ZFX山海证券:加密市场结构性牛市开启

Group 1 - The core viewpoint is that digital assets are transitioning from speculative investments to mainstream financial instruments, akin to a "container moment" in global trade, which will lead to significant structural changes in the global financial landscape [1][3]. - Tokenization is identified as a crucial bridge linking real assets with blockchain technology, and major banks and brokers have begun establishing digital asset operations, laying the groundwork for a market explosion in 2026 [1][3]. - The entry of institutional investors through regulated custody solutions and derivative tools is transforming assets from purely speculative items to strategic reserve assets, enhancing market depth and fundamentally altering the valuation logic of cryptocurrencies [1][3]. Group 2 - Long-term conservative funds, including pensions and endowment funds, are gradually entering the market through complex approval processes, which is expected to have a significant long-term impact [2][4]. - The acceptance of digital assets by Registered Investment Advisors (RIAs) is considered one of the most underestimated positive factors in the current market, as this group manages trillions of dollars in wealth, providing a solid demand floor even with minimal structural allocation [2][4]. - The advancement of regulatory compliance is anticipated to be a catalyst for market integration, blurring the lines between traditional financial giants and the native crypto market, with 2026 expected to reflect comprehensive integration of the financial ecosystem rather than just price volatility [5].