In 2026, the crypto industry will enter a phase defined by increased infrastructure consolidation, regulatory maturity, and institutional consolidation. According to CoinShares, the new cycle will be characterized by a shift “from a speculative to a pragmatic narrative,” a shift that reshapes both the demand for Bitcoin (BTC) and the direction of technology investment in the space.
In its annual report, which is currently being reviewed by CriptoNoticias, CoinShares describes a scenario in which Bitcoin definitively loses its label of technological experiment. It matches the behavior pattern of traditional financial assets. This makes BTC conditioned by the same macroeconomic forces that govern traditional markets.
At the same time, so are the associated infrastructure, particularly stablecoins, tokenization, and payment networks. It will move towards cross-sectional implementation. According to the company, among banks, technology companies and global corporations.
In the case of coin share, 2026 will be a pivotal year. A trend emerging in 2024 and confirmed in 2025 is the convergence of financial institutions, decentralized protocols, and AI-based applications into a hybrid ecosystem where they coexist.
This process will redefine not only the demand for Bitcoin, but also the role of Ethereum, Solana, miners, and venture capital.
This new panorama axis is explained in more detail below.
1. Bitcoin and macroeconomics
CoinShares says that in 2026, “Bitcoin will complete its transition from being recognized as an experimental asset to a normalized asset within institutional investor portfolios.” He argues that this process will be driven by a clearer regulatory environment, an expanded options market, and stronger flows related to US-traded Bitcoin ETFs. The company summarizes this change in the powerful phrase, “Bitcoin becomes normal.”
The report’s macroeconomic analysis presents three possible scenarios and explains how each would shape demand for institutions. CoinShares describes its optimistic scenario as “a combination of a soft landing, AI-enabled productivity gains, and a more decisive rate cut.” According to the company, this framework will encourage risk-taking And Bitcoin will exceed 150,000 USD.
In the most likely base case, companies expect “subdued growth, positive real earnings, and a prudent Federal Reserve.” it looks like this More stable market behaviorBitcoin will rise from $110,000 to $140,000 next year.
A bear scenario is defined as a “threat of stagflation or recession with rising real yields,” creating an environment that puts pressure on ETFs and increases defensive play. Here, BTC reaches between 70,000 USD and 100,000 USD.
2. Hybrid finance (HyFi) and stablecoins
CoinShares dedicates part of the report to the integration of stablecoins as payment infrastructure And the emergence of hybrid finance (HyFi).
The group explains that this has been shaped by the tokenization of real-world assets, stablecoins as digital payment methods, institutional activity on public networks, the rapidly expanding ETF market, and the rise of revenue-generating on-chain financial applications.
“Each of these areas is rapidly evolving, and taken together they demonstrate how deeply the traditional financial system is beginning to interact with decentralized network-based networks.”
CoinShares, an analytics and research company.
However, the report emphasizes that: Stablecoins as a pillar of hybrid finance. This is because the market capitalization of this market is already over USD 300,000, recalling that large players such as Ethereum and Solana dominate this sector. They show it like this:
CoinShares emphasizes that the stablecoin “already rivals Visa and Mastercard in total volume.” At the same time, we predict that the US GENIUS Act will turn this growth into a sustainable expansion in 2026. This is to establish a regulatory framework based on one-on-one support, mandatory audits and guaranteed redemption rights.
For analytical companies, the consequences of all the above are clear. “Stablecoins will become a central component of the global payment system.”
Similarly, CoinShares highlights that asset tokenization (RWA) is playing a leading role in hybrid finance. The report claims that tokenized U.S. Treasuries and private credit “will move from pilot to large-scale commercial operations.” this, Meanwhile, tokenized deposits will increase.
3. Competition in decentralized networks
The report states that Ethereum has “stopped being a laboratory and has become an institutional infrastructure,” especially with Ethereum’s role in stablecoin issuance and regulated tokenization. CoinShares emphasizes that the network and its second layer solutions already serve as “the backbone of regulated digital assets,” and its role is (according to the company) In 2026, it will be strengthened with improved efficiency and safety.
Regarding Solana, CoinShares claims that it will “establish itself as the leading platform for consumer, payments, and high-frequency applications” in 2026. According to them, Networks are in a position to compete “You can use not only Ethereum, but also traditional financial networks in specific use cases.”
The document also points to a transition to specialized networks in 2026. CoinShares states that “general-purpose chains will lose ground to architectures designed for specific functions.” And they point to HyperLiquid as an example of a derivatives-focused company, with cumulative trading volume of more than $2.8 trillion and annual returns of more than $1.15 billion.
4. Mining and Infrastructure
CoinShares describes significant changes in the mining industry. According to the report, “miners have begun to aggressively diversify into high-performance computing (HPC) and artificial intelligence.” that, This is because we need to stabilize revenue and improve profit margins.
The company asserts that given the increasing weight of HPC contracts, “revenue from mining will fall to less than 20% of the total” for many companies. Here’s how it reflects.
The report claims that Digital mining will become more industrial and intensive. CoinShares claims that “ASIC manufacturers and sovereign nations will dominate large-scale mining.” Small businesses, on the other hand, rely on modular models based on idle energy.
He also predicts that some countries will use digital mining “as a strategic tool to manage energy resources and currency reserves.”
5. Venture Capital and New Issues
CoinShares points out that venture capital is returning to the sector thanks to improving global financial conditions. The company reports that “2025 recorded the highest level of investment since 2022,” indicating a shift toward projects with concrete practicality.
In this framework, prediction markets occupy a special place. CoinShares describes Polymarket as “a source of probability information that is more accurate than traditional research.” In addition to this, this crypto betting platform maintained a weekly trading volume of close to USD 1 billion, as seen in the following graph.
The report predicts a significant increase in applications where AI agents interact on public networks. CoinShares claims that these “turn open infrastructure into a native domain for automated trading.”
He also expects to see renewed interest in projects focused on expanding the utility of the Bitcoin protocol. Especially in the upper layers oriented towards infrastructure.
6. Regulation
The report concludes that regulatory fragmentation will continue. “Despite the lack of a unified framework, the United States will continue to be a major capital,” CoinShares explains. As a result, Europe will be able to maintain its advantage in terms of regulatory clarity thanks to MiCA.
The company says Asia is moving towards a “sound system aligned with Basel” and the UK continues to build its own model.
Bitcoin and cryptocurrencies will be fully integrated in 2026
CoinShares’ 2026 predictions indicate an inflection point rather than a simple trend reversal. The integration of Bitcoin into traditional financial architectures, the rise of stablecoins as a new global payment layer, and the integration of Ethereum and Solana into separate functions makes it clear that ecosystems no longer operate at the periphery but at the heart of the economic system.
The report essentially states: This sector will give up its status as an experiment and become infrastructure. This transition does not mean there are no risks, nor does it eliminate the tensions caused by regulatory fragmentation, macroeconomic evolution, and technological dependence. However, it does suggest that the foundations built over the past decade are beginning to support increased real economic activity.
For CoinShares, 2026 will be the year when the conversation stops focusing on whether digital assets can be integrated into the financial system, and instead focuses on when and at what pace.