main drivers of the market, integrating digital assets into comprehensive discretionary investment and model-driven frameworks.

Even more interestingly, Morgan Stanley recently revealed in a filing with the SEC that they are preparing to launch new ETF products backed by cryptocurrencies such as Bitcoin. All these signs point in the same direction: institutional participation is clearly increasing.