21Shares has lowered several of its 2026 crypto forecasts, citing continued institutional adoption even as weaker prices and delayed enterprise uptake have slowed the sector’s rebound.
Revised Outlook
The asset manager’s mid‑year outlook highlights that the crypto market is reinforcing its infrastructure despite a challenging price environment. Progress in exchange‑traded funds, stablecoin regulation, tokenization and prediction markets is outpacing what recent price movements would suggest. Nevertheless, the firm trimmed expectations it set earlier in the year because of depressed crypto prices, notable DeFi exploits and slower corporate adoption.
Institutional Impact on Bitcoin
According to 21Shares, institutional participation has risen without altering Bitcoin’s long‑standing market structure. The report notes that Bitcoin peaked at roughly $126,000 in October 2025 before entering a decline that mirrors historical post‑halving trends. Larger institutional holdings have softened drawdowns, yet the four‑year market cycle remains intact.
Industry Commentary
Former 21Shares co‑founder Ophelia Snyder, who departed after the FalconX acquisition in 2025, echoed the outlook in a recent Substack article. Snyder argued that the crypto investor base is now more institutional and closely linked to the broader financial system, making prices more sensitive to macroeconomic shifts and geopolitical events.