Cantor Fitzgerald said crypto markets may be entering the early stages of a new downturn heading into 2026.
The firm described the current phase as a potential crypto winter aligned with Bitcoin’s historical four-year cycle.
Analyst Brett Knoblauch said Bitcoin is roughly 85 days past its most recent peak.
He warned prices could remain under pressure for months.
Bitcoin could potentially test Strategy’s average breakeven price near $75,000, according to the report.
Unlike previous downturns, Cantor does not expect widespread liquidations or systemic failures.
Institutional investors are now driving market trends rather than retail traders.
Knoblauch highlighted a widening gap between token prices and onchain activity.
Decentralised finance, tokenisation and infrastructure development continue to expand beneath the surface.
Real-world asset tokenisation was identified as a major growth engine.
Cantor said the value of tokenised RWAs tripled this year to $18.5 billion.
The firm projected that onchain RWAs could surpass $50 billion in 2026.
Credit products, US Treasuries and tokenised equities are leading adoption.