Exploring Bitcoin Valuation in 2026 from a Macro and On-Chain Structural Perspective (Author: Tiger Research; Translation: AididiaoJP, Foresight News) Bitcoin is currently in a phase where macro conditions provide support but momentum is slowing. Global liquidity remains high, and ETF funds have returned to net inflows, offering medium- to long-term support. However, geopolitical conflicts are driving inflation higher and narrowing the room for rate cuts, slowing the pace of growth.