Tiger Research

The number of merger and acquisition transactions remains stable, but large acquisitions are giving way to smaller transactions, with buyers placing more emphasis on specific capabilities such as licensing, payment, and institutional trading.

The real issue is: how to issue, sell, and complete the redemption of tokenized products in practice.

In the first half of 2026, cryptocurrency venture capital raised $13.3 billion, as large institutions are completely ending the era of blind speculation through deep "control" and industry mergers and acquisitions.

This also indicates that this round of industry downturn will be more difficult for the cryptocurrency sector than any previous bear market.

The impact of ARMA on the Bitcoin market is limited in the short term, but in the long run, establishing Bitcoin as a legal reserve asset for the country may reopen discussions about mandatory purchases, which would be beneficial for the market.

While the stock market continues to hit new highs, both the market value and trading volume of cryptocurrencies have declined.

Whoever controls these infrastructures will control the customer entry point for the next decade.

The core decision in the industry is not whether to enter decentralized finance, but how to divide responsibilities and powers: which risk control decision-making powers are outsourced and which core authorities are retained in-house.

AI agents have entered an era of autonomously executing contracts, payments, and transactions, but there is still no unified standard in the market to verify identities.

As the regulatory environment gradually opens up, large financial institutions will directly support cryptocurrency spot trading and gradually incorporate new asset classes, including prediction markets.