--- title: "The four-year cycle is over; 30 institutions are betting on a new crypto landscape in 2026." type: "News" locale: "zh-CN" url: "https://longbridge.com/zh-CN/news/271071499.md" description: "At the end of 2025, over 30 major financial institutions, including a16z, Coinbase, and J.P. Morgan, predict a significant transformation in the crypto industry by 2026, moving from speculation to maturity. This \"Industrialization Stage\" will be characterized by regulatory clarity and institutional investment, potentially making Bitcoin's volatility comparable to that of traditional assets. Additionally, stablecoins are expected to gain traction, with predictions of substantial growth in their market capitalization and new applications in payments and transactions. The traditional four-year cycle theory may become obsolete as institutional capital reshapes the market." datetime: "2025-12-30T06:56:32.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/271071499.md) - [en](https://longbridge.com/en/news/271071499.md) - [zh-HK](https://longbridge.com/zh-HK/news/271071499.md) --- > 支持的语言: [English](https://longbridge.com/en/news/271071499.md) | [繁體中文](https://longbridge.com/zh-HK/news/271071499.md) # The four-year cycle is over; 30 institutions are betting on a new crypto landscape in 2026. Author: Cathy At the end of 2025, the world's top financial institutions have unusually issued a highly consistent statement. From a16z and Coinbase to Grayscale and Galaxy Digital, from BlackRock and Fidelity to J.P. Morgan and Standard Chartered Bank, more than 30 institutions, in their respective 2026 outlook reports, have unanimously pointed to the same judgment: the crypto asset industry is undergoing a historic leap from "adolescent restlessness" to "adult maturity". If the 2021-2022 cycle was driven by retail speculation, high leverage, and narrative bubbles, then institutions generally believe that 2026 will be a year of substantial growth built upon regulatory clarity, macroeconomic hedging needs, and the practical application of technology. This stage has a professional name—the "Industrialization Stage." However, beneath this consensus lie hidden disagreements. Top institutions are fiercely debating whether Bitcoin's volatility will fall below Nvidia's, whether the threat of quantum computing is imminent, and who will win the battle for AI payment layers. So, what will actually happen in 2026? Where will the money flow? And how should ordinary investors respond? ## 01Saying Goodbye to the Halving Myth, ETFs Reshape the Rules of the Game For a long time, the pulse of the crypto market has been beating in sync with Bitcoin's halving every four years. But in the 2026 outlook, a disruptive view is emerging: the traditional four-year cycle theory may have become obsolete. Grayscale, in its "2026 Digital Asset Outlook: The Dawn of the Institutional Era" report, put forward a highly provocative view: 2026 will officially mark the end of the so-called "four-year cycle" theory.. With the increasing popularity of spot ETFs and the improvement of the compliance framework, the structure of market participants has undergone a fundamental change. The dramatic boom-and-bust cycles of the past, dominated by retail investor sentiment and halving narratives, are being replaced by systematic capital flows from institutional investors based on asset allocation models. This sustained, non-emotional inflow will smooth out extreme market volatility, making the performance of crypto assets more similar to mature macro assets. Coinbase offers a compelling historical analogy: the current market environment is more like "1996" than "1999." 1996 was the early stage when internet technology began to truly penetrate commerce and bring about productivity improvements, not the eve of a bubble burst. Institutional funds are no longer engaging in short-term arbitrage like mercenaries, but rather entering the market as a long-term hedge against fiscal deficits and currency devaluation. More interestingly, Alex Thorn, research director at Galaxy Digital, bluntly stated that 2026 might be a "boring year" for Bitcoin. While Bitcoin could still reach new all-time highs, its price behavior will be more like that of mature macro assets such as gold. This "boring" nature is actually a sign of asset maturity, implying reduced downside risk and wider institutional acceptance. Bitwise also listed "Bitcoin volatility will be lower than Nvidia's" as one of its top ten predictions for 2026. Investors attempting to rely on historical halving data for their own investment strategies may face outdated models in 2026. 02 Stablecoins and RWA: A Certain Opportunity in 2026 If the macro narrative lays the foundation for capital inflows, then the upgrading of financial infrastructure determines the direction of those inflows. 2026 is widely regarded by major institutions as the year stablecoins and RWAs (Real-World Assets) move from proof-of-concept to large-scale commercial application. The Explosive Growth of Stablecoins A16z Crypto, in its "2026 Key Trends," defines stablecoins as the future "internet's base settlement layer." They believe that stablecoins will completely transcend their role as mere intermediaries in exchange trading pairs, directly embedding themselves into local payment networks and merchant tools through QR codes, global wallets, and card integration. The data is staggering: By 2025, stablecoin trading volume has reached $9 trillion, a scale comparable to Visa and PayPal. Coinbase's prediction is even more aggressive. Using a stochastic model, they estimate that the total market capitalization of stablecoins could reach $1.2 trillion by the end of 2028, with 2026 being the steepest phase of this growth curve. Coinbase specifically highlights new use cases for stablecoins in cross-border transaction settlement, remittances, and payroll platforms. The Block, in its "2026 Digital Asset Outlook Report," introduced the concept of "Stablechains." To meet the extreme demands of commercial payments for high throughput and low latency, the market will see the emergence of dedicated blockchain networks optimized specifically for stablecoin execution and settlement. Galaxy Digital, on the other hand, predicts market consolidation. While traditional banking giants like Goldman Sachs and Citigroup are exploring issuing their own stablecoins, the stablecoin market in 2026 will consolidate into one or two dominant players due to distribution channels and liquidity network effects. Furthermore, Galaxy boldly predicts that stablecoin trading volume will officially surpass the traditional US ACH (Automated Clearing House) system. Grayscale predicts that, driven by regulation and institutions, the scale of tokenized assets will grow by 1000x by 2030. Coinbase has proposed the concept of "Tokenization 2.0," with "atomic composability" at its core. In 2026, simply tokenizing government bonds will not be enough. The real value lies in the fact that these tokenized bonds can be instantly used as collateral to lend liquidity in DeFi protocols, with a loan-to-value ratio far exceeding the margin framework of traditional finance. Jay Yu, a junior partner at Pantera Capital, predicts that tokenized gold will rise in 2026, becoming the dominant asset in the RWA (Real Estate Investing) space. As investor concerns about the structural problems of the US dollar intensify, on-chain gold, as an asset with both physical attributes and digital liquidity, will experience explosive growth. 03 When AI Agents Learn to Spend Money In 2026, the combination of artificial intelligence (AI) and blockchain will no longer remain at the level of hype surrounding "AI concept coins," but will enter a deep infrastructure interoperability stage. Institutions agree that blockchain will become the financial engine for AI agents. a16z crypto considers the "agent economy" a core idea for 2026. They raise a key question: How do AI agents prove "who I am" when they begin autonomously trading, placing orders, and invoking on-chain services? To address this, a16z proposes a new compliance framework: "Know Your Agent" (KYA). This could become a prerequisite for AI agents interacting with the blockchain, similar to KYC for humans. Pantera Capital offers a more concrete prediction. They believe that business intelligence agents based on the x402 protocol will rise to prominence. x402 is seen as a new payment standard or endpoint, allowing AI agents to conduct micropayments and regular payments. In this area, Pantera is particularly bullish on Solana, believing it will surpass the Base Chain in x402's "US-grade" transaction volume, becoming the preferred settlement layer for AI agents. Messari, in its "2026 Crypto Paper," also lists "Crypto x AI" as one of its seven core components. They describe a future of "Agentic Commerce," where decentralized infrastructure will support the training and execution of AI models—a market projected to reach $30 trillion by 2030. Grayscale emphasizes the role of blockchain as an "antidote" to the risks of AI centralization. As AI models become increasingly powerful and controlled by a few giants, the demand for decentralized computing, decentralized data verification, and proof of content authenticity will surge. a16z has proposed the concept of "Staked Media." Faced with the proliferation of AI-generated false content, future content publishers (whether human or AI) may need to stake capital to endorse their views. If the content is proven false or malicious, the staked capital will be forfeited. ## 04Undercurrents Beneath the Consensus Despite strong consensus, sharp disagreements exist among institutions on certain key issues, which often become the source of excess returns or risks. ### Disagreement 1: Explosion vs. Silence Standard Chartered Bank maintains its aggressive bullish logic based on tight supply and demand.Standard Chartered BankIts 2026 BTC price target is $150,000 (down from the previous $300,000), and it sees $225,000 in 2027. ## However, Galaxy Digital and Bitwise paint a completely different picture: a market with compressed volatility, flat price action, and even "boring" trends. Galaxy predicts that BTC prices may fluctuate widely between $50,000 and $250,000. If Galaxy is right, then trading strategies that rely on high volatility for profit will become completely ineffective in 2026, and the market will shift towards rewards through DeFi yields and arbitrage. Divergence Two: The Ghost of Quantum Computing Pantera Capital has put forward a highly disruptive potential narrative—"quantum panic." While cracking Bitcoin's private keys with quantum computers may still take several years in engineering, Pantera believes that a breakthrough in error-correcting qubits could occur in 2026, enough to trigger a panic sell-off in the market and force the Bitcoin community to urgently discuss anti-quantum forks. Coinbase holds a completely opposite view, believing this is just noise in 2026 and will not affect valuation. Disagreement Three: The AI ​​Payment Layer Battle In the battle for AI proxy payment layers, Pantera explicitly bets that Solana will surpass Base, citing its advantage in low-cost micropayments. The Block and Coinbase, however, tend to emphasize the overall rise of Stablechains (dedicated stablecoin chains) or Layer 2 ecosystems. This foreshadows a fierce competition in 2026 regarding the "AI-native currency layer." ## 05 Survival Rules of the Industrial Age Based on the 2026 outlooks of major top institutions, we clearly see that the crypto industry is undergoing a transformation similar to that of the internet between 1996 and 2000: from a marginal, ideology-driven experiment to an inseparable "industrial component" of the global financial and technology stack. For investors and practitioners, the rules of survival will change in 2026: Focus on Flows, Not Narratives. With the four-year cycle failing, simply relying on the halving narrative will no longer be effective. Paying attention to ETF fund flows, stablecoin issuance, and corporate balance sheet allocations will become more crucial. BlackRock, the world's largest asset manager, points to the fragility of the US economy and the projected federal debt exceeding $38 trillion in its 2026 outlook. This macroeconomic pressure will force investors and institutions to seek alternative stores of value. Embracing Compliance and Privacy The GENIUS Act, expected to be fully implemented in 2026, will provide a federal-level regulatory framework for payment-based stablecoins. The emergence of the KYA standard signifies the end of the era of "wild growth." However, Grayscale and Coinbase have keenly recognized the resurgence of privacy technologies. With the large-scale entry of institutions, they cannot accept exposing trade secrets on completely transparent public chains. Therefore, compliant privacy solutions based on zero-knowledge proofs and fully homomorphic encryption will become a necessity. Grayscale even specifically mentioned that the established privacy coin Zcash (ZEC) may experience a revaluation due to this reassessment of "decentralized privacy." Seeking Real Utility Whether it's AI-assisted automated payments or RWA's collateralized lending, the winners in 2026 will be protocols that generate real revenue and cash flow, not empty tokens with mere governance rights. Delphi Digital defines 2026 as a key turning point—a year of convergence in global central bank policies. The report predicts that as the Federal Reserve ends quantitative tightening (QT) and lowers the federal funds rate below 3%, global liquidity will flood the market again. Bitcoin, as a liquidity-sensitive inflation hedge, will directly benefit from this improved macroeconomic environment. ## 06 Summary **Looking ahead to 2026 from the end of 2025, we see not only cyclical fluctuations in an industry, but also a fundamental shift in paradigm.** When Chris Kuiper, VP of Research at Fidelity Digital Assets, suggested that more countries might include Bitcoin in their foreign exchange reserves in the future, this is not only an economic decision, but also a geopolitical game. If one country begins accumulating Bitcoin as a reserve asset, other countries, in order to maintain their competitiveness, will face enormous "fear of missing out" (FOMO) pressure and be forced to follow suit. ## 06 Summary **Looking ahead to 2026 from the end of 2025, we see not only cyclical fluctuations in an industry, but also a fundamental shift in paradigm.** When Chris Kuiper, VP of Research at Fidelity Digital Assets, suggested that more countries might include Bitcoin in their foreign exchange reserves in the future, this is not only an economic decision, but also a geopolitical game. If one country begins to accumulate Bitcoin as a reserve asset, other countries will face enormous "fear of missing out" (FOMO) pressure and be forced to follow suit. By 2026, the crypto industry will no longer be just "magical internet currency"; it is becoming an integral part of the world. Only those projects and investors who can find true value in the wave of industrialization, adhere to long-term allocation, and embrace compliance and innovation will stand at the starting point of the next decade. ### 相关股票 - [Coinbase (COIN.US)](https://longbridge.com/zh-CN/quote/COIN.US.md) - [BTC/HKD (BTCHKD.VAHK)](https://longbridge.com/zh-CN/quote/BTCHKD.VAHK.md) - [BTC/USD (BTCUSD.VAHK)](https://longbridge.com/zh-CN/quote/BTCUSD.VAHK.md) ## 相关资讯与研究 - [Metaplanet Corrects Q1 Bitcoin Revenue Figure to JPY 2.969 Billion](https://longbridge.com/zh-CN/news/281489639.md) - [Strategy Pause In Bitcoin Buying Puts STRC Tax And Funding In Focus](https://longbridge.com/zh-CN/news/281500634.md) - [Strategy Highlights Bitcoin Holdings and Litigation Resolution Update](https://longbridge.com/zh-CN/news/281029351.md) - [Bank Syz Significantly Increases Assets under Management](https://longbridge.com/zh-CN/news/281354258.md) - [Metaplanet acquires 5,075 BTC, jumps to third largest bitcoin treasury company](https://longbridge.com/zh-CN/news/281496390.md)