Tap to Trade in Gate Square, Win up to 50 GT & Merch!
Click the trading widget in Gate Square content, complete a transaction, and take home 50 GT, Position Experience Vouchers, or exclusive Spring Festival merchandise.
Click the registration link to join
https://www.gate.com/questionnaire/7401
Enter Gate Square daily and click any trading pair or trading card within the content to complete a transaction. The top 10 users by trading volume will win GT, Gate merchandise boxes, position experience vouchers, and more.
The top prize: 50 GT.
![Spring Festival merchandise](https://exampl
#加密市场观察 Core Investment Framework for 2026
Looking back at the big picture, 2025 marked a deep restructuring around pricing power, participant structure, and sources of value in the crypto market. The failure of the widespread pump-and-dump altcoin season signaled that the market has entered a more realistic and actionable new phase. The core investment framework for 2026 is taking shape:
a. Macro level: The market will continue to concentrate on mainstream assets and infrastructure that possess real utility, distribution capabilities, and institutional support.
b. Micro level: Narratives are still worth participating in, but no longer worth believing in. They are more like stage opportunities that are continuously filtered, quickly validated, and rapidly cleared by capital structures around real use cases, trading needs, or risk expressions.
For investors, the key is no longer to bet on the arrival of the “next full bull market,” but to more pragmatically assess which assets and sectors can survive in an environment of market contraction, regulatory constraints, and increased competition, and which can lead in resilience and pricing power when sentiment warms and risk appetite is temporarily released.