2025 marked the first year in which the crypto market began to be redefined under clearly articulated rules. With the institutional foundation being put in place, token models that had long gravitated toward narrative-driven or overly financialized structures are being reconstructed based on fundamental value once again.

This is not merely a recovery phase or the start of a new bull cycle; it represents a broader transition in which the entire crypto ecosystem is moving toward new operating principles and new economic models. This is why we define 2025 as a year of Restructuring.

In 2025, the market is undergoing rapid restructuring, and the ability to read the depth of this shift will determine who holds the advantage in the next cycle. With this context in mind, this report captures the perspectives of each Four Pillars researcher on how they foresee the market in 2026. We hope that our insights serve as a useful guide as you navigate the crypto ecosystem in the coming year.