Svmuu News: According to an analysis by cryptocurrency exchange Kraken, the crypto market will undergo a major adjustment in 2026, with the market’s focus shifting from price volatility to infrastructure development. Thomas Perfumo, Kraken’s global economist, noted that macroeconomic uncertainty, combined with institutional capital flows and an increasingly tight market structure, is reshaping the Bitcoin cycle.Thomas Perfumo stated that Bitcoin remains the primary indicator of risk sentiment, but demand, liquidity, and risk channels have shifted. Last year, spot Bitcoin ETFs listed in the U.S. and digital asset financial firms contributed nearly $44 billion in net spot demand; however, as long-term holders supplied a large amount of tradable inventory,market performance fell short of expectations. Regulatory developments in the U.S. this year will reshape the landscape of on-chain liquidity. In the absence of a clear risk appetite backdrop, slowing momentum in institutional tools and narrowing premiums may limit the upside potential for Bitcoin. (The Block)