Crypto retail is in max desperation. We've seen leverage blowouts, vault failures, and yield protocol issues. The crypto native retail market feels more depressed than ever and sentiment is near capitulation. But, I still believe we’re very close to a bottom in that segment.

At the same time, the market is clearly shifting toward institutional dominance and interestingly, that side remains constructive and bullish. When I speak with institutions and financial advisors, they’re still eager to allocate capital to an asset class that, zoomed out over the past year is still delivering very strong returns.

In my view, we just need to complete this retail washout. Once sentiment resets, the institutional bid can begin to drive the next phase higher. I’m optimistic we’ll see that shift play out into year-end and through 2026, as fundamentals like: improving liquidity, clearer regulation, and sustained on-chain growth, provide a stronger foundation for the next cycle.

We’re near the end of this retail capitulation. The next leg up will likely be institutionally led and that’s when the real trend for #Bitcoin and #Altcoins begins.