新報告顯示

根據一份新報告

A new report by Bitwise and UTXO Management has highlighted the possibility of 20% of all Bitcoin (BTC) migrating to institutional balance sheets by the end of 2026.

Bitwise和UTXO管理的一份新報告強調了20％的所有比特幣（BTC）的可能性可能在2026年底之前遷移到機構資產負債表。

The study, titled "Exploring the Game Theory of Hyperbitcoinization," models five demand channels for the cryptocurrency.

該研究標題為“探索超穩定化遊戲理論”，模型的五個需求渠道為加密貨幣。

The report, published on May 23, begins by noting the first-year performance of spot Bitcoin exchange-traded funds (ETFs) in the US, which attracted $36.2 billion of net inflows and surpassed gold-ETF assets in one-twentieth the time SPDR Gold Shares required after launch.

該報告於5月23日發布，首先指出了美國現貨比特幣交易所交易基金（ETF）的第一年表現，該資金（ETF）吸引了362億美元的淨流入，並超過了一分之二的Gold-ETF資產，這是SPDR Gold股票所需的時間。

However, Bitwise and UTXO suggest that the true impact will emerge as major wirehouses and private banks open ETF access, transforming dormant interest into orders.

但是，Bitwise和Utxo表明，隨著主要的電線廠和私人銀行打開ETF的訪問，真正的影響將出現，從而將休眠的興趣轉化為訂單。

Once holdings accumulate, the report anticipates a pivot toward BTC-denominated yield. It values the nascent Bitcoin finance market at $100 billion if only 5% of a $2 trillion Bitcoin capitalization seeks on-chain lending, basis trades, or bridge-operator fees.

一旦持有量積累，該報告預計將有一個以BTC計數為主導的收益率的樞軸。如果新生比特幣融資市場的價值為1000億美元，如果只有2萬億美元的比特幣資本化中只有5％尋求鏈貸款，基礎交易或橋樑運營商費用。

Firms such as Strategy and Metaplanet leverage these tools to expand reserves without new equity issuance.

諸如戰略和Metaplanet之類的公司利用這些工具來擴展儲備，而無需新的股權發行。

Moreover, policy initiatives add a structural bid. The BITCOIN Act, reintroduced by Senator Cynthia Lummis in March, would direct the Treasury to buy 200,000 BTC annually for five years.

此外，政策計劃增加了結構性出價。由參議員辛西婭·盧米斯（Cynthia Lummis）在3月重新引入的比特幣法案將指示財政部每年購買200,000 BTC五年。

At the same time, President Donald Trump signed an executive order in March to establish a Strategic Bitcoin Reserve with 198,000 seized coins.

同時，唐納德·特朗普（Donald Trump）總統於3月簽署了一項行政命令，以建立198,000枚硬幣的戰略比特幣儲備。

Ranging from a 0.2% allocation of assets under management in wealth-management platforms to 5% of foreign-exchange reserves for nation-states, the report calculates five primary demand institutions and their potential BTC purchases.

從財富管理平台管理資產的0.2％分配到民族國家的外國交換儲量的5％，該報告計算了五個主要需求機構及其潛在的BTC購買。

The report also highlights 13 US state reserve bills that translate to a modeled $19.6 billion purchase, while sovereign-wealth funds account for a $7.8 billion base case.

該報告還重點介紹了13項美國國家儲備賬單，這些賬單轉化為建模的196億美元購買，而主權衛生資金的基本案例為78億美元。

The combined flows over the five institutions total $427 billion, or 4.27 million BTC, which is 20% of the total supply.

五個機構的總流量總計4270億美元，即427萬BTC，是總供應量的20％。

The interplay among sovereigns, corporations, and wealth platforms pushes adoption beyond speculative trade into portfolio mechanics and public finance policy, the report's authors note.

該報告的作者指出，主權，公司和財富平台之間的相互作用將採用超越了投機貿易的投資組合力學和公共財政政策。

This progression is a step toward "hyperbitcoinization," which will be driven by balance-sheet management rather than market sentiment and result in institutions accumulating roughly 20% of the Bitcoin supply by 2026.

這種進步是邁向“超穩定化”的一步，這將由平衡表管理而不是市場情緒驅動，並導致機構到2026年累積了大約20％的比特幣供應。