I just read an interview with Kevin de Patoul from Keyrock, and he has an interesting perspective on current market conditions. He said Bitcoin should be much higher than its current price, but it’s still being treated like a regular risky asset. Meanwhile, from a fundamental standpoint, everything should support a price increase.

He pointed to evolving regulation, increasing institutional adoption, and increasingly mature infrastructure. But the market doesn’t seem to be fully pricing in all of those positive developments yet. Bitcoin is now at $71.47K, far from ATH $126.08K reached a few months ago. It has fallen quite significantly since the beginning of the year.

What’s interesting is the way he reads the situation right now. In his view, 2026 is a transition year, not a breakout year. There are two markets developing in parallel. First, the native crypto ecosystem with DeFi and altcoins, where sentiment has started to cool down. The speculative wave that used to lift all tokens has receded. Second, the digitization of traditional finance with asset tokenization, stablecoins, and new infrastructure.

On the institutional side, he said enthusiasm hasn’t diminished at all. They remain committed to reshaping financial markets with blockchain technology. The problem is that even though many assets have been tokenized, their utility is still under development. Those tokens exist, but they often end up being just wrappers—still not truly transformative.

This is where an inflection point is important to understand. Keyrock positions itself as a bridge between traditional finance and digital finance. They believe that the inflection point is the moment when the infrastructure that has already been built starts delivering real utility at large scale.

De Patoul sees 2027 and 2028 as the actual inflection points. At that time, tokenized real-world assets could grow to an amount as large as the entire crypto market in the past. Even a small percentage of traditional capital markets migrating to onchain could surpass the previous crypto peak. That inflection point is fundamentally what will drive the digital market.

So we’re currently in a transition phase. The pieces are already there, the infrastructure has been built, but everything hasn’t yet been perfectly connected. Liquidity is still thin in many places. Regulation also still needs more clarity. But from his perspective, this quiet build-out matters far more than short-term fluctuating rallies. The foundation is being laid, and that will determine the next cycle.