Coinbase's 2026 Crypto Report: The 1996 Scenario Expectation

The 2026 Crypto Market Outlook report prepared by Coinbase Institutional highlights increasing uncertainties despite the resilient structure of the current US economy. According to the report, the crypto environment in the first half of 2026 resembles the infrastructure development phase of 1996 rather than the wildly bullish period of 1999.

Unlike the peak of the internet bubble in 1999, the report emphasizes that investor behavior has become more cautious. This indicates a shift in the crypto market towards a focus on medium- and long-term structural preparations rather than short-term excitement. As 2026 approaches, investors are carefully monitoring market dynamics.

The prominent DAT 2.0 model in the report shows that institutional investors are not only distributing assets but are also turning towards more advanced and specialized strategies. Private trading strategies, advanced custody solutions, and the strategic acquisition of network resources defined as block-space procurement play important roles in this new model.

Coinbase Institutional noted an increased interest in certain technology areas as 2026 approaches. The report highlights a focus on privacy-centric technologies, AI-powered autonomous agents, communicative application-specific blockchain structures, and tokenized assets. In particular, the presence of tokenized securities on the blockchain is stated to significantly boost institutional demand.

In conclusion, the report points out that the first half of 2026 may witness a period of maturation in infrastructure, products, and use cases rather than rapid price increases. For institutions, this process is viewed as a critical transitional phase where the foundations for the next big cycle are being laid. Investors are encouraged to monitor this maturation period and the development of new technologies.