The firm notes that market conditions in 2026 could become more challenging due to tightening liquidity, fading speculative narratives, and increased pressure on low-quality tokens. However, Cantor Fitzgerald emphasizes that this potential crypto winter would be structurally different from previous cycles.

Key nuances highlighted by analysts:

• Institutional participation continues to grow, even during periods of market weakness.
• Capital is shifting from speculative assets to BTC, ETH, stablecoins, and on-chain financial infrastructure.
• On-chain activity is becoming more utility-driven, with less reliance on hype-driven narratives.

Conclusion from Cantor Fitzgerald: a crypto winter, if it unfolds, is likely to be selective rather than systemic—punishing weak projects while strengthening assets with real adoption, balance-sheet demand, and institutional trust.

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