Messari's Unqualified Opinions State of Crypto 2026: Winners, Losers, and Big Bets for the Next Cycle | Messari's Fully Diluted
Dec 17, 2025
Joining the discussion is AJC (Ryan), a senior member of Messari's enterprise research team known for his market analysis and strategic insights. They unpack the standout trends of 2025, including Bitcoin's rise as a macro asset and the emergence of Hyperliquid as a leading application. The conversation explores the implications of institutional flows on the crypto landscape, the evolution of yield-generating stablecoins, and Solana's innovative on-chain markets. Finally, the team shares bold predictions for 2026, highlighting potential game-changers and emerging narratives.
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Bitcoin Is Now A Macro Asset
- Bitcoin has clearly separated from the rest of crypto and behaves like a macro asset rather than driving altcoin bids.
- Strong Bitcoin flows slowed while longtime holders took profits, creating recent price weakness not necessarily indicative of long-term decline.
App-Led Chains Outperform Generic L1s
- Hyperliquid succeeded by being an app chain with a killer perp product and strong revenue generation.
- Winning blockchains now require clear application-led go-to-market strategies, not generic L1 promises.
Institutions May Break The Four-Year Cycle
- 2025 was an institutional year with chains shifting to serve institutional flows and assets.
- Institutional demand could alter or break the traditional four-year crypto cycle going into 2026.