The road ahead for crypto markets in 2026
By Thomas Perfumo, Kraken Global Economist
Crypto markets in 2025 were driven overwhelmingly by Bitcoin, which itself was shaped by macro forces and mainstream adoption. That framing carries forward into 2026. What’s changed is not the importance of Bitcoin, but the channels through which demand, liquidity, and risk are now expressed.
Crypto’s new market structure
As a macro asset, Bitcoin continues to lead market risk sentiment shifts in a period defined by mixed economic growth, persistent inflation, and volatile geopolitical catalysts. This translates into compressed volatility ranges punctuated by sharp, narrative-driven moves. The market feels less euphoric than prior cycles and structurally more…
