Opinion: 2026 May See an "Institutional Winter," On-Chain Assets and DeFi Become Growth Highlights

PANews, December 29 — According to CoinDesk, Cantor Fitzgerald stated in its year-end report that the crypto market may be entering a new round of “crypto winter,” but unlike previous panic sell-offs, this round is characterized by a more “institutionalized” nature. Although bitcoin prices have retreated, the total value of on-chain Real World Asset (RWA) tokenization has tripled in 2025 to $1.85 billions, and is expected to surpass $5 billions in 2026. DEX trading, especially in the perpetual contracts sector, continues to grow. The recently passed U.S. “Digital Asset Market Clarity Act” (CLARITY) also provides a regulatory and institutional framework for market entry. 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 weaker prices, on-chain structures and institutional participation are steadily strengthening.