#机构加密资产配置 Bloomberg's warning is worth paying close attention to. McGlone's logic is that the competitive landscape is deteriorating—Bitcoin faces competition from millions of digital assets, while gold has only three rivals. From this perspective, projecting a comprehensive decline by 2026 has a flawed logical chain.

Key question: what is the market pricing in? If Bitcoin truly drops to $50,000 or even $10,000, what kind of systemic collapse would that entail? Would it be a regulatory policy 180-degree turn, or a fundamental flaw in technology being confirmed?

From an on-chain perspective, the current performance of institutional crypto asset allocations is still steadily progressing. Recently, whale addresses have not shown large-scale withdrawals, and the pace of capital inflows and outflows remains relatively healthy. This is significantly different from Bloomberg's extremely pessimistic forecast.

My judgment is: such extreme predictions usually serve the risk management needs of hedge funds rather than the mainstream market trend. Institutional investors' attitude towards crypto assets is still in an exploratory phase. While the allocation scale is growing, it is far from being thoroughly cleansed. There's no need for overreaction, but we should also pay attention to actual changes in fundamental data—contract tracking and capital flows are the real signals.