#数字资产市场动态 Recently, I came across a 2026 outlook in an institutional report, highlighting two particularly noteworthy points: the urgent need for value storage and the gradual clarification of the regulatory framework. Together, these are likely to become the main driving forces in the first half of next year.

First, let's look at the macro perspective. Global debt levels are rising, and traditional currencies continue to depreciate, so capital inevitably flows somewhere — digital assets like $BTC have become a hedge tool. This logic holds. More importantly, the US cryptocurrency bill is expected to be finalized in early 2026, with bipartisan consensus already largely reached. Once the regulatory framework is established, institutional entry will accelerate rapidly. This news provides the market with considerable imagination space.

But news hype alone isn't enough; what does on-chain data say? Long-term holder addresses are continuously increasing their holdings, while the BTC balance on exchanges has been decreasing, indicating that large funds are quietly accumulating at the bottom. Looking at the MVRV indicator, current levels are far from overheated, with valuation still having room to rise. From a cycle perspective, the four-year bull-bear cycle is about to turn, and this cycle could be more intense and longer-lasting than previous ones.

The conclusion is quite straightforward: this position is not risky but an opportunity. Market structure is improving, and the macro environment supports it. Short-term volatility shouldn't be a concern — it's just noise. Hold your positions steady, be patient, and there's a high probability of breaking previous highs or even reaching new highs in the first half of 2026.

The market ultimately rewards those who stay unwavering. $ETH