#市场情绪与趋势 When I saw this news, my first reaction was — finally, someone has used data to thoroughly explain the essence of this cycle.

Could 2026 usher in a winter? This prediction itself is not new, but Cantor Fitzgerald’s analysis hits the key point: **This time is different**. Past down cycles were accompanied by large-scale liquidations and collapses, leaving retail investors with nothing. But now, the market is led by institutions, and the divergence between price volatility and on-chain fundamentals is widening — especially in areas like DeFi, asset tokenization, and infrastructure, where real progress and market recognition are worlds apart.

Looking at it from another perspective, this is actually a good sign. Winter is not to be feared; what’s scary is disorderly collapse. Institutionalization means the market is more mature and resilient. Clearer regulations, deep participation from banks and asset management firms — all of these are strengthening the infrastructure of the crypto industry.

Prices may face immense pressure, but those with foresight should focus on what’s happening during this phase — increasingly clear compliance pathways, more refined on-chain technology, and projects that are genuinely solving real-world problems are gaining strength. The winter period often presents great opportunities because high-quality projects will undergo transformation during this time.

Stay optimistic about the long-term logic of Web3; this cycle’s adjustments cannot change the ultimate decentralization.