This year has set the bases for a major regulatory shift. We analyze the key trends to mind for 2026.

2025 was the year crypto finally caught its breath. After a few chaotic cycles, the industry entered a phase where things actually started to make sense: clearer macro signals, more predictable liquidity, and regulators who finally began speaking in something close to complete sentences. That’s why we open this report with the big picture: global macro and the new regulatory landscape in the U.S. and Asia. If 2024 felt like guessing the weather without a forecast, 2025 gave us a proper dashboard.

With that foundation set, we look at what really moved the market this year: the narratives. Memecoins went wild (again), AI kept everyone busy, RWAs got serious, L2s took over, and DePIN quietly built real value. But the real plot twist? Infrastructure stole the show. While everyone argued on X about which token would “go to
the moon,” L1s and L2s were the ones actually doing the heavy lifting; by cutting fees, speeding up transactions, and generally making crypto feel less like an experiment and more like a functioning industry. This shift ties directly into everything from ETF sector rotations to sovereign Bitcoin strategies and the changes we’re seeing in liquidity, exchange flows, and stablecoin dominance.

And of course, we look ahead. Using on-chain data, price models, cycle patterns, and a healthy dose of common sense, we break down what 2026 could realistically look like, bull, bear, and everything in between. The report wraps up with the RR2 Capital Thesis for 2026: the sectors we believe matter and the opportunities smart investors should keep on their radar.

In short, if you want the full story of where crypto is now and where it’s heading without the usual buzzwords you’re in the right place.