Bullish Crypto Market Catalysts Will Remain Heading Into 2026: Grayscale
The crypto market could enter into a bull run in 2026 as demand for alternative stores of value surge and amid ongoing regulatory clarity around digital assets, according to Grayscale.
Grayscale’s head of research Zach Pandl said during a Monday appearance on CNBC’s “Crypto World” that the strongest driver for the market remains macroeconomic pressure. Pandl added that the increasing government debt, persistent fiscal deficits, and concerns over fiat currency debasement are pushing investors to seek safe havens beyond traditional assets.
“There’s a lot of things happening in crypto … but the biggest asset in the market, Bitcoin, is driven because of demand for alternative stores of value because of debt and deficits and the risk of fiat currency debasement,” he said.
Pandl went on to say that the macroeconomic pressure is unlikely to fade in 2026. If this is the case, it could mean that investors will continue to look for alternative stores of value heading into the new year, and Bitcoin could benefit.
Growing Regulatory Clarity Around Crypto Will Likely Continue
Pandl then pointed to the regulatory clarity the crypto industry has gained this year as the market’s second major driver.
Since entering the White House for a second term, US President Donald Trump has worked to make crypto regulations less vague. This includes establishing a White House digital asset working group, which has sent down recommendations to agencies like the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).
Trump also signed the GENIUS Act into law in July.
Meanwhile, there has been regulatory progress outside of the US as well.
Grayscale predicts that the progress made in the US will continue next year, and expects the US crypto market structure bill to receive bipartisan support in early 2026.
The bill’s progress had stalled due to the longest US government shutdown in history. Regardless, Pandl said that regulatory momentum has returned, adding that lawmakers on both sides are showing interest in establishing clearer rules for crypto at the federal level.
“We’ve come a very long way this year in terms of the operating environment for uh businesses in crypto in the United States. However, there is still a long way to go,” he said.
Cantor Warns Of Crypto Winter In 2026
While Grayscale is optimistic about the crypto market’s short-term prospects, Cantor Fitzgerald has taken a more cautious stance.
In its year-end report, the company warned that the crypto market could enter into a pro-longed downtrend in 2026. This comes after BTC set a new all-time high (ATH) above $126K on Oct. 6, but has dropped about 30% since, data from CoinMarketCap shows.
BTC price (Source: CoinMarketCap)
Cantor Fitzgerald warned that BTC could drop to as low as $75K, which is around the average acquisition price for leading corporate Bitcoin holder Strategy.
While bearish from a price perspective, the firm did say that there is a growing divergence between price movements and what is actually going on behind the scenes. Cantor then pointed to increased institutional adoption, especially around tokenization, which has not been reflected in crypto prices.
The firm subsequently speculated that the 2026 downturn will precede a transition phase for the crypto space from a “retail-driven” market to a more “insitutional-driven” market.
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