JPMorgan's latest research report has sparked heated discussions—by 2026, the funding landscape of the crypto market will undergo a major change.

Looking back at 2025, the performance was indeed impressive, with the crypto market absorbing nearly $130 billion in funds, reaching a new all-time high. However, the main drivers of this growth were spot Bitcoin and Ethereum ETFs, as well as treasury allocations by listed companies, and the marginal effects of these factors are diminishing.

More interestingly, the regulatory framework in the U.S. is being reshaped. The advancement of new regulations such as the "Clear Act" will open wider doors for institutional capital. Once these policies are implemented, institutional investor participation is expected to increase significantly, potentially leading to a new wave of consolidation in stablecoin ecosystems, exchange mergers, and IPOs.

However, it is important to note that the growth rate of crypto venture capital financing has noticeably slowed, and on-chain transaction activity is also declining. How far this institution-driven market trend can go in the future remains to be seen—only time will tell. For participants, it’s essential to recognize both the opportunities brought by institutional inflows and the signals of market cooling.