The performance of digital assets has been quite good over the past year, with both retail and institutional participation increasing. As we move into 2026, what new changes might this market see? My observation is that there are several key trends worth paying attention to.

First is the Digital Asset Treasury (DATs). Although growth has been rapid, it has also exposed many issues. Next year, truly capable companies will stand out—those based on Bitcoin standards, with transparent management, and capable of creating real value for shareholders. Stock prices will gradually become more rational and closer to the actual asset value.

Second, the status of stablecoins will see a significant rise. Products like USDC and USDT will no longer be just trading tools but will deeply integrate into traditional financial systems. You will see their applications in payment processing, corporate fund management, and cross-border settlements becoming more widespread. Of course, the market will also become oversaturated, and some less competitive stablecoins will eventually be eliminated.

Next, let's look at Bitcoin's cyclical nature. People used to say that Bitcoin follows a "four-year cycle," but this notion may need to be rewritten. The reason is simple—market participants are becoming more diverse, and the entry of institutional funds has changed the market structure. Continuous buying pressure will push Bitcoin toward steady growth, with relatively lower volatility.

Another interesting phenomenon is that American investors are gaining more opportunities to access offshore markets. Behind this is the mainstreaming of the market and policy support. Stablecoins play a bridging role here, allowing American capital to enter global markets more conveniently, with transparent and traceable transaction paths.

Finally, financial products will become more complex and refined. Bitcoin-related debt products, equity instruments, and yield-based trading will emerge in large numbers. Some will use Bitcoin as collateral, while others will design structured investment strategies to attract investors with different risk preferences.

Overall, 2026 will be a watershed year. Digital assets are evolving from speculative tools into an important part of the modern financial system, and the market will become more mature and sustainable.