#比特币2026年行情展望 Bitcoin's recent rally has indeed been worth examining. Breaking through from 92,000 to 97,000, with short liquidations hitting nearly $600 million in a single day—the force of this rapid surge is remarkably fierce. Yet on the surface, the macro environment shows no major positive catalysts, interest rate policies remain uncertain, so where exactly is the driving force behind this rally?

Breaking it down, at least three key signals emerge:

**Institutional capital is quietly reviving**. Spot BTC ETF net inflows have reached as high as $750 million in a single day recently—a significant shift from the cold period. The rally has been most pronounced during North American trading hours, directly reflecting increased participation from large capital. These institutional-level moves typically precede retail market sentiment.

**Regulatory certainty becomes a currency**. The U.S. CLARITY Act cryptocurrency legislation has entered a critical voting stage. While stakeholders differ on details, the mere expectation of policy framework formation is already attracting large capital for early positioning. This isn't chasing gains—it's betting on certainty post-policy implementation.

**On-chain data shows a locking trend**. Over 36 million ETH is locked in staking protocols, limiting liquidity; meanwhile, institutions like MicroStrategy continue accumulating Bitcoin. This "in-only, not-out" behavior pattern typically reflects the truest intentions of smart money.

Market structure is quietly shifting. Traditional cycle theories may have already lost relevance. The key variables ahead are: whether incremental capital will continue flowing out of Bitcoin and Ethereum into other assets, and when investor risk appetite truly stabilizes.