#数字资产市场动态 $BTC $ETH $XRP

[Wall Street Giants' New Perspective: The 2026 Crypto Funding Wave, Who Are the Real Drivers?]

JPMorgan's recent research report hits hard — in 2025, the crypto market absorbed approximately $130 billion, setting a new record. Sounds intense, but what's really interesting is the following: this number may increase in 2026, but the faces of the players are quietly changing.

**The story of 2025 feels familiar**

Where did the money go? Spot ETFs for BTC and ETH have become hot commodities, with retail investors rushing in. The digital asset treasury also contributed nearly $68 billion, taking a large share. But there's a subtle detail — this enthusiasm started to cool down in the second half of the year. VC funding, while not as bleak, still left early-stage projects starving.

**Will 2026 be different?**

The report gives an answer: very likely. There are three reasons:

First, regulatory actions are underway. Legislation like the U.S. "Digital Asset Market Clarity Act" is essentially paving the way for institutional investors — once compliance channels are open, these large funds won't hide in the shadows anymore.

Second, product innovation is happening. Institutions will deepen their exploration in ETFs, M&A, stablecoins, and on-chain infrastructure, gradually turning crypto assets into a natural part of traditional investment portfolios, just like holding gold or bonds.

Third, mindsets are shifting. After these two years of baptism, institutions have moved from testing the waters to allocating, with scale and depth that were unimaginable before.

**What is the real issue?**

The large-scale influx of institutional funds sounds optimistic, but it also brings new uncertainties. How will market volatility evolve? Will compliance frameworks unintentionally stifle innovation? If funding continues to slow, how long can the ecosystem's innovative vitality last?

We still need to keep a close eye on interest rates, geopolitical developments, and the pace of regulatory implementation — these variables could rewrite the script at any moment.

What do you think? Do you believe institutional entry will make the market healthier, or are you worried that new risks are brewing?