Recently, I’ve noticed that quite interesting discussions are taking place among major players in the cryptocurrency industry about what they think. In particular, attention is being drawn to the point that the entry of institutional investors is changing conventional wisdom about market cycles.

According to leaders who run major industry exchanges, user protection and maintaining a low-cost operating model are the sources of long-term competitiveness. In fact, when you hear about companies that have protected their market share through global expansion and trust-building—even in an era of regulatory uncertainty—you can once again see how important it is to stay true to fundamentals rather than chasing short-term profits.

The fusion of AI and blockchain is also accelerating. Once the era arrives in which agent-based AI becomes the driving force behind trading, conventional financial infrastructure will no longer be able to keep up. It will be hard to avoid a trend in which crypto asset platforms are naturally chosen. At the same time, AI is accelerating coding and dramatically increasing the pace of developing new applications.

What’s particularly interesting is that traditional assets have begun to flow into crypto asset platforms. Commodities such as gold and oil are being added as trading targets, and tokenized stocks have also appeared. The convergence of Wall Street and the crypto industry is no longer just an ideal—it is becoming reality. The impact that Larry Fink’s statement, “everything will be tokenized,” has had on the industry as a whole is hard to measure.

Competition in the stablecoin market is also about to heat up in earnest. Tether has dominated the market, but new entrants have started drawing in customers with yields and incentives. Dollar-denominated stablecoins remain the mainstream, but stablecoins denominated in other currencies are also likely to gradually increase. However, non-dollar-denominated stablecoins face challenges related to bank support and costs, so widespread adoption may take time.

By the way, the topic of the margin call incident that occurred on October 11 last year is resurfacing. At the time, it was reported that a certain large exchange’s technical issues accelerated market instability, but in reality, that was not the direct cause—the main factors were overall market tension and chaos related to tariffs. It’s important to clarify this point. It wasn’t that problems at a certain large exchange caused margin calls; rather, the market environment itself was unstable.

There is also a strong view that people don’t need to be overly pessimistic about the risks of quantum computing. Quantum-resistant algorithms already exist, and if the community cooperates to upgrade them, they can be addressed. Governance-ready centralized chains are likely to respond first, while decentralized networks like Bitcoin will take more time to adapt.

As for Bitcoin’s outlook, many voices remain bullish. It’s true that 2026 may be a corrective phase when viewed through the four-year cycle, but it’s supported by a strong stock market and continued inflows from institutional investors. Market-boosting policies under the Trump administration are also a tailwind. Unlike past bear-market recoveries, there are analyses suggesting that this time, because institutional investors are entering with intentions for long-term holding, price stabilization and upside could be expected.

In conclusion, the crypto asset industry is evolving from a mere speculative market into a new financial infrastructure fused with traditional finance. With the development of AI, the entry of institutional investors, and improvements in the regulatory environment all working together, the next cycle may take on a different look from the past. Of course, this is not investment advice—it’s only within the scope of market observation.