Navigating Crypto in 2026 | Pantera
MARKET OUTLOOK FOR 2026 [1],[2]
By Cosmo Jiang, General Partner
2025 was not a fundamentals-driven year for returns in the crypto markets. It was a year where macro, positioning, flows and market structure effects were the dominant drivers – particularly for assets outside of Bitcoin.
Looking at a timeline of the year’s major macro and policy inflection points helps capture why the tape felt so discontinuous.
The year opened with the U.S. inauguration, which ultimately proved to be a classic “sell-the-news” moment and an early warning shot for volatility. Subsequent months saw repeated whipsaws in risk appetite – from optimism around a U.S. Strategic Bitcoin Reserve announcement, to…
