Investment banks: 2026 may迎来 "crypto winter," but institutionalization and on-chain transformation are still progressing

According to CoinDesk, investment bank Cantor Fitzgerald pointed out in its year-end report that Bitcoin may be entering a longer downtrend, potentially facing a "crypto winter" in 2026. Analyst Brett Knoblauch stated that Bitcoin is currently about 85 days away from its cyclical peak, and the price may remain under pressure in the coming months, even testing the average breakeven point of Strategy holdings at around $75,000.

However, Cantor believes that this round of adjustment is different from previous bear markets triggered by large-scale liquidations or systemic risks. The dominant force in the current market is shifting from retail investors to institutions, and there is a noticeable divergence between token price performance and underlying developments, with decentralized finance, asset tokenization, and crypto infrastructure continuing to advance.