The cryptocurrency asset management company CoinShares stated that as large institutions begin to build services on public blockchains, digital assets are shifting from being experiments outside the system to the core of financial infrastructure. In the outlook report released on Monday for 2026, the company believes that the next phase will be defined by 'integration' rather than disruption, referring to it as 'Hybrid finance'—the fusion of crypto tracks and traditional finance reshaping the underlying architecture of the market.
CoinShares CEO Jean-Marie Mognetti stated that digital assets no longer operate solely outside the traditional economic system; they are increasingly embedded within it to strengthen core financial infrastructure, rather than merely attempting to replace it.
He added that each cycle tends to give rise to some 'micro-bubbles,' and the next cycle will be no exception. Some sectors will ultimately attract more funding than they actually deserve, and some projects will fail to survive the reality test, which are all 'normal phenomena in rapidly developing frontier markets.' Mognetti then wrote:
“But there is no longer any doubt about the overall direction of progress—the market is shifting towards practicality, cash flow, and integration. If 2025 is a year of graceful return, then 2026 looks set to be a year of full integration into the real economy.”
The report indicates that this integration trend is becoming increasingly evident in the adoption of stablecoins and the growth of tokenized assets, currently led by private credit and U.S. Treasury securities, while more tokenized funds, tokenized deposits, and new stablecoins issued by traditional players are also emerging.
The report also points out that the process of Bitcoin moving towards the mainstream is accelerating, mentioning that over $90 billion has flowed into U.S. spot ETFs, and 190 listed companies collectively hold over 1 million Bitcoins as part of their corporate reserves.
Looking ahead to 2026, CoinShares expects that investors will have broader access to digital assets through wealth management platforms and retirement accounts, while more custodian banks will begin to offer more direct institutional-grade settlement services.
The company has categorized the future price trajectory of Bitcoin into three paths linked to the macro environment: if the economy achieves a soft landing under productivity gains, it could push Bitcoin to break through $150,000; if the economy remains stable but growth is weak, it suggests that Bitcoin might fall into the range of $110,000 to $140,000; and if stagflation or recession occurs, Bitcoin's price may be hit in the short term before rebounding.
The report points out that in order to become the settlement layer of hybrid finance, competition among major platforms is intensifying. Currently, Ethereum remains the primary anchor point for institutional adoption, but other competitors are catching up. CoinShares' research director James Butterfill believes that 2026 will be defined by a quietly restructured financial system around public chains and digital settlement layers.
The report also emphasizes that global regulatory divergences are widening: from Europe's (Markets in Crypto-Assets Act) (MiCA) framework to the evolving stablecoin policies in the United States, and the path in Asia adopting Basel-like standards. Analysts also pointed out several structural shifts, including miners transitioning to high-performance computing (HPC) and AI infrastructure, and predict that the importance of the market is increasingly rising and moving towards the mainstream.
Our 2026 Outlook is here. Digital assets enter the new year with shifting market structure, deeper institutional flows and a macro backdrop that finally matters again. What’s inside:– Macro conditions and the path for rates– @Bitcoin’s supply transition post-ETF– The state of… pic.twitter.com/uo96plUNqA
— CoinShares (@CoinSharesCo) December 8, 2025
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