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By 2026, the cryptocurrency market will see "survival" and "standardization" as the key words. For exchanges, compliance transformation and business focus are the only ways out: leading platforms need to continuously enhance their compliance capabilities to meet regulatory requirements across different regions worldwide; small and medium platforms must either deepen their specialization in niche markets or choose to exit the market, with industry consolidation accelerating further.
From the asset side, market differentiation will become more pronounced. Major assets like Bitcoin and Ethereum, due to their ample liquidity and high compliance recognition, will continue to attract institutional investment; whereas niche coins lacking practical application scenarios and sufficient compliance may face the risk of being phased out by the market. The tokenization of RWA (Real World Assets) is listed as a key area for regulatory pilot programs and may become a new growth point for the industry.