新报告显示

根据一份新报告

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管理的一份新报告强调了20％的所有比特币（BTC）的可能性可能在2026年底之前迁移到机构资产负债表。

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

该研究标题为“探索超稳定化游戏理论”，模型的五个需求渠道为加密货币。

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.

该报告于5月23日发布，首先指出了美国现货比特币交易所交易基金（ETF）的第一年表现，该资金（ETF）吸引了362亿美元的净流入，并超过了一分之二的Gold-ETF资产，这是SPDR Gold股票所需的时间。

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，随着主要的电线厂和私人银行打开ETF的访问，真正的影响将出现，从而将休眠的兴趣转化为订单。

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.

一旦持有量积累，该报告预计将有一个以BTC计数为主导的收益率的枢轴。如果新生比特币融资市场的价值为1000亿美元，如果只有2万亿美元的比特币资本化中只有5％寻求链贷款，基础交易或桥梁运营商费用。

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

诸如战略和Metaplanet之类的公司利用这些工具来扩展储备，而无需新的股权发行。

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，政策计划增加了结构性出价。由参议员辛西娅·卢米斯（Cynthia Lummis）在3月重新引入的比特币法案将指示财政部每年购买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.

同时，唐纳德·特朗普（Donald Trump）总统于3月签署了一项行政命令，以建立198,000枚硬币的战略比特币储备。

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.

从财富管理平台管理资产的0.2％分配到民族国家的外国交换储量的5％，该报告计算了五个主要需求机构及其潜在的BTC购买。

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.

该报告还重点介绍了13项美国国家储备账单，这些账单转化为建模的196亿美元购买，而主权卫生资金的基本案例为78亿美元。

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

五个机构的总流量总计4270亿美元，即427万BTC，是总供应量的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.

该报告的作者指出，主权，公司和财富平台之间的相互作用将采用超越了投机贸易的投资组合力学和公共财政政策。

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.

这种进步是迈向“超稳定化”的一步，这将由平衡表管理而不是市场情绪驱动，并导致机构到2026年累积了大约20％的比特币供应。