Kraken: The crypto market may see a major correction this year, with macro forces driving a shift from hype to structure.

According to a report by The Block on January 16th, as cited by TechFlow TechFlow, cryptocurrency exchange Kraken predicts a major adjustment in the crypto market in 2026, with the market focus shifting from price volatility to infrastructure development. Kraken Global Economist Thomas Perfumo points out that macroeconomic uncertainty, institutional fund flows, and an increasingly tightly integrated market structure are reshaping the Bitcoin cycle. Perfumo states that while Bitcoin remains a key indicator of risk sentiment, demand, liquidity, and risk channels have changed. Last year, US-listed spot Bitcoin ETFs and digital asset finance companies contributed nearly $44 billion in net spot demand, but market performance fell short of expectations due to a large supply of tradable inventory from long-term holders. This year, US regulatory developments will reshape on-chain liquidity. Without a clear risk appetite backdrop, a slowdown in institutional instrument momentum and premium compression could limit Bitcoin's upside potential.