Dragonfly argues that the next phase of the crypto market will be anchored by Bitcoin, with price strength driven by structure rather than speculation. While Big Tech wallets and corporate blockchain tools may grow, they are unlikely to displace Ethereum or Solana. DeFi is entering a reset where efficiency, execution, and real users matter more than narratives.
Stablecoins are central to this evolution, with supply expected to rise sharply into 2026 as banks, fintech firms, and cross-border payment providers adopt blockchain rails. On privacy, observers view it as a laggard, with some adoption of private transactions on select networks likely, while overall emphasis remains on broader infrastructural and regulatory efficiency. Bitcoin’s share of total crypto market capitalization may decline, but this would not signal weakness.
The shift points to growth in other parts of the ecosystem, reinforcing the message that the next phase rewards fundamentals over hype. Infrastructure, compliance, and capital efficiency matter more, and Bitcoin remains central, anchoring value while other sectors absorb growth. Big Tech enters quietly through wallets and tooling rather than bold currency launches, and while new blockchains face higher barriers, established networks are strengthening their position.
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