#ETH走势分析 Just finished reading BlackRock’s 2026 outlook report from the world’s largest asset manager, and there are a few points I feel compelled to mention.

This time, they’ve labeled AI as a “tidal force”—which is a pretty strong statement. The logic goes like this: Tech giants are currently pouring money into building infrastructure, issuing debt for financing, which has caused corporate leverage to soar, but the actual returns from AI will take time to materialize. The scale of this upfront investment is already three times the historical average investment in the US, which could push up the long-term interest rate baseline. Even more striking, they believe this wave of AI could break through the US’s long-standing 2% GDP growth ceiling—a “curse” that hasn’t been broken in decades.

There are three macro-level chain reactions worth noting: micro-level AI spending is turning into a macro shock; corporate debt expansion is keeping long-term rates from falling ( so they recommend underweighting long-duration bonds ); and record-high market concentration is rendering traditional diversification strategies ineffective.

On the crypto side, the report specifically singles out stablecoins. Their reasoning is practical: high efficiency in cross-border payments, directly competing with local currencies in emerging markets, and able to go head-to-head with bank deposits and money market funds. Fundamentally, this is a new vehicle for US dollar hegemony, and the long-term logic is solid.

In terms of allocation, they’re strongly recommending US and Japanese equities, and are bullish on emerging markets like India, Mexico, and Vietnam; they’re much more cautious on bonds, underweighting US long bonds directly, and avoiding European and US treasuries where possible; among alternative assets, AI+energy infrastructure and private equity are long-term strategic allocations, gold is only suitable for tactical moves, and in the crypto sector, the focus is on stablecoins, AI-themed tokens, and $BTC’s hard asset narrative.

The biggest signal from this report, in my view, is that traditional financial giants no longer see crypto as a fringe product. Stablecoins are now being discussed on the same level as traditional financial instruments, which is a pretty significant shift in perception.