#比特币价格走势 Galaxy's predictive framework deserves attention. The $250,000 target for end of 2027 appears aggressive, but the core logic holds up: the breadth of the price range reflected in the options market ($50,000-$250,000) precisely demonstrates institutional consensus on the long-term trend — the uncertainty lies in the path, not the direction.

Several details merit tracking: First, structural changes in the volatility smile curve; rising put option premiums indicate the market's risk pricing is maturing, underpinned by expanding scales of institutional covered short calls and income strategies. Second, macro convergence points — accommodative monetary policy + non-USD asset demand + expanded institutional access; the multiplier effect when these three align should not be underestimated.

Near-term downside risks certainly exist; caution is warranted until BTC establishes solid support at $100,000-$105,000. However, from the perspective of on-chain fund flows and institutional allocation, current uncertainty is actually a favorable entry opportunity. 2026 volatility may indeed appear "dull," but such dullness often harbors the asset's identity transformation from speculative instrument to hedging tool.