#比特币价格走势 After reviewing the core logic of the Galaxy and Delphi reports, here are the key signals:

**The macro environment is indeed shifting.** The global central bank easing cycle has begun, the Federal Reserve's QT is nearing completion, the People's Bank of China is increasing support, and the trend of fiscal deficit monetization is evident—these all point to an improved liquidity environment by 2026. From the new highs in M2 and gold prices, as well as ongoing central bank gold purchases, market expectations of currency devaluation are already priced in. Historically, these two indicators have led Bitcoin's performance.

**On-chain capital flow needs close attention.** The report's target price of $250,000 (by the end of 2027) suggests room from current levels, but the key is to track the actual inflow pace of institutional funds. Trends such as stablecoin trading volume surpassing ACH systems and enterprise-level public chains moving toward real settlement fundamentally reflect increased on-chain settlement demand—this will be directly visible in whale address movements and contract interaction data.

While a new all-time high for Bitcoin in 2026 is possible, the pace depends on data. It is recommended to continuously monitor major exchanges' cold wallet flows, large transfer frequencies, and DEX trading depth changes, as these indicators are more intuitive than predictions. Loose monetary and environmental policies are necessary but not sufficient conditions.