I recently came across an institutional analysis report that I found quite interesting. Some major investment institutions mentioned in their year-end summaries that Bitcoin might be entering a multi-month correction phase, and there’s even a possibility of experiencing the so-called "crypto winter" earlier.

Specifically, from the peak to now, Bitcoin has fallen for about 85 days. Analysts believe that the price will continue to face pressure and may even test the important support level of $75,000. It sounds a bit alarming, but this situation is different from previous ones.

Why? Because now the narrative is controlled by institutional investors, not retail traders. This means that large-scale liquidations or systemic crashes are less likely to occur in a frenzy. However, an interesting point is that the divergence between token price movements and on-chain fundamentals is widening—you’ll notice that sectors like DeFi, tokenized assets, and crypto infrastructure are somewhat disconnected from actual development progress.

From a policy perspective, the advancement of the US "Digital Asset Market Clarification Act" is seen by many as a turning point. If this bill passes smoothly, it could reduce policy uncertainty, encouraging banks and asset management firms to participate more actively in the crypto market.

The final institutional view is this: 2026 may not necessarily bring a new bull market, but as prices gradually cool down, the industry’s level of institutionalization, compliance frameworks, and on-chain infrastructure development are actually progressing steadily. In other words, surviving this cycle will make the industry’s infrastructure more solid.