crypto-economy.com
TL;DR
- Market Shift: CoinShares stresses crypto’s evolution from speculation to utility, with Bitcoin hitting new highs and institutional discourse maturing.
- Adoption Focus: Prediction markets like Polymarket and Kalshi, alongside spot Bitcoin ETFs, show mainstream traction, proving utility-driven growth is overtaking hype.
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Regulatory Path: Clear frameworks in the US and Europe enable scale, embedding digital assets into finance while cautioning that micro-bubbles will persist.
The cryptocurrency market in 2025 delivered both record highs and sharp volatility, yet CoinShares argues the true story lies beyond price charts. CEO Jean-Marie Mognetti insists financial systems evolve not because assets surge but because products prove useful at scale. His latest report reflects on a year where Bitcoin reached new peaks, institutional discourse matured, and digital assets began embedding themselves into the traditional economy. The shift, he says, marks crypto’s transition from speculative cycles toward real-world utility.
“Financial systems don’t change because prices move. They change because products become useful at scale.” @jmmognetti
In his latest letter, Jean-Marie Mognetti reflects on a defining year for digital assets, from @Bitcoin’s new highs to the shift away from speculation toward… pic.twitter.com/EojHyNxT1Q
— CoinShares (@CoinSharesCo) December 26, 2025
From Speculation to Structural Integration
CoinShares highlights that digital assets are no longer operating outside mainstream finance. Instead, they are increasingly woven into existing infrastructure, augmenting rather than replacing it. The industry’s maturation is evident in projects solving tangible economic problems rather than chasing hype. Chainlink’s role in connecting blockchain networks with benchmark providers exemplifies this pivot, signaling that utility now outweighs narrative-driven rallies.
Consumer-Level Adoption Gains Traction
At the retail level, crypto-enabled applications are achieving product-market fit. Prediction markets such as Polymarket and Kalshi have moved beyond experimentation, becoming operational and regulated in parts of the United States. Meanwhile, spot Bitcoin ETFs are gaining mainstream adoption, reshaping perceptions through familiarity rather than speculation. These developments underscore that adoption, not macro catalysts, will drive momentum in 2026.
Utility as the Defining Metric
CoinShares believes winners in the next phase will be defined by economic purpose. Bitcoin continues to solidify its role as a global, non-sovereign asset. Stablecoins are evolving into settlement rails for a digital economy, while tokenised financial products are shifting from pilot programs to real issuance. As these rails mature, decentralized finance increasingly mirrors traditional finance, delivered through different technology but serving the same functions.
Regulation as an Enabler
Regulatory clarity is emerging as a key enabler of scale. In the United States, frameworks for stablecoins and tokenised assets are advancing, while Europe’s opportunity lies in consistent implementation to attract institutional capital. CoinShares cautions that micro-bubbles will persist, yet the broader trajectory is clear: utility, integration, and cash flow are becoming the defining features of crypto’s consolidation into the real economy.