STS Digital CEO Maxime Seiler said the crypto market is going through a split between weak token prices and accelerating institutional adoption of blockchain infrastructure. Speaking at the 2026 Wyoming Blockchain Symposium, Seiler said the industry is still in a 「crypto winter」 from a price perspective, but has already entered an 「institutional summer」 in terms of development by traditional financial firms. He said many institutions are focusing on the underlying blockchain technology rather than making large direct allocations to crypto assets, which helps explain why rising adoption has not fully translated into higher token prices. Seiler also pointed to current market levels to illustrate the gap: Bitcoin is trading above $77,000, about 38% below its $126,000 all-time high; Ether is near $2,400, down about 52% from its peak; and Solana is around $90.93, roughly 69% below its high. He added that the narrowing basis in Bitcoin futures suggests the market is becoming more mature, noting that annualized futures basis reached 20% to 30% during the 2021 cycle but has since moved closer to risk-free rates with lower volatility.
STS Digital CEO Maxime Seiler said the crypto market is in a phase where price action and institutional adoption are moving in different directions. Token prices remain weak, but institutional efforts around blockchain technology are still picking up.
Speaking at the 2026 Wyoming Blockchain Symposium, Seiler said, 「From a price perspective, we are still in a crypto winter, but from an institutional development perspective, we have already entered an institutional summer.」
He said traditional financial institutions are currently adopting the underlying blockchain technology more than they are making large direct allocations to crypto assets. In his view, that is why growth in technology adoption has not yet been fully reflected in token prices.
Major tokens remain well below their record highs
Data cited in the remarks showed Bitcoin trading above $77,000, still about 38% below its $126,000 all-time high. Ether was around $2,400, about 52% below its peak, while Solana changed hands near $90.93, roughly 69% below its high.
Futures basis has narrowed as the market matures
Seiler also said the convergence in Bitcoin futures basis shows the crypto market is becoming more mature. During the 2021 cycle, annualized futures basis once reached 20% to 30%. It has now gradually moved closer to risk-free rate levels, with volatility also falling noticeably.
He said this is mainly due to improving channels for U.S. dollar flows into and out of the crypto market, which has helped reduce volatility.
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