Bitcoins
- Macro tailwinds and regulatory clarity could push Bitcoin to new all-time highs in early 2026.
- A bipartisan market structure bill may unlock token issuance and accelerate ETF-led adoption.
- Digital asset treasuries fade as focus shifts to access, usability, and real value creation.
Expectations for crypto performance in 2026 are high, driven by rising demand for alternative stores of value and regulatory clarity.
According to Grayscale Head of Research Zach Pandl, a more supportive regulatory environment will strengthen the crypto sector. At the same time, weakening fiat currencies will further boost demand. Together, these conditions could push Bitcoin’s price to new all-time highs.
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Market Structure Bill to Accelerate Token Issuance
Crypto has evolved significantly since 2008, with especially notable progress over the past year.
While milestones such as the approval of crypto exchange-traded funds (ETFs) and the passage of the GENIUS Act have narrowed the gap between digital assets and traditional finance, substantial work remains.
According to Pandl, the next critical step is passing a bipartisan market structure bill. After delays caused by a government shutdown and partisan infighting in 2025, he expects the legislation to secure Senate approval early in the year.
“It looks like we are on track in January or in Q1,” Pandl said in a CNBC interview. “Even if it doesn’t get done immediately… bipartisan progress is really the key.”
Pandl emphasized that a bipartisan bill would enable firms, ranging from startups to Fortune 500 companies, to issue tokens as a standard part of their capital structures alongside traditional instruments.
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He also noted that broader macroeconomic conditions will have a positive impact on the price of Bitcoin.
Conditions Align for a Bitcoin All-Time High
Despite Bitcoin’s weak performance during the second half of 2025, Pandl predicts the leading digital asset’s luck to turn around this year.
According to Grayscale’s 2026 digital asset outlook, it expects Bitcoin’s price to reach a new all-time high in the first half of the year. For Pandl, several factors will influence this outcome.
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— Grayscale (@Grayscale) December 17, 2025
“I think [2026] will be a year of dollar weakness, Federal Reserve rate cuts, and strength in gold, silver… as well as Bitcoin, Ether, and some other crypto assets as digital stores of value. All of these should benefit from the macroeconomic climate we’re living through,” he told CNBC.
That, paired with the passage of a market structure bill, will further fuel a positive price outlook.
Broader adoption will also drive the faster rollout of ETFs that provide investors with access to a wider range of crypto assets.
As the crypto market continues to mature, Pandl also expects certain narratives to get left behind.
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The End of DATs?
Although digital asset treasuries (DATs) experienced a surge in 2025, Pandl does not expect this momentum to carry over into the new year, referring to them as a “red herring.”
He pointed to their accumulation model as the issue, noting that they buy infrequently, sell infrequently, and typically trade close to fair value.
“They are not going away, since some investors prefer accessing crypto through public equity vehicles, but they are unlikely to be major drivers of valuations on either the buy side or the sell side,” Pandl explained.
Instead, focus is likely to shift toward value drivers such as broader access, improved usability, and products that translate demand into market impact.
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