[Analysis: The Crypto Market in 2026 Will Undergo Structural Adjustments, Shifting Focus from Price Volatility to Infrastructure Development] Odaily Planet Daily News reports that cryptocurrency exchange Kraken believes the crypto market will experience significant adjustments in 2026, with the market focus shifting from price volatility to infrastructure development. Kraken's global economist Thomas Perfumo pointed out that macroeconomic uncertainty, institutional capital flows, and increasingly tight market structures are colliding to reshape Bitcoin cycles. Thomas Perfumo stated that Bitcoin remains the primary indicator for measuring risk sentiment, but demand, liquidity, and risk channels have changed. Last year, the spot Bitcoin ETFs listed in the U.S. and digital asset financial firms contributed nearly $44 billion in net spot demand. However, due to long-term holders supplying a large amount of tradable inventory, the market performance fell short of expectations. This year, regulatory developments in the U.S. will reshape the form of on-chain liquidity. In the absence of a clear risk appetite backdrop, the momentum of institutional tools slowing down and premium compression may limit Bitcoin's upside potential. (The Block)