Core Insights - The report by Coinbase Institutional titled "2026 Crypto Market Outlook" analyzes the macro environment, regulatory progress, technological evolution, and application trends in the crypto market for 2026 [1] Group 1: Macro Environment - The U.S. economy remains resilient, but uncertainty is still high, with the crypto market environment in the first half of 2026 being more akin to 1996 than 1999 [1] Group 2: Institutional Participation - Coinbase introduces the "DAT 2.0" model, suggesting that institutions will shift from simple asset allocation to more specialized trading, custody, and blockchain space acquisition [1] Group 3: Technology and Applications - As institutional adoption increases, there is a rising demand for privacy technologies such as zero-knowledge proofs and fully homomorphic encryption [1] - The integration of AI with crypto for automated trading, application-specific blockchains, cross-chain interoperability, and tokenized assets (including tokenized stocks) is identified as significant directions [1]