K33 Research: Bullish on 2026, predicting Bitcoin will outperform stock indices and gold.

According to Mars Finance, K33 Research's "2025 Annual Review" report indicates that 2025 was a year of significant disconnect between cryptocurrency fundamentals and price performance. Despite the establishment of a strategic Bitcoin reserve in the US, the Trump administration's executive order promoting the inclusion of digital assets in 401(k) applications, and a regulatory shift due to leadership changes at the SEC, Bitcoin underperformed mainstream assets like US stocks and gold, despite record low volatility, due to large-scale profit-taking by early holders (OGs) and market restructuring. K33 Research holds a constructive bullish view on 2026, predicting that Bitcoin will outperform stock indices and gold, believing that the benefits of regulatory victories will outweigh the impact of capital allocation. On the macro level, Trump is expected to appoint a dovish Federal Reserve chairman, replacing tightening with expansionary policies; this "ample" environment will benefit scarce assets like Bitcoin. Regarding regulation, the Clarity Act is expected to be passed in the first quarter of 2026, and broader crypto legislation is also expected to be signed at the beginning of the year. The institutional market is poised for explosive growth: Morgan Stanley plans to allow advisors to allocate 0-4% of their portfolios to Bitcoin ETFs for clients starting January 1, 2026, and E*Trade's retail crypto trading is expected to launch in the first half of 2026. Specifically, ETF net inflows are projected to exceed those of 2025. On the corporate finance side, MicroStrategy is not expected to sell Bitcoin (despite potential removal from the MSCI index), and net corporate financial absorption across the industry is projected at 150,000 BTC, a decrease of 330,000 BTC year-on-year. On the supply side, the decline in Bitcoin supply held for more than two years is expected to end, rebounding to over 12.16 million BTC by the end of the year, with early selling pressure subsiding and turning into net buying demand. Furthermore, with the opening of 401(k) plans, the market will see significant potential buying based on different allocation weights ranging from 1% to 5%.