8月PPI数据公布后Bitcoin持稳于$79K附近；策略师预测在ETF持续流入下Q4将达到$100K

Crypto’s next regime is being priced through balance sheets, ETF flows and policy credibility

The market is shifting from a simple beta trade on Bitcoin toward a more selective repricing of vehicles, jurisdictions and protocols that can absorb institutional capital without narrative leakage. The key signal is not whether crypto is bullish or bearish in the abstract, but which wrappers of exposure are gaining trust as investors weigh treasury leverage, ETF demand, macro uncertainty and the politics of regulation.