According to Foresight News , Coinbase Institutional, in a recent research outlook, points out that the core of the crypto market in 2026 will no longer be driven by narratives, but rather by the ability of key market structures to continue expanding under more stringent conditions. The report, authored by David Duong, Global Head of Research at Coinbase, and researcher Colin Basco, argues that traditional cyclical models centered on retail speculation, token issuance, and single-protocol catalysis are gradually becoming ineffective. The report lists perpetual contracts as a key pillar of price discovery, noting that derivatives trading volume already dominates most major exchanges. While the derivatives market will experience a deleveraging adjustment at the end of 2025, Coinbase views this as a structural reset rather than a decline in demand, believing that stricter margin requirements and risk control measures enhance the market's ability to absorb shocks.
Furthermore, Coinbase believes that prediction markets are shifting from experimental products to more sustainable financial infrastructure, with increased trading volume and liquidity attracting more non-crypto native participants. Stablecoins and payments are considered the sectors with the most practical use value, with their applications in settlement, cross-border transfers, and liquidity management continuing to grow, and gradually integrating with automated trading and AI applications. Coinbase states that 2026 will be a crucial year to test whether these core markets can continue to develop under intense regulatory and risk constraints.
