Crypto faces token identity crisis as markets open for 2026
The crypto market may have begun the new year in the same spirit it ended 2025, but investors are currently facing a purported “identity crisis” where digital tokens are being converted to equity, governance instruments, or purely made for user acquisition.
According to a recent report from Delphi Digital, a bearish market sentiment has taken hold over the past few months, with some market watchers claiming the top of the four-year market cycle has already passed.
The crypto market analytics platform believes investor sentiment has changed due to Bitcoin’s muted end-of-year performance, but the lines between traditional financial assets and crypto are also blurred, as companies experiment with new forms of tokenization.




