@takashihayashida
Crypto markets in 2025 were driven overwhelmingly by Bitcoin, which itself was shaped by macro forces and mainstream adoption.
That framing carries forward into 2026.
What’s changed is not the importance of Bitcoin, but the channels through which demand, liquidity, and risk are now expressed.
In 2025 alone, ETFs and Strategy collectively represented nearly $44 billion of net spot demand for bitcoins.
Yet price performance disappointed relative to expectations, underscoring how supply dynamics have quietly shifted.
#CryptoMarket #FutureForward #Liquidity26 #Strategy
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