Opinion: 2026 may see a "Crypto Winter," but institutionalization and on-chain transformation are accelerating.
TL;DR
Cantor Fitzgerald predicts Bitcoin may enter a 'Crypto Winter' in 2026 with price pressures, but institutional dominance and regulatory clarity are reducing systemic risks and accelerating industry transformation.
According to ChainCatcher, citing CoinDesk, Cantor Fitzgerald stated in his latest year-end report that Bitcoin may be entering a downward cycle lasting several months, and the market may be heading into the "Crypto Winter" of 2026 ahead of schedule.
Analyst Brett Knoblauch believes that Bitcoin has fallen from its recent high for about 85 days, and the price may continue to be under pressure, even testing Strategy's average cost line of about $75,000.
However, unlike previous cycles, this downturn is unlikely to be accompanied by large-scale liquidations or a systemic collapse. Cantor points out that the current market is dominated by institutions rather than retail investors, and the "divergence" between token price performance and on-chain fundamentals is widening, especially in the DeFi, tokenized assets, and crypto infrastructure sectors.
From a regulatory perspective, the passage of the U.S. Digital Asset Markets Clarity Act is seen as a key turning point, expected to reduce policy uncertainty and encourage banks and asset management institutions to participate more deeply in the crypto market.
Cantor concludes that while a new bull market may not arrive in 2026, the institutionalization, compliance pathways, and on-chain infrastructure of the crypto industry are gradually being strengthened as prices cool down.