TL;DR
Market Shift: CoinShares stresses crypto’s evolution from speculation to utility, with Bitcoin hitting new highs and institutional discourse maturing.
Adoption Focus: Prediction markets like Pol...

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TL;DR
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Market Shift: CoinShares stresses crypto’s evolution from speculation to utility, with Bitcoin hitting new highs and institutional discourse maturing.
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Adoption Focus: Prediction markets like Polymarket and Kalshi, alongside spot Bitcoin ETFs, show mainstream traction, proving utility-driven growth is overtaking hype.
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Regulatory Path: Clear frameworks in the US and Europe enable scale, embedding digital assets into finance while cautioning that micro-bubbles will persist. <hr/>
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The cryptocurrency market in 2025 delivered both record highs and sharp volatility, yet CoinShares argues the true story lies beyond price charts. CEO Jean-Marie Mognetti insists financial systems evolve not because assets surge but because products prove useful at scale. His latest report reflects on a year where Bitcoin reached new peaks, institutional discourse matured, and digital assets began embedding themselves into the traditional economy. The shift, he says, marks crypto’s transition from speculative cycles toward real-world utility.
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“Financial systems don’t change because prices move. They change because products become useful at scale.” @jmmognetti
In his latest letter, Jean-Marie Mognetti reflects on a defining year for digital assets, from @Bitcoin’s new highs to the shift away from speculation toward… pic.twitter.com/EojHyNxT1Q
— CoinShares (@CoinSharesCo) December 26, 2025
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<h2>From Speculation to Structural Integration</h2>
CoinShares highlights that digital assets are no longer operating outside mainstream finance. Instead, they are increasingly woven into existing infrastructure, augmenting rather than replacing it. The industry’s maturation is evident in projects solving tangible economic problems rather than chasing hype. Chainlink’s role in connecting blockchain networks with benchmark providers exemplifies this pivot, signaling that utility now outweighs narrative-driven rallies.
<h2>Consumer-Level Adoption Gains Traction</h2>
At the retail level, crypto-enabled applications are achieving product-market fit. Prediction markets such as Polymarket and Kalshi have moved beyond experimentation, becoming operational and regulated in parts of the United States. Meanwhile, spot Bitcoin ETFs are gaining mainstream adoption, reshaping perceptions through familiarity rather than speculation. These developments underscore that adoption, not macro catalysts, will drive momentum in 2026.

<h2>Utility as the Defining Metric</h2>
CoinShares believes winners in the next phase will be defined by economic purpose. Bitcoin continues to solidify its role as a global, non-sovereign asset. Stablecoins are evolving into settlement rails for a digital economy, while tokenised financial products are shifting from pilot programs to real issuance. As these rails mature, decentralized finance increasingly mirrors traditional finance, delivered through different technology but serving the same functions.
<h2>Regulation as an Enabler</h2>
Regulatory clarity is emerging as a key enabler of scale. In the United States, frameworks for stablecoins and tokenised assets are advancing, while Europe’s opportunity lies in consistent implementation to attract institutional capital. CoinShares cautions that micro-bubbles will persist, yet the broader trajectory is clear: utility, integration, and cash flow are becoming the defining features of crypto’s consolidation into the real economy.

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CoinShares: Crypto’s Future Hinges on Utility, Not Price Move

TL;DR

市场转变：CoinShares 强调加密货币正从投机转向实用，比特币屡创新高，机构间的讨论也日趋成熟。

应用重点：预测市场（例如 Pol...）

<div><div>太长不看<adv/><ul><li>市场转变：CoinShares 强调加密货币已从投机转向实用，比特币屡创新高，机构间的讨论也日趋成熟。</li><li>采用重点：像Polymarket 和 Kalshi这样的预测市场，以及现货比特币 ETF，都展现出主流吸引力，证明实用性驱动的增长正在超越炒作。</li><li>监管路径：美国和欧洲明确的框架能够扩大规模，将数字资产嵌入金融体系，但同时也提醒人们，微型泡沫仍将持续存在。 <hr/></li></ul> 2025 年，加密货币市场经历了历史性高点和剧烈波动，但CoinShares认为，真正的故事远不止价格图表所显示的那么简单。首席执行官 Jean-Marie Mognetti 坚称，金融体系的演进并非源于资产价格的飙升，而是源于产品在规模化应用后展现出的实用性。他的最新报告回顾了比特币创下新高、机构间讨论日趋成熟以及数字资产开始融入传统经济的这一年。他表示，这种转变标志着加密货币正从投机周期转向实际应用。<adv/><blockquote> “金融体系的改变并非源于价格波动，而是因为产品规模化应用带来的效益。” @jmmognetti在最新一封信中，Jean-Marie Mognetti 回顾了数字资产发展史上具有里程碑意义的一年，从比特币创下新高到从投机转向…… pic.twitter.com/EojHyNxT1Q — CoinShares (@CoinSharesCo) 2025年12月26日</blockquote><h2>从推测到结构整合</h2>CoinShares指出，数字资产不再游离于主流金融体系之外。相反，它们正日益融入现有基础设施，起到增强而非取代的作用。该行业的成熟体现在那些致力于解决实际经济问题而非追逐炒作的项目上。Chainlink在连接区块链网络和基准提供商方面所扮演的角色，正是这种转变的例证，表明实用性如今已超越了由叙事驱动的上涨行情。<h2>消费者层面的采用率不断上升</h2>在零售层面，支持加密货币的应用正在实现产品与市场的契合。像Polymarket和Kalshi这样的预测市场已经超越了实验阶段，在美国部分地区投入运营并受到监管。与此同时，比特币ETF正逐渐被主流市场接受，人们的认知不再仅仅依赖于投机，而是通过熟悉度来重塑市场。这些发展表明， 2026年推动市场发展的将是普及程度，而非宏观经济因素。<h2>效用作为定义性指标</h2>CoinShares认为，下一阶段的赢家将由其经济目标来定义。比特币作为全球性非主权资产的地位持续巩固。稳定币正在发展成为数字经济的结算渠道，而代币化金融产品也正从试点项目转向实际发行。随着这些渠道的日趋成熟，去中心化金融越来越像传统金融，尽管采用不同的技术，但功能却相同。<h2>监管作为一种推动因素</h2>监管的清晰度正成为扩大规模的关键推动因素。在美国，稳定币和代币化资产的框架正在推进，而欧洲的机遇在于持续有效地实施相关政策以吸引机构资本。CoinShares 提醒，微型泡沫仍将持续存在，但总体发展趋势清晰：实用性、整合性和现金流正成为加密货币融入实体经济的决定性特征。</div></div>

CoinShares：加密货币的未来取决于实用性，而非价格走势

Polymarket 上一玩家 1 年交易 61,793 次，狂赚 10.6 万美元。

蚊子肉，滚出 10 万美元利润

比特币上周价格一度触及 6 万美元。在收益递减模型下，这绝不是简单的噪音。市场正在触碰整个四年周期与对数增长框架中最脆弱的环节。
当比特币周期顶部的涨幅已被大幅压缩，如果再出现历史级别的深度回调，其经典周期的吸引力将彻底失效。
这不是预测，这是数学规律。
周期顶部涨幅正在压缩
比特币各周期历史顶部：
· 2013 年：~1,242 美元
· 2017 年：~19,700 美元
· 2021 年：~...

5.5万美元，将是比特币的生死线

高盛次揭露其价值超过23亿镁的加密投资组合。 （图片来源：CoinGape）
高盛次在提交给美国证券交易委员会的投资组合报告中披露了其在加密货币市场的大量投资…