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Cantor Fitzgerald, which manages approximately $15 billion in assets, has released a noteworthy assessment report on Bitcoin and the broader cryptocurrency markets. According to the firm’s analysts, under current market conditions Bitcoin may have entered a prolonged downturn cycle that could last for months. The report emphasizes that this move may signal a broader cooling phase rather than a short-term correction.
Cantor Fitzgerald notes that if the current outlook persists, the market could face a new “crypto winter” by 2026. Analysts explain that this scenario would not imply a sudden crash, but rather a period in which prices remain under pressure and investors adopt a more cautious stance.
A Cautious Outlook for Bitcoin From Cantor Fitzgerald
In its year-end assessment report, Cantor Fitzgerald highlighted that Bitcoin has been in a pullback trend for roughly 85 days since its latest peak. The report states that if selling pressure continues, the price could test the $75,000 level, which stands out as Strategy’s average cost basis. Analysts stress that this level should be closely monitored not only from a technical perspective, but also as a key psychological threshold.
Cantor Fitzgerald analyst Brett Knoblauch argues that the current pullback could be more prolonged compared to previous market cycles. However, according to Knoblauch, this does not point to a systemic crisis. He notes that widespread liquidations, cascading bankruptcies, or severe liquidity crises seen in past bear markets are not expected in this cycle.
Notable Changes in Market Structure
The report also draws attention to a significant structural transformation in the crypto market. It notes that institutional investor dominance has increased markedly in the current cycle, while the divergence between token price performance and on-chain fundamentals has widened. Despite price weakness, on-chain activity in areas such as DeFi, tokenized assets, and crypto infrastructure continues to grow. This is seen as an important indicator that the ecosystem is maturing independently of short-term price movements.
Cantor Fitzgerald also dedicates special focus to regulatory developments. The Digital Asset Markets Clarity Act passed in the United States is described as a critical turning point for the market. The legislation is expected to reduce policy uncertainty and encourage deeper, safer participation by banks and asset management firms in the crypto space.
Overall Assessment
Cantor Fitzgerald acknowledges that a new bull market may not begin immediately in 2026. However, the overall tone of the report suggests that this phase represents a controlled cooling and restructuring period rather than a classic market collapse. Rising institutionalization, clearer compliance frameworks, and strengthening on-chain infrastructure even while prices remain under pressure stand out as positive factors for the long-term outlook. According to Cantor Fitzgerald, although Bitcoin and the crypto market may face challenges in the short term, the underlying dynamics are building a more solid foundation for the medium to long term.
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