Pantera Capital's annual report reveals the brutal truth of 2025: Bitcoin edged down 6%, but most altcoins crashed 60%, with the median token down 79%. Non-BTC market cap fell 44%. Macro, positioning, and structure dominated, while institutional inflows concentrated in BTC/ETH/SOL. For 2026, Pantera highlights institutional adoption, RWA, AI security, and stablecoin trends.

Bloomberg senior commodity strategist Mike McGlone warns that crypto's relative strength vs precious metals has broken key support, signaling potential underperformance through 2026 as structural supply differences favor hard assets.

Bloomberg Intelligence strategist Mike McGlone argues that crypto markets may need a deeper washout before a clearer buying opportunity emerges, with the Bloomberg Galaxy Crypto Index potentially falling another 50% from its 2025 peak.