Gate News message: In 2026, Bitcoin is in a critical adoption phase. Bloomberg ETF analyst Eric Balchunas said Bitcoin’s current development trajectory is similar to the period when Facebook grew from 1 billion users to 3 billion users, meaning it is accelerating its transition from a “niche asset” to a mainstream financial asset.
Balchunas pointed out that Bitcoin is going through a “de-labeling” process—gradually losing its early “alternative” characteristics and attracting a broader range of institutions and traditional investors. Historically, this kind of change is often not a signal of decline, but a prelude to large-scale expansion. Similarly, after Facebook’s user demographics shifted, even though its growth rate slowed, its total user base still grew several-fold.
The data also supports this. Globally, the number of Bitcoin holders has risen to about 106 million, significantly higher than the 30 million to 50 million range in 2021. At the same time, spot Bitcoin ETFs have become an important driver: in just the first year after launch, products under a single major asset management firm reportedly attracted around 1 million investors.
In addition, the ETF currently holds more than 780,000 Bitcoins, accounting for about 3.9% of total supply, indicating that institutional capital is gradually building long-term allocations. As more traditional capital enters through compliant channels, Bitcoin’s market structure is undergoing deep changes.
Some macro analysts believe that when an asset shifts from being “identity-driven” to “allocation-driven,” its growth logic will change. Bitcoin may be in precisely this turning-point stage. Going forward, as ETF penetration increases and the regulatory environment becomes progressively clearer, the group of Bitcoin holders is expected to expand further.
In the current cycle, Bitcoin is no longer relying solely on speculative demand, but is gradually being integrated into global asset-allocation frameworks—and its long-term growth potential still offers room for imagination.
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