21Shares：2026年加密货币市场展望报告（英文版）（28页）.pdf

1、1State of CryptoSTATE OF CRYPTOMarket Outlook 2026No.16|December 20252State of Crypto3TABLE OF CONTENTSIntroduction5Bitcoins four year cycle is broken!6Global crypto ETPs will surpass$400B8Stablecoin supply will reach$1 trillion10Decentralized finance to reach$300 billion in total value locked12Digi

2、tal asset treasuries to exceed$250 billion in assets,but only a few will survive14Prediction markets will bring millions of users onchain,reaching$100B in yearly traded volume16The agentic economy comes to life in 202618Most Ethereum scaling solutions wont survive 202620In 2026,regulated ICOs become

3、 a mainstream capital market22Tokenized assets expected to surpass half a trillion in total value locked24References264State of CryptoAUTHORSCONTACTADRIAN FRITZChief Investment StrategistELIEZER NDINGAGlobal Head of Research&Founding Venture PartnerMATT MENAResearch StrategistMAXIMILIAANMICHIELSENIn

4、vestment StrategistDARIUSMOUKHTARZADEHResearch StrategistKARIM ABDELMAWLASenior Research Associate52025 was the year institutional adoption,regulatory clarity,and product innovation finally moved in sync.Spot ETFs absorbed significant inflows1,corporates and sovereign allocators expanded2 crypto tre

5、asuries,and tokenization advanced3 from concept to implementation.Several of the predictions we made for 2025 played out,and the pace isnt slowing.Looking ahead,the market is now anchored by structural inflows,macro realignment,and clearer rulebooks.Our ten predictions for 2026 map this next phase:f

6、rom Bitcoins steady evolution and the ongoing ETP flywheel to a trillion-dollar stablecoin market,a resurgent DeFi ecosystem,and the rise of agentic finance.This isnt the euphoric boom of past cycles,but the compounding buildout of a global,programmable financial layer.The upside may be less explosi