Opinion: 2026 may see an "institutional winter," with on-chain assets and DeFi becoming growth highlights.

PANews reported on December 29th that, according to CoinDesk, Cantor Fitzgerald's year-end report indicates the crypto market may be entering a new "crypto winter," but unlike previous panic sell-offs, this one is more "institutionalized." Despite the decline in Bitcoin prices, the total value of tokenized real-world assets (RWAs) on-chain has tripled to $18.5 billion in 2025 and is projected to exceed $50 billion in 2026. DEX trading, particularly perpetual contracts, continues to grow. The recently passed Digital Asset Markets Clarity Act (CLARITY) in the United States also provides a framework for regulation and institutional participation. The report also warns that if BTC falls below Strategy Inc.'s holding cost of approximately $75,000, it could trigger market panic. Overall, despite the weakening price, on-chain structure and institutional participation are steadily strengthening.