Although the 2025 bear market delivered a harsh blow to risk assets, it also indirectly created a rare opportunity—the market was able to breathe and reassess its direction.

On the surface, the expansion of the crypto ecosystem has increased volatility, but a subtle undercurrent is quietly changing. The three key areas—RWA, stablecoins, and DeFi—continue to attract capital, indicating that funds are fleeing pure speculation and shifting toward sectors with stronger fundamentals. Data confirms this judgment: by the end of 2025, the RWA market size surged to $18 billion, a 210% year-over-year increase; stablecoin supply growth exceeded 50%. This is not retail sentiment; it’s institutional deployment.

The most interesting change is in Bitcoin’s supply and demand dynamics. On-chain data shows that institutional purchases have exceeded 76% of miners’ monthly production, creating a clear supply gap. This means the market has shifted from "driven by whales" to "supported by fundamentals"—a qualitative change.

Multiple signals point to the same conclusion: a high probability of entering an "institutional cycle" in 2026. The market will gradually shed speculative bubbles and establish a more solid foundation for upward movement supported by stablecoins and RWA. Looking at MSTR’s already recorded 4% increase, and the continuous pace of institutional accumulation, reaching $150,000 by the end of the year is not a dream.

For investors, the accumulated chips during the bear market, continuous institutional buying, and increasingly clear fundamentals together form the confidence for next year. Those who start early in deployment are very likely to be the last to laugh in this "institutional cycle."