#比特币宏观资产属性 Seeing the latest insights from Galaxy's research head on Bitcoin ETPs, I find it particularly interesting. Although Bitcoin's price performance at the end of the year has been somewhat subdued, the underlying story is quietly changing — US ETPs have only seen a 9% decline in cumulative inflows, indicating that institutional investors' confidence remains quite stable.

This makes me think of a deeper logic: Bitcoin is completing its transition from a "risk asset" to a "macro hedge tool." Imagine that as global central banks continue to inject liquidity and fiat currencies face devaluation pressures, gold has traditionally been a safe haven. Now, with Bitcoin's scarcity, divisibility, and global liquidity, it is entirely possible to become the new generation of currency devaluation hedge — this is not a fantasy of ours, but something that large asset allocators and central banks might be seriously considering.

True opportunities are often hidden in the "ordinary." When market sentiment is low, it is precisely the window for institutional positioning. By January 2026, more portfolio managers will revisit this asset — what kind of stories will we see then? The decentralized future is gradually becoming reality at such moments.