Over the past week, the market experienced an extreme "moment of terror": the total network liquidation volume surged to $2.5 billion on January 31st and February 1st, ranking as the 10th largest liquidation event in crypto history. BTC briefly fell below the 75K threshold, touching MicroStrategy's cost basis. Although the market was filled with talk of "going to zero" and "deep bear market" from many bloggers and KOLs, from a macro analysis and technological evolution perspective, this is not the end of the bull market. Rather, it is a deep structural adjustment triggered by the resonance of institutional deleveraging and macro risk-aversion sentiment.

In 2026, privacy will evolve from a niche cryptocurrency track into an indispensable infrastructure for the digital economy era: technologies capable of enabling verifiable disclosure or programmable compliance while protecting privacy will gain institutional space at scale; while fully anonymous technologies hold their own value, they will be confined to marginal markets with limited liquidity and low regulatory tolerance.

The ultimate competitiveness of public chains will no longer depend on the TPS race or a single technical roadmap, but on whether they can build a sustainable value flywheel through the deep symbiosis of ecosystem and capital within a framework of security, scenario adaptation, and institutional recognition. Together, they will propel blockchain from infrastructure competition into an era of application prosperity.

Intense global geopolitical conflicts are accelerating the breakdown of the current financial system. The petrodollar hegemony established by the United States through the Bretton Woods system is facing a fierce challenge from the RMB system constructed by China, leveraging its advantages in manufacturing and high-tech industries. This transition towards a multipolar financial order presents a historic opportunity for blockchain technology.

The crypto industry in 2026 will stand at a clear watershed, marked by the institutional entry of institutional capital and the end of the traditional four-year halving cycle. The underlying logic of industry development is undergoing a fundamental shift. Institutionalization, regulatory clarity, the fusion of AI and Crypto technologies, the transfer of value to the application layer, and stablecoins and RWA becoming core bridges constitute five irreversible consensuses, collectively driving the industry from "speculation and narrative-driven" to a structurally mature stage defined by "cash flow, utility, and compliance."