#2026 #CryptoMarket

In our previous articles, we have been running a review series focused on 2025, and we have already published four or five installments. Today, we are changing the pace and turning our attention to predictions for the crypto market in 2026 — while the 2025 review series will continue.

These predictions cover crypto markets, crypto sectors, regulation and legislation, consensus mechanisms, and more.

The viewpoints in this article are drawn from analyses by the SuperEx Research Institute, combined with consensus forecasts from top-tier institutions such as Galaxy, Grayscale, CoinShares, and a16z. We also incorporate core macro indicators including the Buffett Indicator, manufacturing data, and inflation levels. Based on this foundation, we distill six core prediction themes to prepare for the coming year of 2026.

Over the past year, whether in U.S. equities, European stock markets, or certain emerging market indices, overall valuation levels have climbed into historically elevated ranges. According to the global equity Buffett Indicator (global equity market capitalization divided by GDP), the current level has reached approximately 128%. Historically, similar signals appeared ahead of market corrections in 2008, 2015, 2018, and 2022.

This suggests that global equity markets are now in a high-risk zone, and many institutions have begun warning that the “tension” between asset prices and the real economy is intensifying.

In particular:

• Corporate earnings growth is slowing

• Asset prices remain elevated

• Risk appetite among households and institutions has not materially declined

This implies that markets will struggle to continue rising purely through valuation expansion. Even minor macro disturbances — such as slowing industrial momentum, cooling employment, or rising corporate financing costs — could trigger larger-scale price corrections.

As a result, the key theme for 2026 may shift away from “broad-based rallies” toward: High-level consolidation + structural opportunities + earnings-driven performance over narrative-driven speculation

Crypto assets naturally carry higher risk appetite. If macro markets undergo technical corrections, crypto is likely to amplify that volatility. This represents both heightened risk and the incubation of a new round of structural opportunities.

If the market in 2021 was characterized by “across-the-board demand overheating,” then the landscape from 2025 onward more closely resembles localized breakouts with overall moderation.

In particular, sectors related to artificial intelligence, data centers, and computing infrastructure have become the brightest growth engines within manufacturing. These industries have not only driven semiconductor demand, but also fueled synchronized growth in servers, optical modules, and power infrastructure.

At the same time:

• Demand for traditional durable goods remains weak

• Global freight volumes have recovered only modestly

• Most industrial companies continue to emphasize cautious capacity expansion

This indicates that we are not entering a 2006–2007-style industrial boom, but rather a selective growth era led by new technologies. This structural growth will also transmit into the crypto market:

• AI-related sectors will remain in focus

• “Compute finance” and “data assets” will emerge as new narratives

• Crypto assets tied to real-world industries will show stronger resilience

In other words, crypto is gradually moving away from being purely sentiment-driven and is becoming increasingly anchored to industrial cycles. This is a sign of maturation.

In 2026, one of the most critical macro variables will remain inflation.

At present, while inflation in major economies has not fully returned to target ranges, volatility has narrowed significantly, giving central banks more room for policy maneuvering. Especially as signs of growth slowdown deepen, expectations for rate cuts and easing often act as emotional buffers for markets.

This implies:

• Financial conditions are unlikely to tighten abruptly

• Global liquidity will remain supported

• Risk assets will retain relative attractiveness

However, a contradiction lies beneath the surface:

• As long as economic growth remains uninspiring

• Capital tends to flow into financial assets

• Rather than real-economy expansion

As a result, crypto — as a high-beta asset class — will continue to be a key battleground for capital allocation.

From this perspective, lower interest rates in 2026 may not guarantee a major bull market, but they will almost certainly provide crypto assets with sufficient narrative space and valuation flexibility.

A striking consensus has emerged among top institutions including a16z and Bitwise: stablecoins will complete their transformation in 2026 from “crypto tools” into mainstream financial infrastructure.

According to a16z, stablecoins processed approximately USD 46 trillion in transaction volume over the past year — about 20 times PayPal’s annual volume and nearly three times that of Visa, while continuing to approach the scale of the U.S. ACH (Automated Clearing House) network.

Stablecoins have already become an entity that institutions can no longer ignore.

Cross-border transfers, merchant settlement, currency risk hedging, asset custody, corporate treasury systems — these seemingly “boring” pieces of financial infrastructure are being gradually rewritten by stablecoins.

One way to frame this evolution:

• Bitcoin changed value storage

• Ethereum changed asset issuance

• Stablecoins are changing capital circulation

Once stablecoins enter the payments layer, they are no longer merely a subset of crypto — they directly integrate into the global financial system.

This means:

• Digital dollars directly participate in global settlement

• Dollar-denominated assets can be built without bank accounts

• Open financial infrastructure spreads globally

The future of stablecoins lies not as “exchange utility tokens,” but as a new dollar channel for the internet age.

In 2025, the U.S. election thrust prediction markets into the spotlight. What truly matters, however, is not the odds — but their evolution into a new form of social information pricing.

Unlike traditional polling, prediction markets involve real capital at stake, and prices reflect:

• Market confidence

• Collective intelligence

• The speed of expectation shifts

This gives prediction markets:

• Risk management value

• Public sentiment research value

• Macro decision-making value

Especially in areas such as policy, economics, and geopolitics, prediction markets often capture trends earlier than conventional methods. In the future, corporations, funds, and even governments may treat prediction markets as key data sources, with crypto — its native host — serving as the underlying infrastructure of this emerging information system.

Consider two institutional perspectives:

• a16z views privacy as the most important “moat” in crypto. Whoever solves privacy achieves chain-level lock-in, because “secrets” are extremely difficult to migrate across chains.

• Galaxy Research predicts that the total market capitalization of privacy tokens will exceed USD 100 billion by the end of 2026, as increasing amounts of capital, data, and automated decision-making move on-chain.

Not all value transfers are suitable for full transparency. Corporate transactions, personal consumption privacy, and sensitive cross-border settlement data all require protection.

As a result, privacy assets are being re-evaluated — not as “underground tools,” but as an essential piece of the financial system.

The likely trend for 2026 includes:

• Auditable privacy under regulatory compliance

• Legitimate institutional access channels

• Compliance-oriented privacy settlement layers

The value foundation of privacy assets will shift from speculative premiums to functional premiums.

Institutions exhibit near-unanimous enthusiasm for an ETF boom in 2026. Bitwise predicts that more than 100 crypto-related ETFs could be listed in the United States next year. Galaxy forecasts that Bitcoin ETF net inflows will exceed USD 50 billion.

In 2026, it is almost certain that crypto ETFs will no longer be “pioneer products,” but standardized portfolio allocation tools.

If 2024–2025 marked the transition from zero to one — from experimentation to formation — then 2026 is likely to be the year of exponential growth. Beyond Bitcoin and Ethereum, more segmented ETFs are expected to launch, including multi-asset portfolios, strategy-based ETFs, sector-themed token baskets, and even actively managed crypto ETFs.

ETF inflows in 2026 will become markedly more institutional. Pension funds, sovereign wealth funds, insurance capital, and family offices are expected to gradually increase allocations. Capital structure will shift from trading-driven flows toward allocation-driven capital, favoring long-term holding over frequent turnover.

While the United States will remain the primary battlefield, 2026 may also see:

• Greater openness in Asian markets

• More innovative structured products in Europe

• Accelerated adoption in emerging markets

Some emerging economies may even integrate crypto ETFs into capital market reforms to attract foreign investment and improve domestic asset structures.

The concept of Digital Asset Treasuries (DATs) sparked intense debate in 2025.

The core logic is that companies hold crypto assets to enhance valuation flexibility and hedge fiat risk. While this sounds novel, it is fundamentally an evolution of corporate asset allocation and capital structure innovation.

MicroStrategy (now commonly referred to as Strategy or MSTR) is the pioneer and most representative example. Beginning in 2020, it incorporated Bitcoin into its treasury and continued accumulating. Since then, its stock price has risen over 3,000%, largely driven by Bitcoin appreciation.

From inception, however, DATs have faced ongoing controversy:

• Volatility risk

• Regulatory uncertainty

• Financial transparency challenges

A typical example was the October 11 black swan event, where DAT companies became among the hardest hit:

• Balance sheets were compressed

• Market confidence collapsed and valuation premiums shrank

• Stocks became exit channels for capital

• Debt and financing risks were amplified

• Liquidity disparities became visible

• Valuations were reassessed, alongside signals of S&P exclusion

Despite these issues, DATs are undeniably reshaping how companies understand their balance sheets. In the future, more firms may engage with crypto assets in diverse ways. DATs are not an endpoint, but a stage in the evolution of corporate finance.

2026 may not be a bull market year, but it is highly likely to become a pivotal year in which crypto assets complete their upgrade into financial infrastructure.

• Markets may remain volatile

• Confidence may continue to waver

• Narratives will keep rotating

What is different this time is that crypto has never been closer to the core of the real economic system:

• Stablecoins

• Prediction markets

• Privacy finance

• ETFs

• On-chain treasuries

These concepts are steadily pushing crypto from a speculative arena toward becoming an official component of the global financial system — and we are witnessing this transformation firsthand.

#2026 #CryptoMarket

In our previous articles, we have been running a review series focused on 2025, and we have already published four or five installments. Today, we are changing the pace and turning our attention to predictions for the crypto market in 2026 — while the 2025 review series will continue.

These predictions cover crypto markets, crypto sectors, regulation and legislation, consensus mechanisms, and more.

The viewpoints in this article are drawn from analyses by the SuperEx Research Institute, combined with consensus forecasts from top-tier institutions such as Galaxy, Grayscale, CoinShares, and a16z. We also incorporate core macro indicators including the Buffett Indicator, manufacturing data, and inflation levels. Based on this foundation, we distill six core prediction themes to prepare for the coming year of 2026.

Over the past year, whether in U.S. equities, European stock markets, or certain emerging market indices, overall valuation levels have climbed into historically elevated ranges. According to the global equity Buffett Indicator (global equity market capitalization divided by GDP), the current level has reached approximately 128%. Historically, similar signals appeared ahead of market corrections in 2008, 2015, 2018, and 2022.

This suggests that global equity markets are now in a high-risk zone, and many institutions have begun warning that the “tension” between asset prices and the real economy is intensifying.

In particular:

• Corporate earnings growth is slowing

• Asset prices remain elevated

• Risk appetite among households and institutions has not materially declined

This implies that markets will struggle to continue rising purely through valuation expansion. Even minor macro disturbances — such as slowing industrial momentum, cooling employment, or rising corporate financing costs — could trigger larger-scale price corrections.

As a result, the key theme for 2026 may shift away from “broad-based rallies” toward: High-level consolidation + structural opportunities + earnings-driven performance over narrative-driven speculation

Crypto assets naturally carry higher risk appetite. If macro markets undergo technical corrections, crypto is likely to amplify that volatility. This represents both heightened risk and the incubation of a new round of structural opportunities.

If the market in 2021 was characterized by “across-the-board demand overheating,” then the landscape from 2025 onward more closely resembles localized breakouts with overall moderation.

In particular, sectors related to artificial intelligence, data centers, and computing infrastructure have become the brightest growth engines within manufacturing. These industries have not only driven semiconductor demand, but also fueled synchronized growth in servers, optical modules, and power infrastructure.

At the same time:

• Demand for traditional durable goods remains weak

• Global freight volumes have recovered only modestly

• Most industrial companies continue to emphasize cautious capacity expansion

This indicates that we are not entering a 2006–2007-style industrial boom, but rather a selective growth era led by new technologies. This structural growth will also transmit into the crypto market:

• AI-related sectors will remain in focus

• “Compute finance” and “data assets” will emerge as new narratives

• Crypto assets tied to real-world industries will show stronger resilience

In other words, crypto is gradually moving away from being purely sentiment-driven and is becoming increasingly anchored to industrial cycles. This is a sign of maturation.

In 2026, one of the most critical macro variables will remain inflation.

At present, while inflation in major economies has not fully returned to target ranges, volatility has narrowed significantly, giving central banks more room for policy maneuvering. Especially as signs of growth slowdown deepen, expectations for rate cuts and easing often act as emotional buffers for markets.

This implies:

• Financial conditions are unlikely to tighten abruptly

• Global liquidity will remain supported

• Risk assets will retain relative attractiveness

However, a contradiction lies beneath the surface:

• As long as economic growth remains uninspiring

• Capital tends to flow into financial assets

• Rather than real-economy expansion

As a result, crypto — as a high-beta asset class — will continue to be a key battleground for capital allocation.

From this perspective, lower interest rates in 2026 may not guarantee a major bull market, but they will almost certainly provide crypto assets with sufficient narrative space and valuation flexibility.

A striking consensus has emerged among top institutions including a16z and Bitwise: stablecoins will complete their transformation in 2026 from “crypto tools” into mainstream financial infrastructure.

According to a16z, stablecoins processed approximately USD 46 trillion in transaction volume over the past year — about 20 times PayPal’s annual volume and nearly three times that of Visa, while continuing to approach the scale of the U.S. ACH (Automated Clearing House) network.

Stablecoins have already become an entity that institutions can no longer ignore.

Cross-border transfers, merchant settlement, currency risk hedging, asset custody, corporate treasury systems — these seemingly “boring” pieces of financial infrastructure are being gradually rewritten by stablecoins.

One way to frame this evolution:

• Bitcoin changed value storage

• Ethereum changed asset issuance

• Stablecoins are changing capital circulation

Once stablecoins enter the payments layer, they are no longer merely a subset of crypto — they directly integrate into the global financial system.

This means:

• Digital dollars directly participate in global settlement

• Dollar-denominated assets can be built without bank accounts

• Open financial infrastructure spreads globally

The future of stablecoins lies not as “exchange utility tokens,” but as a new dollar channel for the internet age.

In 2025, the U.S. election thrust prediction markets into the spotlight. What truly matters, however, is not the odds — but their evolution into a new form of social information pricing.

Unlike traditional polling, prediction markets involve real capital at stake, and prices reflect:

• Market confidence

• Collective intelligence

• The speed of expectation shifts

This gives prediction markets:

• Risk management value

• Public sentiment research value

• Macro decision-making value

Especially in areas such as policy, economics, and geopolitics, prediction markets often capture trends earlier than conventional methods. In the future, corporations, funds, and even governments may treat prediction markets as key data sources, with crypto — its native host — serving as the underlying infrastructure of this emerging information system.

Consider two institutional perspectives:

• a16z views privacy as the most important “moat” in crypto. Whoever solves privacy achieves chain-level lock-in, because “secrets” are extremely difficult to migrate across chains.

• Galaxy Research predicts that the total market capitalization of privacy tokens will exceed USD 100 billion by the end of 2026, as increasing amounts of capital, data, and automated decision-making move on-chain.

Not all value transfers are suitable for full transparency. Corporate transactions, personal consumption privacy, and sensitive cross-border settlement data all require protection.

As a result, privacy assets are being re-evaluated — not as “underground tools,” but as an essential piece of the financial system.

The likely trend for 2026 includes:

• Auditable privacy under regulatory compliance

• Legitimate institutional access channels

• Compliance-oriented privacy settlement layers

The value foundation of privacy assets will shift from speculative premiums to functional premiums.

Institutions exhibit near-unanimous enthusiasm for an ETF boom in 2026. Bitwise predicts that more than 100 crypto-related ETFs could be listed in the United States next year. Galaxy forecasts that Bitcoin ETF net inflows will exceed USD 50 billion.

In 2026, it is almost certain that crypto ETFs will no longer be “pioneer products,” but standardized portfolio allocation tools.

If 2024–2025 marked the transition from zero to one — from experimentation to formation — then 2026 is likely to be the year of exponential growth. Beyond Bitcoin and Ethereum, more segmented ETFs are expected to launch, including multi-asset portfolios, strategy-based ETFs, sector-themed token baskets, and even actively managed crypto ETFs.

ETF inflows in 2026 will become markedly more institutional. Pension funds, sovereign wealth funds, insurance capital, and family offices are expected to gradually increase allocations. Capital structure will shift from trading-driven flows toward allocation-driven capital, favoring long-term holding over frequent turnover.

While the United States will remain the primary battlefield, 2026 may also see:

• Greater openness in Asian markets

• More innovative structured products in Europe

• Accelerated adoption in emerging markets

Some emerging economies may even integrate crypto ETFs into capital market reforms to attract foreign investment and improve domestic asset structures.

The concept of Digital Asset Treasuries (DATs) sparked intense debate in 2025.

The core logic is that companies hold crypto assets to enhance valuation flexibility and hedge fiat risk. While this sounds novel, it is fundamentally an evolution of corporate asset allocation and capital structure innovation.

MicroStrategy (now commonly referred to as Strategy or MSTR) is the pioneer and most representative example. Beginning in 2020, it incorporated Bitcoin into its treasury and continued accumulating. Since then, its stock price has risen over 3,000%, largely driven by Bitcoin appreciation.

From inception, however, DATs have faced ongoing controversy:

• Volatility risk

• Regulatory uncertainty

• Financial transparency challenges

A typical example was the October 11 black swan event, where DAT companies became among the hardest hit:

• Balance sheets were compressed

• Market confidence collapsed and valuation premiums shrank

• Stocks became exit channels for capital

• Debt and financing risks were amplified

• Liquidity disparities became visible

• Valuations were reassessed, alongside signals of S&P exclusion

Despite these issues, DATs are undeniably reshaping how companies understand their balance sheets. In the future, more firms may engage with crypto assets in diverse ways. DATs are not an endpoint, but a stage in the evolution of corporate finance.

2026 may not be a bull market year, but it is highly likely to become a pivotal year in which crypto assets complete their upgrade into financial infrastructure.

• Markets may remain volatile

• Confidence may continue to waver

• Narratives will keep rotating

What is different this time is that crypto has never been closer to the core of the real economic system:

• Stablecoins

• Prediction markets

• Privacy finance

• ETFs

• On-chain treasuries

These concepts are steadily pushing crypto from a speculative arena toward becoming an official component of the global financial system — and we are witnessing this transformation firsthand.