This year, the crypto market has become more mature, no longer a testing ground but gradually taking shape with the participation of large institutions, more responsive legal regulations, and increasing macroeconomic pressure.
As the industry moves toward 2026, its future direction will depend on which assets can "bypass institutional scrutiny," as well as how recession risks, monetary policy shifts, and the rise of stablecoins continue to reshape crypto's position within the financial order centered around the US dollar.
Institutional Capital is driving the consolidation of the crypto market.
Throughout 2025, BeInCrypto interviewed seasoned investors and leading economists to assess the future of the crypto industry and what lies ahead for a field Capital for its uncertainty.
Shark Tank investor Kevin O'Leary started from a simple point of view: When institutional Capital flows in, crypto will no longer be a relentless Token hunt, but will gradually focus on a limited asset class, compelling enough for long-term allocation.
He used himself as an example . O'Leary was previously skeptical about crypto, but as the legal framework became clearer, he decided to enter the market.
Initially, the billionaire chose to buy a diverse range of cryptocurrencies. His portfolio totaled 27 Token. Later, O'Leary realized that was excessive. Currently, he only holds 3 types of cryptocurrency, and he believes that is sufficient for his needs.
“If you quantify the volatility of just Bitcoin, Ethereum, and a stablecoin for liquidation… That’s enough for me,” O’Leary Chia with BeInCrypto in a podcast episode .
For O'Leary, each asset class has its own Vai . He XEM Bitcoin as an “inflation shield,” often comparing it to digital gold due to its scarcity and decentralization.
Ethereum is not a currency but rather a technological platform for a new financial system, linked to long-term development through technological innovation. As for stablecoins , he holds them primarily for the flexibility of withdrawing/depositing Capital, not for profit.
This approach also reflects his vision for 2026 – when regulations are more refined and institutional investors become more deeply involved, with investment Capital primarily focused on Bitcoin and Ethereum as the two main pillars. Other Token will face significant challenges in attracting long-term capital flows, mostly remaining at the edges of the market.
At that point, investing in crypto will no longer be about short-term trading but will gradually move towards building a structured portfolio – similar to how traditional asset classes are managed.
But as investors narrow their options, the question of "who controls the crypto monetary system" becomes far more complicated.
Control the dollar's movement to onchain.
While figures like O'Leary opt for a narrower portfolio, Greek economist and former Finance Minister Yanis Varoufakis points to a different trend .
In a podcast episode with BeInCrypto , he argued that control over crypto's monetary infrastructure is becoming increasingly tighter, especially as stablecoins gradually fall under the scrutiny of governments and corporations.
He pointed out that the new US policy is a turning point: through laws like the GENIUS Act, Washington is encouraging the expansion of the USD system through stablecoins . Stablecoins are now not meant to "overthrow the old order," but are becoming a tool to protect the existing financial system.
He also linked this to the so-called “Mar-a-Lago Agreement,” which aimed to weaken the exchange rate of the US dollar while maintaining its dominant Vai in global payments. This contradiction is what worries him.
Varoufakis warns that this model essentially transfers monetary power to private issuers , increasing the risk of financial concentration while reducing accountability to the public. This risk not only affects the United States, but will have even greater consequences as USD-pegged stablecoins spread to other economies.
“Right now, there are a host of companies in Malaysia, Indonesia, and even Europe increasingly using Tether… This is a huge problem. Suddenly, these countries… have central banks that no longer control their money supply. The ability to conduct monetary policy is diminished, and therefore instability increases,” Varoufakis Chia on an episode of the BeInCrypto podcast.
Looking ahead to 2026, he calls stablecoins a systemic “break point.”
If a serious incident occurs, it could trigger a wave of cross-border financial crises, exposing crypto's greatest weakness – not its volatility, but its increasingly deep entrenchment with traditional financial institutions.
These risks currently exist only in theory under stable conditions. The real test will come when growth slows, cash flow tightens, and the market begins to fracture.
Steve Hanke – a former economic advisor to President Ronald Reagan – warned that such a “pressure test” was approaching.
Market resilience tests in the context of an economic slowdown.
In this episode of the BeInCrypto podcast, a professor of applied economics at Johns Hopkins University stated that the US economy is nearing a recession , not due to inflation, but rather to policy instability and weak monetary growth.
Hanke argued that unstable tariff policies and a growing federal budget deficit were the main factors impacting investment and confidence.
“When that happens, investors who want to invest in a new plant or a large project will hesitate and say, ‘We should wait until things are clearer before deciding.’ They will put their investments on hold,” Hanke explained.
As the economic situation worsens, Hanke predicts that the Federal Reserve will continue to ease monetary policy .
He didn't mention crypto directly. However, his broader perspective outlines the landscape that crypto will face.
Historically, tight liquidation followed by sudden loosening has always exposed weaknesses in financial markets, especially in systems heavily reliant on leverage or those where confidence is easily shaken.
With crypto, this impact is structural, not just speculative.
In the context of potential recession and constantly changing policies, challenging periods will reveal the true strength of projects. What endures is not necessarily the fastest-growing, but rather what is robust enough to withstand contraction.
