Bitcoin Poised for a 2026 New High as Grayscale Flags Market Structure Shift Toward ETFs and Crypto Treasuries

Grayscale Research, in its latest report, presents a cautiously optimistic view on Bitcoin‘s cycle. The team notes that a 25% drawdown during a bull phase is not uncommon and does not necessarily signal a persistent downtrend. They frame a possibility that Bitcoin could test cyclical highs again by 2026, subject to liquidity and macro conditions. The report highlights that the current market structure has shifted away from broad retail participation toward institutional exposure via ETFs and Crypto Treasuries, potentially impacting volatility and price discovery.

From a macro perspective, the report points to a relatively supportive backdrop, with potential rate cuts on the horizon and bipartisan crypto legislation in the United States providing favorable conditions for the sector. The combination of institutional demand and policy clarity could underpin a directional bias for Bitcoin, even as near-term momentum remains data-driven.