#Gate2025AnnualReport This detailed analysis paints a sophisticated picture of Bitcoin’s evolution from a "digital frontier" to a "mature macro asset." The core takeaway is a fascinating paradox: Bitcoin is becoming more stable mathematically, even as it becomes more massive financially.

Here is a breakdown of the key structural shifts and what they mean for the 2026 outlook:
1. The "Nvidia Benchmark": A Narrative Pivot
The observation that Bitcoin’s volatility (2.24\%) has fallen below Nvidia’s is a watershed moment for institutional adoption.
The Risk Budget Shift: In Modern Portfolio Theory, assets are allocated based on "risk contribution." Lower volatility allows a pension fund or insurance company to increase their Bitcoin weighting without breaching their "Value at Risk" (VaR) limits.
From Speculation to Beta: Bitcoin is no longer viewed solely as a "lottery ticket." It is now treated as a High-Beta Macro Asset—an asset that moves in the same direction as the market but with higher sensitivity, similar to a high-growth tech sector but with unique, uncorrelated drivers.
2. Structural "Ballast": Why Volatility is Dropping
The report identifies three pillars supporting this new, "dampened" price action: