Analysis: Cryptocurrency Market to Undergo Structural Adjustment in 2026, Shifting Focus from Price Volatility to Infrastructure Development

Odaily According to an analysis by cryptocurrency exchange Kraken, the crypto market will experience a significant adjustment in 2026, shifting its focus from price volatility to infrastructure development. Kraken's global economist, Thomas Perfumo, pointed out that the collision of macro uncertainties with institutional capital flows and increasingly interconnected market structures is reshaping the Bitcoin cycle. Thomas Perfumo stated that Bitcoin remains the primary indicator for measuring risk sentiment, but the channels for demand, liquidity, and risk have changed. Last year, U.S.-listed spot Bitcoin ETFs and digital asset financial firms contributed nearly $44 billion in net spot demand. However, due to long-term holders supplying a significant amount of tradable inventory, market performance fell short of expectations. Regulatory progress in the U.S. this year will reshape the form of on-chain liquidity. In the absence of a clear risk-on backdrop, slowing momentum in institutional tools and compressed premiums may limit Bitcoin's upside potential. (The Block)