Expectations for the performance of the crypto market in 2026 are very high due to increasing demand for alternative stores of value and an increasingly clear regulatory environment.
According to Zach Pandl, Head of Research at Grayscale, a more favorable regulatory environment will help strengthen the crypto sector. At the same time, the weakening of fiat currencies could continue to fuel demand. When these two factors are combined, the price of Bitcoin could very well reach new historical highs.
The market structure bill will accelerate Token Issuance .
The crypto market has undergone a major transformation since 2008, especially in the past year .
Significant events such as the approval of crypto ETFs and the GENIUS Act have narrowed the gap between digital assets and traditional finance. However, the market still has much work to do.
Pandl believes the next major step is passing a bipartisan market structure bill . After being delayed by the US government shutdown and partisan debates in 2025, he predicts the bill will be passed by the Senate early next year.
“It looks like we’re going to get there in January or in the first quarter,” Pandl said in an interview with CNBC. “Even if it’s not done right away… bipartisan progress is key.”
Pandl emphasized that the bipartisan bill would allow companies, from startups to Fortune 500 corporations, to Token Issuance as a normal part of their Capital structure, alongside traditional financial instruments.
He also stated that the broader macroeconomic situation would have a positive impact on the price of Bitcoin.
The conditions are converging for Bitcoin to reach a new all-time high.
Although Bitcoin's price experienced a weak period in the latter half of 2025, Pandl predicts a more positive outlook for this leading digital asset this year.
According to Grayscale's 2026 Digital Asset Outlook report, they believe Bitcoin's price will reach a new peak in the first half of the year. Pandl stated that several factors will influence this outcome.
“I think 2026 will be a year of a weakening US dollar, a Federal Reserve interest rate cut , rising gold and silver prices… and Bitcoin, Ether, and several other cryptocurrencies will emerge as digital stores of value. All will benefit from the current macroeconomic environment,” he Chia CNBC.
This factor, coupled with the passage of the market structure bill, will further strengthen the optimistic outlook for crypto prices.
In addition, the wider adoption of crypto will accelerate the deployment of ETFs , giving investors access to a more diverse range of digital assets.
As the crypto market matures, Pandl also believes that some outdated perspectives will gradually become obsolete.
What is the end of DATs?
Although digital asset stores (DATs) were all the rage in 2025, Pandl doesn't expect this momentum to continue into the new year, calling it a "distraction."
He argued that the DATs' hoarding model was problematic because they didn't buy and sell frequently, and the transaction prices were often close to the true value.
“They won’t disappear anytime soon, as some retail investors still prefer to access crypto through publicly traded stocks, but DATs are unlikely to become a major factor influencing prices on either the buy or sell side,” Pandl explained.
Instead, the focus will shift to factors that deliver more tangible value, such as expanding accessibility, improving the user experience, and products that can translate demand into market impact.
