Grayscale forecasts the start of the next crypto bull market in 2026, linking it to a combination of macroeconomic pressure and greater clarity in US regulation. Grayscale's head of research, Zak Pandle, told CNBC that the main driver remains macro pressure — rising government debt, persistent deficits, and the risk of fiat currency devaluation are pushing investors to seek alternative stores of value.
Grayscale's 2026 Forecast
According to Grayscale, demand for assets like Bitcoin is strengthening due to doubts about the stability of traditional currencies and fiscal policy balances. Pandle emphasized that these macro imbalances are unlikely to disappear quickly, so portfolio reallocations may continue into 2026.
This dynamic relates not only to price but also to how market participants view Bitcoin as a "store of value." Analysts' expectations also include the scenario of a new Bitcoin price peak — details on this topic can be found in the article about the new Bitcoin all-time high, which discusses relevant market arguments.
Cryptocurrency Regulation in the US
The second significant factor is regulation: Grayscale expects bipartisan progress on a crypto asset market structure bill in the US in early 2026. According to Pandle, after delays caused by political deadlock, momentum toward clear federal rules is picking up again.
Pandle also noted that legal clarity could enable startups, mature companies, and even corporations to issue tokens alongside stocks and bonds if the status of digital assets becomes clear. Tokenization processes and changes in investment strategies are detailed in the 2026 investment trends review.
The Role of Big Tech and Banks in 2026
Alongside regulatory progress, market participants expect activity from major tech and financial players. Haseeb Qureshi from Dragonfly believes that one of the large Big Tech companies may integrate a crypto wallet in 2026, potentially providing access to mass users and expanding infrastructure.
Additionally, Qureshi expects many large companies, including banks and fintech players, to develop their own blockchain solutions — mostly private or permissioned networks connected to public chains via infrastructure like Avalanche and modular stacks such as OP Stack and ZK Stack. The impact of these changes on the market is also discussed in the article about institutional factors.
Why This Matters
For miners, Grayscale's outlook on a potential bull market and regulatory clarity is important primarily because it changes the market context for demand and liquidity. If investors truly view Bitcoin as an alternative store of value, this could increase interest in cryptocurrencies overall, affecting demand and volatility in spot markets.
It is also important that legal certainty and large-scale integrations by major companies could lead to changes in market infrastructure — making it easier to participate in the ecosystem and altering capital-raising models through tokens. For miners, this means that demand structure and sources of market depth may evolve.
What to Do?
If you operate one or more miners in Russia, it is useful to act pragmatically and prepared. Below are specific steps that can be implemented without additional market assumptions.
- Stay updated on regulation: subscribe to official updates and key industry publications to promptly understand rule changes.
- Optimize electricity and maintenance costs: monitor device efficiency, plan preventive maintenance, and consider tariffs when calculating profitability.
- Diversify income sources: consider pools with different payout policies, as well as opportunities for short- and long-term crypto holding strategies when favorable conditions arise.
- Maintain a liquid reserve: keep part of your funds in liquid assets to cover unforeseen expenses and respond quickly to market changes.
- Monitor major player integrations: the emergence of wallets from Big Tech and the development of institutional products may change demand and coin conversion methods.