2 min readAs we anticipated a year ago, 2025 proved to be an exceptional year for digital assets, with Bitcoin reaching an all-time high and crypto being once again mentioned by institutions and the media on a daily basis in a much more favourable way than two years ago. Yet the market has not moved in a straight line. Recent volatility and periodic liquidations are reminders that this remains a young asset class. But it would be remiss not to recognise how far the industry has come.
After years of sustained building, the foundations appear stronger than ever. Digital assets are no longer operating outside the traditional economy. They are increasingly embedded within it, enhancing core financial infrastructure rather than attempting to simply replace it. Progress in 2025 was decisive on both technology and adoption. The industry has matured past its most speculative instincts. Major protocols are scaling into real-world utility, and the projects commanding attention are those that solve tangible problems. Chainlink’s integrations with established benchmark providers tell us more about where this market is going than any meme cycle ever could. The rise of prediction markets such as Polymarket and Kalshi shows that consumer-grade applications have arrived, not as experiments, but as products with clearer market fit. And in the United States, spot ETFs, most notably for Bitcoin, have begun to achieve the kind of mainstream traction that changes perceptions quietly, through familiarity, rather than through hype.
What comes next?
Many expect an explicit macro catalyst in 2026, certainly a fresh liquidity impulse from the Federal Reserve. That may come, but the more important story is adoption. A financial system does not change because prices move. It changes because products become useful at scale. In 2026, we expect that shift to become visible in everyday finance. Retail savings products delivered through apps may begin competing directly with traditional bank deposits. Payment companies, fintechs, and banks themselves will expand stablecoin settlement, custody, and trading services. These developments may be gradual, but they are structural. Once embedded, they do not reverse easily.
In that environment, the winners will not be defined by narrative alone. They will be defined by economic purpose. Bitcoin continues to solidify its role as a global, non-sovereign asset. Stablecoins are becoming settlement rails for a more digital and more international economy. Tokenised financial products are starting to move from pilot programmes to real issuance. As these rails mature, decentralised finance will increasingly look less like an alternative and more like what it is becoming: finance, delivered with different technology.
This transition has been supported by meaningful regulatory progress, especially in the United States, where recent legislative steps have begun to clarify the perimeter for stablecoins, tokenised assets, and market infrastructure. For Europe, the opportunity is clear. A stable and pragmatic regulatory framework, implemented consistently, can attract serious institutions and long-term capital. The goal should not be to slow innovation through uncertainty, but to make it safe enough to scale.
Every cycle in this market has produced micro-bubbles, and the next one will be no different. Some themes will attract more capital than they ultimately deserve. Some projects will not survive contact with reality. That is normal in a fast-moving frontier. But the direction of travel is no longer in doubt. The market is turning towards utility, cash flow, and integration. If 2025 was the year of the graceful return, 2026 looks positioned to be a year of consolidation into the real economy.
