Grayscale's recently released 2026 Outlook Report has attracted market attention. The core view of the report points in one direction: the demand for value storage and a clear regulatory framework will become the two main driving forces in the market.

From a macro perspective, global government debt pressures are continuously increasing, and expectations of fiat currency devaluation are growing. Against this backdrop, cryptocurrencies such as Bitcoin are becoming more attractive as a safe haven for value. On the policy front, U.S. legislation related to cryptocurrencies is expected to be enacted by early 2026, with support from both parties shifting, which means the regulatory framework will become clearer—this will also boost institutional investors' motivation to enter the market.

On the other hand, on-chain data signals are also positive. Long-term holder addresses continue to increase their positions, and exchange balances are trending downward, indicating that large funds are gradually accumulating positions. The MVRV ratio has not yet entered the overheat zone, suggesting there is still room for valuation to rise. According to the four-year cycle theory, this bull market cycle may be characterized by greater durability—it's not the kind of rapid surge followed by a quick pullback.

Combining these two dimensions of data, there is a higher probability that Bitcoin will break through previous highs in the first half of 2026. The market fundamentals are improving, and macro hedging demand is also rising. Under the combined influence of these factors, the current price level actually offers an opportunity for strategic positioning. Short-term volatility is inevitable, but the medium-term outlook is optimistic. Patient investors often reap the final rewards of the market—this trend is worth looking forward to.