Bitcoin has recently taken a bit of a tumble. Since reaching a high of $126,000 in October last year, it has fallen by nearly 30%. On Thursday, investors withdrew over $400 million from Bitcoin spot ETFs, indicating that market sentiment is indeed somewhat weak.

But from another perspective, the institutional layout may be quietly changing. Analysts from research institutions suggest that supported by institutional buying and the positive macroeconomic outlook for next year, Bitcoin's price is expected to rise 15% from the current $90,000 level, reaching $102,000. The logic is straightforward—declining labor costs will continue to drive inflation down, and the Federal Reserve will keep cutting interest rates in 2026. Such an environment is definitely favorable for risk assets.

Looking at the actual moves of institutions, it's clear. The 14 Bitcoin spot ETFs in the US now hold over $100 billion in assets, with BlackRock's iShares Bitcoin Trust being the most prominent, managing $67 billion. These major players have even more interesting plans—preparing to gradually incorporate digital assets into discretionary investment strategies and models. Wall Street investment banks are also busy; Morgan Stanley has recently been preparing to launch new ETF products supporting cryptocurrencies.

From the pace of institutional deployment, they are very likely to be the main players in 2026.