Crypto’s Next Phase Is Utility Not Price Action: CoinShares

Core Insights - The digital asset market experienced exceptional performance in 2025, with Bitcoin reaching new all-time highs and a more constructive discourse surrounding crypto compared to the downturn of 2022-2023 [1] - CoinShares emphasizes that focusing solely on price action overlooks significant advancements in the digital asset industry [2] - Digital assets are increasingly integrated within the traditional financial system, enhancing core financial infrastructure rather than attempting to replace it [3] Industry Progress - The industry matured in 2025, shifting focus from speculative activities to protocols and applications that provide measurable real-world utility [4] - Practical integrations, such as Chainlink's role in connecting blockchain networks with established providers, are seen as more indicative of market evolution than speculative cycles [5] - Consumer-level applications like prediction markets (e.g., Polymarket and Kalshi) are achieving product-market fit, becoming operational and regulated [6] Future Outlook - Looking ahead to 2026, CoinShares suggests that adoption will be a more significant driver than macroeconomic catalysts, despite expectations for renewed liquidity from the Federal Reserve [7] - App-based retail savings products may start competing with bank deposits, while fintechs and banks expand services related to stablecoin settlement, custody, and trading [8]