If gold doesn't rotate, where is the incremental capital supporting BTC?

Recently, I've been thinking about a question. If geopolitical risks lead central banks to increase their gold reserves (not for trading profits), and this trend, once established, is difficult to reverse in the short term, then there won't be capital rotation from the gold sector. So, how can cryptocurrencies attract incremental funds?

Coincidentally, I've been reading ARK's 2026 report these past two days. Cathie Wood remains a strong bull on AI and crypto. She answered where BTC's incremental funds come from based on its valuation model.

1. "Rebalancing" of the Global Market Portfolio (Institutional Investment)
   • There is approximately $200 trillion in institutional asset pools globally (excluding gold), including pension funds, insurance funds, and endowments.
   • These funds don't need to sell gold; they only need to slightly adjust the traditional 60/40 stock-bond portfolio. ARK predicts that if these institutions allocate just 1% to 6.5% of their assets to BTC, it would bring $2 trillion to $13 trillion in incremental buying power.
   • In 2025, the inclusion of the Wisconsin Pension Fund and Morgan Stanley's full opening of ETF access marked the beginning of this flood moving from "0" to "1%."
2. "DAT-ification" of Corporate Balance Sheets (Corporate Treasury)
   • Funding source: Approximately $7 trillion in corporate cash and equivalents globally.
   • Logic: Companies no longer just hold depreciating fiat cash but issue bonds or additional shares to acquire BTC/ETH.
   • Data: In 2025, the number of BTC held by listed companies grew by 73%. This capital isn't "rotation from existing holdings" but "pure incremental purchasing power" created through capital market financing.
3. "New Allocation" of Sovereign Reserves (Nation-State Strategic Reserves)
   • Funding source: Approximately $15 trillion in sovereign foreign reserves globally (excluding gold).
   • Driver: ARK's 2026 report specifically mentions the "Strategic Bitcoin Reserve" executive order signed by Trump and actions in places like Texas.
   • Logic: When a country decides to build BTC reserves, it typically uses foreign exchange surpluses or issues local currency bonds to buy in the open market. This behavior runs parallel to gold reserves, aiming not to fall behind in the "digital sovereignty" game.
4. "Fiat Flight" in Emerging Markets (EM Safe Haven)
   • Funding source: Approximately $68 trillion in M2 money supply in emerging markets.
   • Logic: In high-inflation regions like Turkey, Argentina, and Nigeria, people aren't choosing between "gold and crypto" but between "worthless paper (local currency) and crypto." ARK believes that as stablecoins become more widespread in these regions, this capital will flow in via stablecoins and ultimately support underlying assets (BTC/ETH).