Gate 2025 Year-End Community Gala #2026年比特币价格展望 Bitcoin has retreated from the high of $94,000 and is currently oscillating around $91,000. The market sentiment has clearly become more cautious. Short-term fluctuations are bound to test patience, but from a different perspective, the pricing logic for 2026 is becoming increasingly clear—the entire market structure has already changed, with "institutionalization" running throughout the year, an unavoidable trend.

**Can institutions really determine the direction of Bitcoin?**
The current industry consensus points to a core judgment: the previous "four-year halving" cycle narrative for Bitcoin is failing. What is replacing it? The continuous buying power brought by sovereign states, listed company asset allocations, and spot ETFs. These are not short-term speculations but long-term strategic allocations.
Some institutional estimates suggest that by the end of 2026, just institutional capital alone could have purchased over 4.2 million Bitcoins. How significant is this nu