In 2025, investors held high expectations for the crypto market. Especially regarding various policy support commitments, which once fueled people's imagination about the industry's prospects.

But reality gave the market a loud slap.

After Bitcoin hit a historic high of $126,000 in October, it turned around and fell. In just three months, it declined nearly 30%, ultimately closing at $88,000, with an annual decline of 6.3%. This performance is indeed disappointing.

Looking at gold and silver? In 2025, they increased by 65% and 150%, respectively. The S&P 500 also rose by 16%. Calculate the difference yourself.

Even in the past three months, gold has still risen by 11%, while Bitcoin has fallen by 26%, now struggling to hold at the $90,000 mark.

Such a large gap naturally leads to many discussions. Some say cryptocurrencies have fallen enough, with valuations cheaper than traditional assets, leaving room for a rebound. On the other hand, confidence in the crypto market has been significantly shaken, and retail interest is cooling down. This means the rebound won't be V-shaped and will require more time to recover.

So what about 2026? Several key factors could play a decisive role.

On the macro level, how global central banks' monetary policies will evolve, and how the US policy and regulatory framework will be implemented, will set the tone for risk assets. Specifically for cryptocurrencies, whether there will be breakthroughs in mainstream applications and whether more institutional funds will flow in are the internal drivers to reverse the situation. Gold, on the other hand, is closely linked to geopolitical risks and de-dollarization factors.

Therefore, you see, gold and Bitcoin fundamentally have different attributes. One is a safe-haven asset, the other leans toward risk assets. They perform completely differently under different market environments.

At this stage, it's really uncertain which asset has the "most" potential in 2026. The market's ultimate direction still depends on the combined forces of macroeconomics, policy guidance, and the narratives of each asset itself.