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Market Situation
The total global cryptocurrency market capitalization is approximately $3.18 trillion, with Bitcoin dominance around 56.7%. 
Price Movement: As of January 8, Bitcoin (BTC) is trading around $90,217 and Ethereum (ETH) around $3,117, both experiencing slight declines over the past 24 hours. Most major cryptocurrencies are seeing minor pullbacks today after a strong start to the year.Market Sentiment: The market is seeing some short-term selling pressure on Bitcoin. However, overall sentiment is cautiously optimistic, with analysts from firms like Bernstein and Fundstrat suggesting the market may have bottomed after the significant downturn in late 2025.DeFi Activity: The Total Value Locked (TVL) in Decentralized Finance (DeFi) has seen significant declines from its 2025 peaks across major blockchains like Ethereum and Solana, indicating a decrease in speculative activity. 
Outlook for the Next Phase (2026)
Experts anticipate potential growth and a "cross-asset bull run" for the remainder of 2026, contingent on several key factors. 
Institutional Adoption: The primary driver for future growth is expected to be increased institutional involvement, particularly through spot Bitcoin and Ethereum ETFs, which are seeing significant inflows and are projected to reach $40 billion in new capital under favorable conditions. Traditional finance players like Morgan Stanley are also entering the space, offering potential reputational benefits and new customer bases.Regulatory Clarity: The passage of regulatory bills like the U.S. Senate's CLARITY Act is considered a pivotal element for establishing legal frameworks and providing a foundation for future growth in the U.S. crypto sector. Regulatory clarity in major jurisdictions like the EU and UK is expected to foster a more stable environment for institutional investors.Macroeconomic Factors: Potential interest rate cuts by the Federal Reserve and an expansion of the Fed's balance sheet could create a more supportive environment for risk assets, including cryptocurrencies. However, geopolitical tensions and instability in broader equity markets remain potential risks.Technological Advancement: Key trends expected to continue include the growth of real-world asset (RWA) tokenization, stablecoins becoming global payment infrastructure, and improvements in blockchain scalability and interoperability. 
Overall, the market appears to be transitioning from retail-led speculation to institutionally driven growth, promising a more mature, though potentially less explosive, market cycle for 2026.