2025 wasn't the year the crypto industry wanted but probably what it needed to continue moving forward As an industry we are now fully done with memecoins, NFTs, low float/high FDV, and generally anything consumer My guess for 2026 is that we see far fewer token launches, a focus on the majors (ETH, BTC), and a persistent institutional bid for DeFi blue chips with sensible value accrual Maybe a bid so strong it will surprise people, when coupled with persistent buybacks and maximum financial discipline by protocols The future of this space is very clearly be stablecoins, RWAs, lending capital markets, and asset management We will fix many of the problems of crypto simply by doing less, doing it better, and walking the regulated path It is a bullish setup, but the rallies/markups/exits will be hyper-concentrated