Hong Kong Digital Asset Research Institute: Key Trends in the Crypto Asset Market for 2026
Overview - Research indicates that institutional adoption will accelerate, potentially marking a shift towards deeper integration with traditional finance, although some analysts warn of a possible 'crypto winter' under price pressure. - Evidence leans towards stablecoins and real-world asset (RWA) tokenization as major growth areas, with broader applications in payments and settlements as regulatory clarity improves. - Bitcoin may reach new highs, but volatility is decreasing, and altcoins like Ethereum and Solana may benefit from upgrades and ETF launches, provided supportive legislation passes.
If I said that this round of what we are experiencing is just a "fake bull" and "fake bear"—would you believe it?
The truth is heart-wrenching: there is no halving effect, no institutional FOMO, only the Federal Reserve's money printer drawing K-lines📉📈
Liquidity is flooding, it's a carnival of altcoins; When liquidity pulls back, the bear returns instantly. What you think of as a cycle is just money flowing.
This round is not driven by fundamentals; it's a game of "more money, less money." The bull is borrowed, the bear is paying back.
So don’t ask if the bull market is still here—first ask if the dollar is still being printed tomorrow💧🔥
Tell me in the comments: this round, have you been harvested by the "illusion"? #Bitcoin谷歌搜索量暴升
🔥Let me be honest: The next major economic crisis is already on its way.🔥
⚠️It's not about "if," but "when."
🌍Geopolitics: The first island chain, the Middle East, are all powder kegs. It just takes one spark to ignite the situation.
🤖AI: It's not inflation; it's deflation. The domestic situation has already felt it, and the more aggressive the US AI becomes, the faster deflation hits.
💼The middle class is the first wave of victims of AI. Jobs are gone, income is gone, consumption is gone— the economic cycle is directly severed.
📉AI will not narrow the wealth gap; it will only make the rich richer and the poor poorer.
💎The only thing that can break this cycle is Crypto.
Not through relief, not through the government, but through decentralized asset distribution rights.
Recently, BTC has fallen from 120,000 to 70,000, showing some abnormal signals worth noting. Compared to past cycles, this round of the market exhibits structural characteristics different from before:
1. Unusual Top Formation This round did not see the typical FOMO buying climax; the top phase has been long and flat, lacking the emotional fervor seen at the peaks of past bull markets. 2. Sudden Change in Downward Rhythm Despite the prolonged time for the top structure, the speed of the decline has been unusually rapid, comparable to the drop efficiency at the end of the super bull market in 2021. 3. Weak Breakthrough of Fluctuation Zone The range has experienced long periods of wide fluctuations; such structures usually accompany strong upward movements after a breakthrough, but this time the trend clearly deviates from this historical pattern. 4. Failure of Seasonal Cycle Effect In past four-year cycles, the last four months (September to December) typically show an upward trend accompanied by increased buying pressure, but this time it has completely reversed. 5. Rapid Formation of Market Consensus A large number of investors quickly defined this round of decline as a "bear market" and plan to replicate past cycle strategies, hoping to buy the dip around October 2026. This consistency of expectation itself is worth caution. 6. Change in Historical Support Reference Value If one only refers to history, previous bear market lows have never fallen below the peak of the preceding bull market. However, the current price is already in the top zone of the last bull market, which means that simple time cycle replication may fail—price position is more significant than time calculation, history does not simply repeat, and one cannot selectively believe only the fragments that meet expectations.
In summary: the market is emerging with a new structure, likely a bull trap, and the traditional cycle analysis framework faces challenges. Investors should be wary of overly relying on historical patterns and pay more attention to on-chain data, macro liquidity, and the evolution of the market structure itself. #何时抄底? #BTC何时反弹?
Bitcoin $78,000 is the key "miner pain threshold," rigidly determined by the post-halving cost structure. The current price of about $75,000 is in the stage of washing out high-cost miners.
Key points are as follows:
1. Source of $78,000 · Post-halving mining income halved, based on mainstream mining machine efficiency (such as S19 XP, S21) and the global average electricity cost (5-6 cents/kWh), calculated with the overall network hashrate growth. · This is the industry weighted average shutdown price, not the price at which all miners uniformly shut down. 2. Three-tier differentiation of miners · Tier one (small mines/old models): shutdown price $85,000–$90,000. High electricity costs (7-9 cents), old equipment, have started shutting down at current prices. · Tier two (medium-sized mines): shutdown price $72,000–$78,000. Using mainstream models like S21, moderate electricity costs. $78,000 is the breakeven point; falling below incurs losses; $72,000 is the cash flow shutdown line. The current market pressure is forcing the sale of inventory BTC to maintain operations. · Tier three (listed giants): shutdown price $55,000–$60,000. They have extremely low electricity prices (as low as 3-4 cents), the latest equipment, and capital advantages. Not only do they not shut down, but they may also acquire bankrupt mining assets against the trend. 3. Market impact and conclusion · Hashrate correction: high-cost miners shut down → overall network hashrate decreases → difficulty adjustment → remaining miners' costs decrease, forming a natural adjustment. · Bottom building: The $75,000–$78,000 range is the stage of market clearing by eliminating medium and high-cost miners, rather than a system collapse. · Retail investor insight: There is no need to expect a crash to $55,000 (extreme crisis scenario). The current price range is a process of building a market bottom through miner pain. #Strategy增持比特币
From the Jianghu to the Temple: Cryptocurrency bids farewell to its chaotic beginnings and welcomes a time of sober construction
The era of cryptocurrency's chaotic heroes has come to an end. Today, the factors that determine influence are no longer the volume of social media, but rather the compliant custody of assets, the security audits of protocols, and the asset allocation of institutions. The utopian narrative of "code is law" is fading, and the legal and compliance frameworks of the real world are beginning to deeply understand and reshape code logic.
Those who remain stuck in the narrative of 2017 are like cowboys on the tracks, facing an era train that no longer negotiates with them.
This may not be a bad thing.
The maturity of the industry is always accompanied by the disappearance of some romance. Cryptocurrency is evolving from the battlefield of adventurers into critical infrastructure, shifting from pirate ships to ocean liners. The builders who truly believe that blockchain can change the world have actually arrived at a more solid stage—only the battlefield has moved from the wilderness to conference rooms, regulatory hearings, and institutional due diligence reports.
The chaotic era has indeed ended, and the era of sober builders has only just begun.
May everyone still present be able to take off their cowboy hats and also tie their ties— or at least, move forward gracefully between the two. #Strategy增持比特币
The greatest way is the simplest, understanding lies in the cycle of repetition✨ Laozi's words "What goes against the way is the movement of the way" conceal the deepest wisdom of balance in the world: when the moon is full, it wanes; when water is full, it overflows; all things are reborn in cycles; fortune and misfortune lean on each other, strength and weakness can switch places, the extremes are always transforming silently. True strength is like the gentle spring water; long-lasting possession comes from the clarity of knowing when to stop. Understanding the heavenly principle of "extremes must turn to opposites" leads to the understanding that: Going with the flow without contention is foresight; Embracing simplicity and returning to authenticity brings calmness. 🌿 To flow together with all things is to be at ease. Written before the great bull of 2026 #特朗普称坚定支持加密货币 $ETH
In the next six months, the cryptocurrency market may迎来 a key policy window. The core background is that the evolution of the U.S. political landscape is expected to result in a high level of coordination among executive, legislative, and monetary policy-making institutions for the first time. Specifically, the change in the Federal Reserve Chair may lead to a more accommodative regulatory and monetary policy tone; at the same time, the Republican-controlled Congress is expected to promote a series of legislation favorable to the cryptocurrency industry, such as clarifying the regulatory framework for digital assets, providing tax incentives, or limiting excessive regulatory intervention.
This unprecedented "three-in-one" friendly environment provides a historic opportunity for the industry to break the long-standing shackles of regulatory uncertainty. #美国PPI数据高于预期 $ETH
In the world of investment, the real challenge often lies not in outperforming the market, but in mastering oneself. The greed and fear inherent in human nature are barriers that most people find hard to overcome. Sometimes, slow is fast, and fast is actually slow; what seems extremely clever may lead to extreme foolishness, and vice versa. The financial industry is never short of exceptionally smart elites, yet it always lacks those with long-term vision and calm wisdom.
Since we may not be smarter than others, let's choose a more 'foolish' persistence: hold on to our beliefs and maintain patience. Let time become the soil for compound interest, and let waiting turn into the strength to traverse cycles. In this practice of self-competition, only by remaining calm can we ultimately overcome the weaknesses of human nature and move towards a serene and steady future. #美联储维持利率不变
The United States Senate Agriculture Committee passed a crypto market structure bill on January 29, 2026 (yesterday) with a partisan vote of 12-11. Key Contents of the Bill • The bill aims to establish a comprehensive regulatory framework for cryptocurrencies, primarily granting the Commodity Futures Trading Commission (CFTC) regulatory authority over the spot digital asset market while clarifying the division of responsibilities between the SEC and the CFTC. • It is based on the CLARITY Act (also known as FIT21) previously passed by the House of Representatives and incorporates some aspects of bipartisan negotiations. • The vote reflects partisan divisions: unanimous support from Republicans, opposition from Democrats, and no bipartisan consensus. Current Progress and Outlook • This is just progress at the committee stage; the bill still needs to be reviewed by the Senate Banking Committee before being submitted for a full Senate vote (which may require 60 votes to overcome a filibuster). • Democratic opposition may pose obstacles, but the overall regulatory environment for cryptocurrencies in 2026 is relatively positive (influenced by the new administration). If ultimately passed, it will provide the long-awaited regulatory clarity for the industry, favorable for institutional adoption and market development of assets like Bitcoin and Ethereum. This is an important step in U.S. crypto legislation, but there is still distance to becoming law. #下任美联储主席会是谁?
Must speak frankly: "The floor has collapsed, but the seeds of reversal are also sprouting in this ruin."
The market has just experienced a textbook-level "capitulation" sell-off. A large bearish candle on the 3-day line directly breached all the key points we were previously defending. "While others are stopping out, we seek bloodied chips."
The current situation is very perilous, but it also contains enormous profit opportunities.
Current situation assessment: This is a false breakdown (Bear Trap) test of the EMA 200. Although the price is below the moving average, the negative J value and the accumulation of shorts on the liquidation map strongly suggest that this drop is an unsustainable "emotional outburst." #加密市场回调
When Bitcoin skyrockets in 2024, turning to gold, silver, and copper, which have been dormant for years, is likely to invite confusion and even ridicule.
Today's situation is remarkably similar—suggesting to buy BTC and ETH is still met with scorn by many. The public is eagerly chasing semiconductor, electric, and hardware stocks, as they represent the tangible and visible "reality." Meanwhile, the tokenization and financial revolution depicted by Ethereum and major institutions still sound as distant as the stars.
But don't forget: in the world of investing, uncertainty is often the most loyal ally of extraordinary profits. When something becomes exceedingly certain, it often lays a gentle trap for you.
When everything outside of cryptocurrencies seems "incredibly right," it is precisely those of us who stand by "uncertainty," viewed as naive, who may soon be the ones raising a toast in celebration. #Strategy增持比特币 $ETH
Not only should we focus on the rise and fall of prices, but we must also understand the underlying "water temperature"—that is, the changes in **liquidity (stablecoins)**. Currently, the total market value of stablecoins is approximately 308.75B, and recent charts show signs of slight corrections and fluctuations.
Latest data and in-depth analysis of the macro background as of January 2026:
1. Core reasons for the decline in stablecoin market value The structural rotation of safe-haven assets. As we enter January 2026, the market is influenced by geopolitical issues, tariff risks, and macro uncertainty, prompting speculative capital to withdraw from the crypto ecosystem. Some funds have not remained in stablecoins waiting but have directly flowed into assets with stronger safe-haven attributes (such as gold or the yen, which has performed strongly recently due to intervention).
ETF outflows and institutional rebalancing. Latest data shows that funds have seen net outflows from spot Bitcoin ETFs such as BlackRock (IBIT). When institutional investors sell through ETFs, the corresponding underlying assets are liquidated, and the "ammunition" supporting the market value (stablecoins or fiat liquidity) is subsequently canceled or withdrawn from the traditional financial system, leading to a shrinkage in total market value.
Phase-based exhaustion of purchasing power. The sustained volatility at the end of 2025 has consumed a large amount of marginal buying power. The growth of stablecoin supply has recently slowed, reflecting a decreased willingness for new funds to enter the market, as it enters a "stock game" phase.
What is the market situation now? Every bomb carries a fuse 💣
· Is the countdown to the U.S. government shutdown starting again? The script is on repeat · Canada may face a 100% tariff hit, Trade War 2.0 is opening · Trump wants to buy Greenland? Geopolitical games reach the Arctic Circle · U.S. fleet movements towards Iran, the Middle East powder keg could reignite at any time · Powell is under investigation by the Justice Department, the Fed Chair is in the defendant's seat · BlackRock's Chief Investment Officer may take over the Fed, Wall Street has a direct line to the central bank · Trump calls out: $2000 in cash + interest rates dropped to 1%, the tap is ready to be turned to maximum
This is not a normal adjustment; it's a rehearsal for a perfect storm 🌪️ Liquidity, geopolitics, policy, regulation—a four-part harmony is changing key simultaneously.
Some see risk, some see narrative. Smart money has quietly laid out the next round of scripts. #下任美联储主席会是谁?
The heavenly stem "Bing" represents the blazing sun, and the earthly branch "Wu" signifies the fire of the emperor. This is not candlelight; this is the fierce midday sun pouring directly onto your shoulders—the wind cannot extinguish it; it only burns more fiercely. This is the pure Yang fire that occurs once every sixty years. In the narrative of the five elements, fire is virtual, it is Crypto, it is artificial intelligence, it is all the spiritual fuel igniting the era.
We have entered the era of "Nine Purple Departing Fire Movement," and 2026 is the first explosive point of this period. When the great movement collides with the annual emperor's peak, it will not bring mere ripples, but a "fusion and rise" that breaks free from the earth's gravity. Prices will burn through common sense, and all those who hesitate will become the fuel of this great fire, silently turning to ashes.
The script has long been written: Spring 2026, firewood is in place—capital returns, doubts gradually ignite excitement. Summer 2026, the flames soar—main upward trends like wild horses breaking free, FOMO peaks, and in that moment, we will all witness. But you must stay clear-headed: youth will come to an end, and the fire will eventually fade. What flourishes must decline; this is the iron law of the universe. When the summer of 2026 arrives, even the illiterate neighbor will ask you, "Can we still invest in coins?" The party will be nearing its end. Autumn gold emerges, the fire recedes, and that will be our moment to turn calmly.
So, there is no need to fear at this moment. If you understand this logic, then every pullback is merely a deep squat for a leap to greater heights.
Only those who endure the trials of the Year of the Snake shedding its skin deserve the grandeur of the Year of the Horse galloping.
This is not the time to give up. Hold tight to your chips, as if grasping a spark of fire. Hold on, wait—this is our entire war at this moment. #ETH走势分析 $ETH
CoinGecko releases '2025 Annual Cryptocurrency Industry Report'
According to the (2025 Annual Cryptocurrency Industry Report) released by CoinGecko, the cryptocurrency market has undergone significant changes in macro environment, mainstream asset performance, and trading patterns. The core conclusion of the report is that despite the overall market capitalization decline, several key areas have shown strong growth, and institutional participation continues to deepen. Here are the key data and trend summaries from the report: Annual core data summary · Total market capitalization: down 10.4% for the year, ending at $3 trillion (plummeting 23.7% in the fourth quarter). · Mainstream Asset Performance: · Bitcoin: down 6.4% for the year, underperforming gold (up 62.6%).
ARK Invest's annual report (Big Ideas 2026) suggests that we are entering an era of 'The Big Acceleration' driven by the deep integration of five major innovation platforms (artificial intelligence, public blockchain, robotics, energy storage, and multi-omics). These technologies catalyze each other and are expected to significantly enhance global productivity and economic growth. Here are the key points of the report: 📈 Core Theme: Acceleration of integration among five major platforms The report points out that the five major innovation platforms (AI, blockchain, robotics, energy storage, multi-omics) are deeply interconnected, forming network effects. · Core Viewpoint: The intensity of technology integration will increase by 35% in 2025. Breakthroughs in one area will directly empower other areas. For example, reusable rockets can carry AI chips to assist in space computing.
✨ At this moment: The movement of gold has begun, the overture has just started. The real cryptocurrency feast has yet to unfold. Patience in layout, quietly waiting for the tide. #黄金白银价格创新高
· January Build Position: Identify trends and layout in batches. · February Spread: Altcoin market fully explodes. · March Frenzy: High-risk speculation prevails, hundredfold coins emerge. · April Peak: Liquidity reaches its peak, market sentiment is fervent. · May Turning Point: Gradually reduce positions to lock in profits.
(Please note, this is an idealized model; actual operations should be combined with real-time market signals) #加密市场观察
Brothers, pay attention! The short-term trend of Bitcoin is releasing key signals! 👇
🔍 Our AI model shows that BTC is currently entering a phase of sideways consolidation, with both bulls and bears fiercely contesting at key positions. This kind of fluctuation is not a bad thing; it is precisely the 'charging action' before a strong rebound!
📊 Key Observation Points: ✅ Trading volume has shrunk to a phase low, indicating that selling pressure is weakening ✅ Key support levels have been tested multiple times without breaking, and the bottom is gradually solidifying ✅ Technical indicators have entered the oversold zone, and the demand for recovery is strong
💡 Our Judgment: The sideways market will not last long! As market sentiment gradually recovers, and the main forces finish accumulating, Bitcoin is likely to initiate a technical rebound in the near future!
⚠️ Operational Suggestions:
1. During the consolidation period, you can gradually accumulate quality chips 2. Set a proper stop-loss level to guard against low-probability breakout risks 3. Pay close attention to volume signals breaking through key resistance levels
🎯 Short-term Target: Focus on the previous high resistance area; breaking through will open up new upward space!
(This article is for market analysis only and does not constitute investment advice. Cryptocurrency is highly volatile; please make decisions cautiously)#比特币2026年价格预测 $BTC