Asset manager 21shares has revised down several of its bullish expectations for the crypto industry in 2026, arguing that while key market infrastructure is improving, weaker price action and slower retail and enterprise participation have dampened momentum.

In its midyear outlook, the firm said sectors ranging from exchange-traded products (ETPs) and stablecoin regulation to tokenization and prediction markets are continuing to mature. Still, it expects that major DeFi security incidents and enterprise adoption that is “slower-than-expected” will make a number of previously planned 2026 targets harder to reach.

Key takeaways

• 21shares says crypto infrastructure is advancing faster than market prices, leaving parts of the industry on…