According to Pantera Capital's analysis, the digital asset market will undergo a severe correction in 2026, with capital concentrated in a few dominant players and weak tokens being淘汰. In 2025, the market will experience a large-scale sell-off, exposing structural weaknesses in the crypto market, especially with Bitcoin performing relatively well during this period, reinforcing its dominant position. Overall, most sub-industries are expected to merge by 2026, and the market will enter a new leadership cycle.