According to the Kondratiev wave theory, the downward phase of the fifth complete cycle in 2025 is coming to an end. As we enter 2026, the sixth Kondratiev recovery phase officially begins — what does this mean? It signifies the start of a new wealth cycle.

What is the core driving force behind this cycle? The dual engines of AI and blockchain technology. One is a revolution in computing power, and the other is a trust revolution. The combination of the two is enough to reshape asset allocation patterns. Additionally, as the global regulatory framework gradually becomes clearer, the identity of crypto assets is changing — from previously being dismissed as "speculative tools" to being recognized as a legitimate "asset class."

You can see this from the actions of institutions. Bitcoin ETFs continue to attract capital, and public chains like Solana have daily active users surpassing the million mark — this is not a scale that retail investors can drive. Meanwhile, interest rates have peaked, and the monetary environment is beginning to loosen. More importantly, an increasing number of sovereign countries are including crypto assets in their national asset allocations, and the wave of asset tokenization is accelerating — the total scale of RWA( actual assets on-chain) continues to expand.

These signals point to a clear direction: the crypto world is evolving from an era dominated by retail speculation to one led by institutions. The wealth window of the Kondratiev cycle has opened, and 2026 is expected to become a structurally bullish phase for the crypto market from its bottom.