Bitcoin Exchange Kraken Analysts Reveal the Focus of the Next Shift in Cryptocurrencies! Here Are the Details

As cryptocurrency markets enter 2026, they are preparing for a period different from previous cycles. According to Kraken’s new outlook report, the next major change will occur not in prices, but in the market’s “infrastructure.”

Kraken Global Economist Thomas Perfumo stated that in an environment of increasing macroeconomic uncertainty, the Bitcoin cycle is now shaped more by institutional fund flows and a tightening market structure.

According to Perfumo, while Bitcoin remains a key indicator of risk appetite, demand, liquidity, and the channels through which risk enters the market have changed significantly. Spot Bitcoin ETFs traded in the US and companies holding digital asset treasuries are becoming increasingly influential in price discovery.

However, it was noted that despite approximately $44 billion in net spot demand in 2025, price performance fell short of expectations. The main reason for this was attributed to long-term investors supplying the market.

The report emphasized that macroeconomic factors will continue to be decisive for 2026. Moderate growth expectations, persistent inflation, and a slowing pace of monetary easing are putting pressure on risky assets. Kraken also warned that calm periods can mask pent-up volatility.

Stablecoins and regulations are also among the key building blocks of 2026. While stablecoin liquidity is said to have reached historical highs, regulations currently under consideration in the US could reshape the structure of on-chain liquidity and the centers of crypto innovation.

On the other hand, whether momentum can be regained in institutional products stands out as a critical question. It is noted that ETF inflows slowed in 2025, and it became more difficult for companies to raise funds through equity issuance. According to Kraken, 2026 will be less of a classic “crypto cycle” and more a period where market structure and macroeconomic conditions are tested.

*This is not investment advice.

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