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

市場轉變：CoinShares 強調加密貨幣正從投機轉向實用，比特幣屢創新高，機構間的討論也日趨成熟。

應用重點：預測市場（例如 Pol...）

<div><div>太長不看<adv/><ul><li>市場轉變：CoinShares 強調加密貨幣已從投機轉向實用，比特幣屢創新高，機構間的討論也日趨成熟。</li><li>採用重點：像Polymarket 和 Kalshi這樣的預測市場，以及現貨比特幣 ETF，都展現出主流吸引力，證明實用性驅動的增長正在超越炒作。</li><li>監管路徑：美國和歐洲明確的框架能夠擴大規模，將數字資產嵌入金融體系，但同時也提醒人們，微型泡沫仍將持續存在。 <hr/></li></ul> 2025 年，加密貨幣市場經歷了歷史性高點和劇烈波動，但CoinShares認為，真正的故事遠不止價格圖表所顯示的那麼簡單。首席執行官 Jean-Marie Mognetti 堅稱，金融體系的演進並非源於資產價格的飆升，而是源於產品在規模化應用後展現出的實用性。他的最新報告回顧了比特幣創下新高、機構間討論日趨成熟以及數字資產開始融入傳統經濟的這一年。他表示，這種轉變標誌著加密貨幣正從投機週期轉向實際應用。<adv/><blockquote> “金融體系的改變並非源於價格波動，而是因為產品規模化應用帶來的效益。” @jmmognetti在最新一封信中，Jean-Marie Mognetti 回顧了數字資產發展史上具有里程碑意義的一年，從比特幣創下新高到從投機轉向…… pic.twitter.com/EojHyNxT1Q — CoinShares (@CoinSharesCo) 2025年12月26日</blockquote><h2>從推測到結構整合</h2>CoinShares指出，數字資產不再遊離於主流金融體系之外。相反，它們正日益融入現有基礎設施，起到增強而非取代的作用。該行業的成熟體現在那些致力於解決實際經濟問題而非追逐炒作的項目上。Chainlink在連接區塊鏈網絡和基準提供商方面所扮演的角色，正是這種轉變的例證，表明實用性如今已超越了由敘事驅動的上漲行情。<h2>消費者層面的採用率不斷上升</h2>在零售層面，支持加密貨幣的應用正在實現產品與市場的契合。像Polymarket和Kalshi這樣的預測市場已經超越了實驗階段，在美國部分地區投入運營並受到監管。與此同時，比特幣ETF正逐漸被主流市場接受，人們的認知不再僅僅依賴於投機，而是通過熟悉度來重塑市場。這些發展表明， 2026年推動市場發展的將是普及程度，而非宏觀經濟因素。<h2>效用作為定義性指標</h2>CoinShares認為，下一階段的贏家將由其經濟目標來定義。比特幣作為全球性非主權資產的地位持續鞏固。穩定幣正在發展成為數字經濟的結算渠道，而代幣化金融產品也正從試點項目轉向實際發行。隨著這些渠道的日趨成熟，去中心化金融越來越像傳統金融，儘管採用不同的技術，但功能卻相同。<h2>監管作為一種推動因素</h2>監管的清晰度正成為擴大規模的關鍵推動因素。在美國，穩定幣和代幣化資產的框架正在推進，而歐洲的機遇在於持續有效地實施相關政策以吸引機構資本。CoinShares 提醒，微型泡沫仍將持續存在，但總體發展趨勢清晰：實用性、整合性和現金流正成為加密貨幣融入實體經濟的決定性特徵。</div></div>

CoinShares：加密貨幣的未來取決於實用性，而非價格走勢

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文章作者：趙穎
文章來源：華爾街見聞
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根據 BLS 初步估計，2024 年 4 月至 2025 年 3 月期間的就業...