The Galaxy Research team published its annual report featuring 26 forecasts covering Bitcoin, DeFi, Layer 1 and Layer 2 networks, tokenization, and infrastructure changes. The report highlights that 2026 may be a transitional year with higher volatility than previous cycle phases, while structural shifts in the industry are already emerging.
Galaxy Research Bitcoin Forecast
Analysts note that 2026 will be too volatile to provide precise Bitcoin price targets, although surpassing historical highs is not ruled out. Consequently, the $250,000 BTC target has been shifted to the end of 2027, with the report emphasizing the role of macro factors and cyclical uncertainty.
For comparison and contextual assessments, related materials can be reviewed, such as analyses of other market forecasts and industry peers’ conclusions. Compare with the Fundstrat 2026 forecast and Galaxy Digital 2025 outlook to gain a broader perspective on evaluations.
Forecasts for the Solana Ecosystem
A dedicated section of the report focuses on Solana and the Internet Capital Markets segment: Galaxy Research expects growth in the total capitalization of this segment. Analysts do not anticipate a reduction in Solana network inflation in 2026 and report the decision to withdraw proposal SIMD-0411 without putting it to a vote.
- The total capitalization of Internet Capital Markets on Solana could rise to $2 billion from the current approximately $750 million.
- Analysts do not expect Solana network inflation to decrease in 2026.
- Proposal SIMD-0411 will be withdrawn without a vote.
Changes in Blockchain Economics
Galaxy Research forecasts a redistribution of value within ecosystems: applications will begin to capture a larger share of revenues compared to base networks. The report emphasizes that trading platforms, DeFi protocols, wallets, and consumer applications will continue to claim the majority of on-chain fees.
- The ratio of application revenues to base network revenues is projected to double.
- Trading platforms and DeFi protocols will retain a significant portion of on-chain fees.
- Revenue dominance of Layer 1 projects is expected to weaken.
Institutional Developments
In the institutional segment, experts foresee a shift from pilots to real infrastructure: at least one major Fortune 500 company is expected to launch its own corporate Layer 1 network. The report states that this new network will generate significant economic activity and be integrated with the DeFi sector.
- At least one Fortune 500 company will launch a corporate Layer 1 network.
- The new network will generate over $1 billion in real economic activity in 2026.
- Integration with DeFi solutions is anticipated.
Regulatory and Payment Trends
Regulatory topics hold an important place in the report: Galaxy Research expects limited relief from the SEC to expand the use of tokenized securities in DeFi through the innovation exemption program. Analysts also note the growing role of stablecoins in global settlements and payments.
- The SEC will provide limited relief for tokenized securities in DeFi under the innovation exemption.
- In 2026, stablecoins may surpass ACH in transaction volume.
- Analysts highlight steady stablecoin supply growth of 30–40% annually and high velocity of circulation.
Additional materials on the role of stablecoins and their integration with traditional finance are available in our analysis Stablecoin Prospects and TradFi Integration.
Why This Matters
For miners, the key takeaway from this summary is clarity regarding price uncertainty: shifting the $250,000 target to the end of 2027 and forecasting high volatility in 2026 means that precise tactical decisions based on short-term price expectations are risky. Moreover, the expectation of growth itself does not guarantee timing, so operational decisions are better made based on current mining profitability and available reserves.
Other report points are also indirectly important: revenue redistribution toward applications and the growing role of stablecoins may affect on-chain activity and fee structures, impacting opportunities for income from transaction services or related businesses. Institutional entry and regulatory changes could alter infrastructure demand, but these are more medium-term effects.
What to Do?
Practical steps for miners with 1–1000 devices in Russia should be pragmatic and risk-focused. First, review your mining revenue realization strategy: consider the high volatility and the shifted price target to 2027, avoiding reliance solely on short-term price spikes.
- Check current profitability—calculate electricity costs and reserve funds for downturn periods.
- Optimize operational expenses: equipment tuning, cooling management, and tariff control can reduce downtime when prices fall.
- Diversify income streams where possible: monitor opportunities for earning fees or working with on-chain services, not relying only on BTC spot price.
- Stay informed on regulatory changes and corporate initiatives—they influence on-chain activity and fees but expect no rapid short-term shifts.
These steps will help maintain business resilience amid 2026’s high volatility and prepare for potential medium-term market changes outlined in the Galaxy Research forecast.
