Grayscale has provided a clear prediction in its latest annual outlook — Bitcoin will hit a new all-time high in the first half of 2026. This view is not unfounded.

The logical chain behind this is as follows: institutional investors continue to enter the market, structural demand driven by spot ETFs, along with network upgrades like Bitcoin Layer2, are collectively building momentum. Traditional financial giants like Morgan Stanley have significantly increased their holdings of Grayscale Bitcoin Trust products in the third quarter, which is a key signal — smart money is quietly positioning itself early.

Interestingly, this cycle is markedly different from previous ones. In the past, market tops were often driven by retail investors frantically FOMOing and pushing prices higher, but now it is the "demand shock" led by institutions that is taking the lead. This could mean that the top may come sooner and be higher.

In other words, if this prediction is reliable, the entire year of 2025 will become a critical accumulation period. Investors who want to participate should already be seriously considering how to respond.