#DeFi协议与应用 Cantor Fitzgerald's year-end report is worth paying attention to. The key signal is: prices may face pressure (BTC testing the $75,000 cost line), but the divergence in on-chain fundamentals is widening — which provides us with a window to observe structural opportunities.

A few key details: 1. This round of correction is unlikely to be accompanied by large-scale liquidations; the resilience of the market led by institutions is significantly higher than that led by retail investors; 2. The "price-fundamental divergence" is most prominent in the fields of DeFi, asset tokenization, and infrastructure, indicating that incremental capital is flowing into areas where price movements are diverging from fundamentals.

From an on-chain perspective, this means we should focus not on the price decline itself, but on who is continuously deploying funds during the decline, which contracts are seeing increased activity, and the movements of institutional wallets. The advancement of the "Digital Asset Market Clarity Act" at the regulatory level will further solidify this institutional pattern.

In simple terms: 2026 may be cold, but the coldness is in the price; the heat is in the structural transformation. Focusing on on-chain capital flows and DeFi protocol fundamental indicators will be more valuable than tracking prices.