The Bitcoin Layer HERE COMES VANGUARD: Why Bitcoin Hits New All-Time Highs in 2026
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Dec 23, 2025 Dr. André Dragosch, Head of European Research at Bitwise, discusses the institutional surge in Bitcoin investment leading up to 2026. He highlights the transformative role of Vanguard and wirehouses in facilitating ETF inflows. André explores how macroeconomic factors like global growth and bond market stress are shaping Bitcoin’s appeal. He argues that Bitcoin is underpriced relative to the expanding global money supply and predicts a potential retail comeback that could amplify institutional interest. Tune in for insights on Bitcoin as a hedge against sovereign debt risks!
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Institutional Demand Outweighs New Supply
- Institutional demand in 2025 (ETFs + treasury companies) outpaced new supply by ~4x, creating a structural bid for Bitcoin.
- Long-term holder profit-taking masked this demand, keeping price flat despite strong accumulation metrics.
Treasury Firms Have Cyclical Flywheels
- Treasury company buying dynamics include both structural and cyclical components tied to BTC yield and performance expectations.
- When Bitcoin rallies, treasury firms can re-expand issuance and re-enter a positive accumulation flywheel.
Interpret Long-Term Holder Selling Carefully
- Recognize multiple motives for long-term holder selling: cycle beliefs, price milestones, and legitimization of crypto.
- Expect profit-taking to fade once political and institutional uncertainties settle, enabling price recovery.