Digital Assets Enter a New Phase of Growth and Adoption
According to CoinShares, the digital asset market has recorded exceptional performance in 2025, with Bitcoin hitting new all-time highs and crypto returning to daily institutional and media discourse in a more constructive light. This shift is largely attributed to the growing utility and real-world applications of digital assets, rather than just price action.
As Jean-Marie Mognetti, CEO of CoinShares, notes, “Financial systems don’t change because prices change. They change because products become useful at scale.” This sentiment is echoed in his latest letter, where he reflects on a pivotal year for digital assets, from Bitcoin’s new highs to the move away from speculation towards more practical and useful applications.
Digital Assets Move Inside the Traditional Economy
CoinShares notes that digital assets are no longer operating outside of the traditional financial system, but are instead becoming increasingly embedded within it. This shift is driven by the growing recognition of the utility and benefits of digital assets, rather than just their potential for speculation.
As the industry continues to mature, projects that provide measurable real-world benefits are gaining traction, while those that chase short-term narrative impulses are losing steam. This is a positive development, as it indicates that the market is becoming more focused on substance over hype.
Utility Over Narrative Signals Market Maturity
From CoinShares’ perspective, practical integrations and non-speculative cycles are the most meaningful indicators of crypto’s direction. The growing role of Chainlink in connecting blockchain networks with established benchmark providers is a clearer signal of market development than any meme-driven rally.
At the consumer level, the emergence of prediction markets like Polymarket and Kalshi shows that crypto-based applications are achieving product-market fit. These platforms are no longer experimental, but are instead operational, partially regulated, and increasingly used.
2026: Adoption Matters More Than Macroeconomic Catalysts
Looking forward, CoinShares recognizes that many market participants expect a new macroeconomic catalyst in 2026, possibly through renewed liquidity from the Federal Reserve. However, the company argues that adoption will be the more consequential force driving the growth of digital assets.
According to CoinShares, app-based retail savings products could compete directly with bank deposits as payment companies, fintechs, and banks expand settlement, custody, and trading services for stablecoins. Although these changes are gradual, they are structural in nature and difficult to reverse once implemented.
Economic Purpose Will Define the Winners
In this environment, CoinShares assumes that winners will be defined by economic function rather than narrative appeal. Bitcoin continues to cement its role as a global, non-sovereign asset, while stablecoins are emerging as settlement rails for a more digital and international economy.
Tokenized financial products are beginning to transition from pilot programs to real issuance, and decentralized finance is becoming more like traditional finance – delivered through a different technology rather than positioned as a parallel system.
Regulation Enables Scale, Not Suppression
CoinShares highlights significant regulatory advances, particularly in the United States, where recent legislative developments have clarified the framework for stablecoins, tokenized assets, and market infrastructure.
The company argues that the opportunity for Europe lies in consistent, pragmatic implementation of regulation that attracts long-term institutional capital. The goal should not be to limit innovation through uncertainty, but to make innovation safe enough to scale.
From Graceful Return to Real Economy Consolidation
CoinShares also warns that future cycles will still create microbubbles, and some topics will attract excessive capital, while some projects will fail. However, the company expects the direction to become increasingly clear, with the market focusing on utility, cash flow, and integration.
If 2025 represents the elegant return of cryptocurrencies, CoinShares concludes that 2026 is shaping up to be the year of consolidation of digital assets in the real economy. For more information, visit https://cryptonews.com/news/coinshares-ceo-says-cryptos-next-phase-is-utility-not-price-action/
