<p>迈克尔·塞勒（Michael Saylor）正在重新框定比特币价格动态，认为推动比特币达到新历史高点的力量与投机、零售热情或 ETF 驱动的资金流动关系不大。相反，塞勒的观点将比特币价格的上涨视为银行系统内部正在悄然展开的更深层次结构性转变的结果。</p>
<p><strong>迈克尔·塞勒谈比特币价格的结构性转变</strong></p>
<p>随着市场展望 2026 年，迈克尔·塞勒关于比特币价格走势的理论集中在从交易者驱动的动态向受监管金融机构的结构性转变，这一转变可能从根本上重塑资本如何大规模参与比特币。比特币历史的大部分时间里，价格发现主要受到周期性交易行为、杠杆和情绪驱动的动量的主导。</p>
<p>即使是现货比特币 ETF 这样的里程碑，虽然扩大了参与渠道，但仍然主要局限于传统资本市场。塞勒的观点偏离了这一模式，强调比特币逐渐融入银行资产负债表，其估值由效用、抵押和长期资本配置驱动，而非短期市场周期。</p>
<p>最近的发展突显了这一转变。越来越多的美国大型银行开始提供比特币抵押贷款，这一举措标志着比特币从高波动性交易资产重新分类为被认可的金融抵押品。以比特币作为抵押的贷款反映了机构对其流动性、保管标准和长期价值稳定性的信心。在实际操作中，这使比特币与适合信用创造的资产并列，而非短期投机。</p>
<p>一旦比特币被纳入贷款结构、财务运作和机构风险模型，需求特征将发生实质性变化。通过这些渠道部署的资本不会对短期价格波动做出反应，而是具有战略性、合规驱动，并设计为多年的投资视角。这种需求类型持续吸收供应，强化了比特币固定发行模型中已经嵌入的稀缺性动态。因此，比特币价格的上涨成为持续资本配置的结果，而非偶发市场反弹的产物。</p>
<p><strong>银行基础设施与比特币价格的新上限</strong></p>
<p>塞勒将 2026 年视为银行采用的影响完全显现的时期。计划推出比特币保管及相关服务的主要金融机构，如嘉信理财和花旗，表明比特币与受监管金融基础设施之间的更广泛对接。</p>
<p>保管在这一过程中发挥着关键作用。当银行保管比特币时，它们解锁了将其嵌入财富管理平台、企业财务战略和担保贷款产品的能力。这大大扩展了比特币的可寻址资本基础，使得之前受到监管、操作或受托限制的机构能够参与。</p>
<p>随着银行参与的加深，比特币价格行为可能会演变。由杠杆交易和投机性头寸驱动的波动性相对重要性降低，而长期资产负债表的积累成为主导力量。在这种环境下，塞勒认为，比特币的新历史高点将不是突如其来的狂热的产物，而是由大规模运营的机构持续吸收的结果。</p>

MSTR

GBTC

嘉信理财

花旗

<p>迈克尔·塞勒预测，比特币的价格将因银行系统的结构性变化而达到新的历史高点，而非投机或零售热情。他强调比特币已融入银行资产负债表，作为贷款的抵押品，反映出机构的信心。到 2026 年，嘉信理财和花旗等主要银行将提供比特币托管服务，扩大其资本基础并减少投机交易带来的波动性。塞勒认为，持续的机构吸纳将推动比特币价格的上涨，而不是短期市场的反弹</p>

<p>Bitcoin price dynamics heading into the next market cycle are being reframed by Michael Saylor, who argues that the forces capable of pushing Bitcoin to new all-time highs have little to do with speculation, retail enthusiasm, or ETF-driven flows. Instead, Saylor’s outlook positions Bitcoin price appreciation as the outcome of a deeper structural transition that is unfolding quietly within the banking system.</p>
<div class="lb-trans"><p>迈克尔·塞勒（Michael Saylor）正在重新框定比特币价格动态，认为推动比特币达到新历史高点的力量与投机、零售热情或 ETF 驱动的资金流动关系不大。相反，塞勒的观点将比特币价格的上涨视为银行系统内部正在悄然展开的更深层次结构性转变的结果。</p>
</div><p><strong>Michael Saylor On Bitcoin Price’s Structural Shift</strong></p>
<div class="lb-trans"><p><strong>迈克尔·塞勒谈比特币价格的结构性转变</strong></p>
</div><p>As the market looks toward 2026, Michael Saylor’s thesis on Bitcoin price action focuses on a structural shift away from trader-driven dynamics toward regulated financial institutions, a transition that could fundamentally reshape how capital engages with Bitcoin at scale. For most of its history, Bitcoin price discovery has been dominated by cyclical trading behavior, leverage, and sentiment-driven momentum.</p>
<div class="lb-trans"><p>随着市场展望 2026 年，迈克尔·塞勒关于比特币价格走势的理论集中在从交易者驱动的动态向受监管金融机构的结构性转变，这一转变可能从根本上重塑资本如何大规模参与比特币。比特币历史的大部分时间里，价格发现主要受到周期性交易行为、杠杆和情绪驱动的动量的主导。</p>
</div><p>Even milestones such as spot Bitcoin ETFs, while broadening access, largely remain confined to traditional capital markets. Saylor’s view departs from this model by highlighting Bitcoin’s gradual integration into bank balance sheets, where valuation is driven by utility, collateralization, and long-term capital allocation rather than short-term market cycles.</p>
<div class="lb-trans"><p>即使是现货比特币 ETF 这样的里程碑，虽然扩大了参与渠道，但仍然主要局限于传统资本市场。塞勒的观点偏离了这一模式，强调比特币逐渐融入银行资产负债表，其估值由效用、抵押和长期资本配置驱动，而非短期市场周期。</p>
</div><p>Recent developments underscore this shift. A growing number of major US banks have begun offering Bitcoin-collateralized loans, a move that signals a reclassification of Bitcoin from a high-volatility trading asset to a recognized form of financial collateral. Lending against Bitcoin reflects institutional confidence in its liquidity, custody standards, and long-term value stability. In practical terms, this positions Bitcoin alongside assets that are suitable for credit creation rather than short-term speculation.</p>
<div class="lb-trans"><p>最近的发展突显了这一转变。越来越多的美国大型银行开始提供比特币抵押贷款，这一举措标志着比特币从高波动性交易资产重新分类为被认可的金融抵押品。以比特币作为抵押的贷款反映了机构对其流动性、保管标准和长期价值稳定性的信心。在实际操作中，这使比特币与适合信用创造的资产并列，而非短期投机。</p>
</div><p>Once Bitcoin is integrated into lending structures, treasury operations, and institutional risk models, demand characteristics change materially. Capital deployed through these channels is not reactive to short-term price fluctuations. It is strategic, compliance-driven, and designed for multi-year horizons. This type of demand absorbs supply consistently, reinforcing scarcity dynamics already embedded in Bitcoin’s fixed issuance model. As a result, Bitcoin price appreciation becomes a function of sustained capital allocation rather than episodic market rallies.</p>
<div class="lb-trans"><p>一旦比特币被纳入贷款结构、财务运作和机构风险模型，需求特征将发生实质性变化。通过这些渠道部署的资本不会对短期价格波动做出反应，而是具有战略性、合规驱动，并设计为多年的投资视角。这种需求类型持续吸收供应，强化了比特币固定发行模型中已经嵌入的稀缺性动态。因此，比特币价格的上涨成为持续资本配置的结果，而非偶发市场反弹的产物。</p>
</div><p><strong>Banking Infrastructure And The New Ceiling For Bitcoin Price</strong></p>
<div class="lb-trans"><p><strong>银行基础设施与比特币价格的新上限</strong></p>
</div><p>Saylor identifies 2026 as the period when the impact of banking adoption becomes fully visible. Major financial institutions such as Charles Schwab and Citigroup, planning to roll out Bitcoin custody and related services, point to a broader alignment between Bitcoin and regulated financial infrastructure.</p>
<div class="lb-trans"><p>塞勒将 2026 年视为银行采用的影响完全显现的时期。计划推出比特币保管及相关服务的主要金融机构，如嘉信理财和花旗，表明比特币与受监管金融基础设施之间的更广泛对接。</p>
</div><p>Custody plays a pivotal role in this process. When banks custody Bitcoin, they unlock the ability to embed it across wealth management platforms, corporate treasury strategies, and secured lending products. This dramatically expands Bitcoin’s addressable capital base by enabling participation from institutions previously constrained by regulatory, operational, or fiduciary limitations.</p>
<div class="lb-trans"><p>保管在这一过程中发挥着关键作用。当银行保管比特币时，它们解锁了将其嵌入财富管理平台、企业财务战略和担保贷款产品的能力。这大大扩展了比特币的可寻址资本基础，使得之前受到监管、操作或受托限制的机构能够参与。</p>
</div><p>As banking participation deepens, Bitcoin price behavior is likely to evolve. Volatility driven by leveraged trading and speculative positioning diminishes in relative importance, while long-term balance-sheet accumulation becomes a dominant force. In this environment, according to Saylor, Bitcoin’s new all-time highs will not be the product of sudden euphoria but the result of sustained absorption by institutions operating at scale.</p>
<div class="lb-trans"><p>随着银行参与的加深，比特币价格行为可能会演变。由杠杆交易和投机性头寸驱动的波动性相对重要性降低，而长期资产负债表的积累成为主导力量。在这种环境下，塞勒认为，比特币的新历史高点将不是突如其来的狂热的产物，而是由大规模运营的机构持续吸收的结果。</p>
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Saylor 揭示了推动比特币价格达到新历史高点的因素——这并不是你所想的那样