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.
