An analysis has emerged suggesting that Bitcoin is forming an entirely different market structure compared to the past, reinforcing its position as 'digital gold'.

Virtual asset market analyst Vlad Anderson recently shared his view, stating, "Bitcoin is increasingly transforming into an asset similar to gold," and evaluated that, "This could hold a much more significant meaning than the market thinks." He explained that while Bitcoin has long been considered a representative risk asset characterized by high volatility and repetitive emotional trading, the recent market environment has been changing significantly.

Market Structure Changing with Influx of Institutional Funds The Bitcoin market, which was previously dominated by short-term speculative trading centered on retail investors, has undergone structural changes in recent years. With the growth and expansion of the spot ETF market, funds with a long-term investment nature—such as pension funds, asset management companies, and corporate funds—are flowing in earnest, fundamentally transforming the investment structure itself. Anderson analyzed that the increase in these long-term holders and the influx of institutional funds are absorbing the available market supply, creating a trend where price volatility is gradually decreasing compared to the past.

Can It Become a 'Store of Value' Like Gold? Anderson cited 'stability' and 'trust' as the background factors that allowed gold to establish itself as one of the world's largest stores of value. He noted that a market worth trillions of dollars could be formed because investors had the conviction to hold the asset for long periods. He predicted that if Bitcoin also strengthens its stability while maintaining its scarcity and global accessibility, a new phase of adoption expansion could be achieved.

Cautious Views and Key Focus Points for 2026 In the market, there are also cautious views that Bitcoin has not yet completely shed its characteristics as a risk asset. This is because there remains a possibility that price volatility could expand again depending on external factors such as the global liquidity environment, interest rate policies, and regulatory changes.

Nevertheless, the forecast is gaining traction that if structural changes—such as the expansion of institutional investment, decreasing supply, and an increasing proportion of long-term holders—continue, the trend of Bitcoin being re-evaluated as a store of value beyond a mere speculative asset could persist. Moving forward, whether Bitcoin can secure stability similar to gold is cited as one of the key focus points for the 2026 market.

[※ The information provided in this article is intended to convey general virtual asset-related news and does not constitute a solicitation for investment or financial advice. Virtual assets are subject to high price volatility, and any losses resulting from investments are the responsibility of the investor. Please ensure you conduct careful consideration and seek expert advice before making investment decisions. This publication does not bear legal or financial responsibility for the information provided. This is an article partially assisted by AI.]