In this issue of Coin Metrics State of the Network, we follow up on the themes introduced in our 2025 Digital Assets Report, examining how the structural shifts it identified are playing out today. As the crypto ecosystem builds on the momentum of 2025, this edition highlights several key developments shaping the market as we head into 2026.
Key Takeaways
- Capital is concentrating, not dispersing. As the investable universe expands, liquidity is flowing toward fewer, larger assets with clearer fundamentals and product-market fit.
- Institutional rails are becoming structural. Spot ETFs, corporate treasuries, and staking-enabled products are reshaping crypto as a long-term, yield-generating asset class.
- Crypto and capital markets are converging. ETFs, tokenized equities, and regulated custody are accelerating integration with traditional financial infrastructure.
- Exchanges are evolving into financial super apps. Trading platforms are vertically integrating into staking, stablecoins, tokenized assets, and DeFi services.
- Stablecoins are the backbone of onchain activity. With $300B in supply and surging transaction volumes, stablecoins are driving payments, settlement, and dollar distribution onchain.
- Tokenization is moving to production scale. Regulatory clarity and institutional participation are unlocking broader onchain issuance of equities, funds, treasuries, and commodities heading into 2026.
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