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BTC As 2025 approaches its end, Bitcoin has chosen not to bid farewell to the market through sudden rises or drops in prices. Instead, there are subtle changes taking place at a structural level. Coinbase, the largest regulated exchange in the United States, is currently experiencing negative premiums. Data shows that its premium index has been below zero for over two weeks in a row, indicating that pressure from domestic sellers in the US is significantly higher than the global average. Coupled with年底的税务抛售、ETF资金阶段性流出，以及期权到期带来的压力，market sentiment seems cold. However, looking at past cycles, such “internal divisions” often occur during periods of reallocation of resources. As short-term funds gradually exit the market, the long-term forces that will determine trends in 2026 are actually shifting beneath the surface.
Market transformation: from narrative-driven to structured growth
According to the latest forecasts published by authoritative institution Coinbase Institutional, the future crypto market will be driven by structural forces rather than traditional narrative cycles. By 2026, three key trends are expected to emerge: First, the derivatives market will become a central pillar for price discovery. As leverage levels undergo structural reorganizations by the end of 2025, the market’s ability to absorb shocks will significantly improve.
Second, the development of prediction markets and stablecoin payment infrastructure will drive crypto assets toward more practical financial uses. It is estimated that the size of the stablecoin market will exceed $1.2 trillion by 2028. In this structural bull market driven by both technology and regulation, emerging projects with genuine innovation and high momentum are becoming the preferred targets for investment.
Conclusion: In the context of structural transformation, investors will need to adopt a long-term approach
. By 2026, the crypto market will no longer rely solely on short-term hype. From the market reshuffling caused by negative premiums offered by companies like Coinbase, to the technological and innovative approaches of emerging projects such as Bitcoin Hyper, Maxi Doge, and Pepenode, it is clear that investors must possess a deeper understanding of structural dynamics. As liquidity levels continue to rise and traditional financial structures merge with crypto infrastructure, it becomes crucial for investors to identify assets with strong economic models and technological advantages. This will be key to maintaining a position of strength during the next long-term bull market.
