伯恩斯坦（Bernstein

伯恩斯坦分析师周一确定了五个结构性力量，这些力量可能会在未来几个月内驱动比特币的BTC/USD轨迹

Bernstein analysts have identified five structural forces that could drive Bitcoin's BTC/USD trajectory in the coming months, based on rising institutional demand, regulatory developments and new U.S. government initiatives.

伯恩斯坦（Bernstein）分析师已经确定了五个结构性力量，这些结构力量可能会在未来几个月内驱动比特币的BTC/USD轨迹，这是基于机构需求的不断上升，监管发展和新的美国政府倡议。

The findings, according to Bernstein, lay out key inflection points now anchoring Bitcoin’s position within global capital markets.

根据伯恩斯坦（Bernstein）的说法，这些发现提出了关键的拐点，现在将比特币在全球资本市场中的地位奠定了基础。

What Happened: According to the report, one of the core developments underpinning Bitcoin's market resilience is the establishment of a Strategic Bitcoin Reserve by the U.S. government.

发生的事情：根据该报告，基于比特币市场弹性的核心发展之一是美国政府建立了战略性的比特币储备。

Originally funded through seized BTC assets held across federal agencies, the Bitcoin reserve move has been widely interpreted by analysts as formal recognition of Bitcoin as a sovereign-grade asset akin to digital gold.

比特币储备金最初是通过在联邦机构持有的占领的BTC资产资助的，分析师被广泛解释为对比特币作为类似于数字黄金的主权级资产的正式认可。

This designation has already catalyzed renewed interest from corporate treasuries and sovereign entities.

该名称已经激发了公司国库和主权实体的新兴趣。

A second catalyst highlighted is fresh institutional Bitcoin demand, particularly from corporate buyers and ETFs.

第二个催化剂强调的是新鲜的机构比特币需求，尤其是公司买家和ETF。

Despite turbulence earlier this year, outflows from U.S.-listed Bitcoin ETFs have slowed, indicating a stickier base of long-term capital.

尽管今年早些时候动荡，但美国上市比特币ETF的流出却放慢了，这表明长期资本的基础更加稳健。

Bernstein notes that around 80 corporates globally now hold Bitcoin on their balance sheets.

伯恩斯坦指出，全球大约有80家公司的资产负债表上持有比特币。

The third driver comes from growing momentum in the banking sector.

第三个驾驶员来自银行业的发展势头。

The report outlines that major banks, wealth managers and broker-dealers are ramping up efforts to integrate crypto into traditional financial services.

该报告概述了主要的银行，财富管理人员和经纪交易商正在加大努力将加密货币纳入传统金融服务。

This includes custodial services, tokenized treasuries and the adoption of blockchain infrastructure for payments and settlement rails.

这包括托管服务，令牌化的国债以及通过区块链基础设施进行付款和和解铁路。

Also Read: Bitcoin Catapults To $87,000: What Is Going On?

另请阅读：比特币弹射至87,000美元：发生了什么？

Bernstein's fourth key catalyst centers on the expected passage of the Stablecoin legislation in the U.S. this year.

伯恩斯坦（Bernstein）的第四次主要催化剂集中在今年美国稳定法律的预期通过。

The bill is likely to institutionalize stablecoin operations and embed them deeper into payment systems.

该法案可能会使Stablecoin运营制度化，并将其深入到付款系统中。

Stablecoins already settle over $1 trillion in monthly volume and are increasingly seen as tools for cross-border trade and B2B payments.

Stablecoins的月度数量已经超过1万亿美元，并且越来越被视为跨境贸易和B2B付款的工具。

The report calls this a foundational layer for the next generation of digital finance.

该报告称这是下一代数字融资的基础层。

The final catalyst is a renewed push by asset managers and broker-dealers to embrace tokenization.

最终的催化剂是资产经理和经纪交易商的重新推动，以拥抱令牌化。

Tokenized U.S. Treasuries already represent a $5 billion market, with BlackRock's BUIDL fund alone accounting for $2 billion.

象征化的美国国债已经代表了50亿美元的市场，仅贝莱德的Buidl基金就占20亿美元。

Bernstein points to this trend as validation of tokenized finance as a scalable infrastructure play rather than a speculative niche.

伯恩斯坦将这种趋势指出是对令牌融资的验证是可扩展的基础设施竞争，而不是投机性利基市场。

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