Haciyev Reşit 
Research Director Zach Pandl stated in a recent broadcast that he expects a strong upward trend in the cryptocurrency market in 2026. According to Pandl, there are two main factors that could trigger the upcoming bull market. The experienced executive emphasized that new highs are possible for Bitcoin, describing the new era as the “beginning of the institutional age.”
Institutional Capital Flows into Crypto
Speaking on CNBC, Zach Pandl noted that the investor profile in crypto markets is undergoing a significant transformation. Referring to Grayscale’s 2026 Digital Asset Outlook report, he highlighted that the dominance of individual investors is gradually decreasing while large-scale institutional capital is coming to the forefront.
Pandl predicts that hedge funds, pension funds, and asset management companies will begin playing a more active role in crypto markets. This shift could replace sudden, sharp market swings with more stable, long-term capital flows.
“The main buyer of crypto is shifting from retail to institutional. With clear regulations, this capital will enter cryptocurrencies much more easily.”
Regulations as a Key Trigger
Pandl emphasized that one of the primary catalysts for the upcoming bull market will be clear regulations. In particular, if US laws targeting market structure pass through Congress, much of the uncertainty surrounding the crypto sector could be removed.
Clear regulations would reduce legal and operational risks faced by institutional investors, accelerating large capital inflows. Narrowing regulatory gray areas could also allow crypto assets to integrate more strongly into the traditional financial system.
Second Key Factor: Demand for Alternative Stores of Value
According to the Grayscale executive, the second major factor supporting the bull market will be demand for alternative stores of value. High public debt, rising budget deficits, and the erosion of fiat currency purchasing power position Bitcoin as a digital gold-like asset.
Pandl noted that global macroeconomic imbalances may continue into 2026, sustaining demand for Bitcoin and making it an attractive hedge for long-term investors.
A New Era in Token Issuance
Clear regulations will also have significant effects on the corporate side, Pandl added, predicting a substantial increase in token issuance. From startups to large corporations—including Fortune 500 companies—many institutions could turn to token-based financial instruments.
“In addition to traditional instruments like stocks and bonds, we will see token issuances. This will be a historic milestone for the long-term growth of crypto.”
Zach Pandl’s insights indicate that expectations for cryptocurrencies in 2026 are not solely price-driven but are based on structural transformation. Increasing institutional interest, clearer regulations, and Bitcoin’s strengthened role as a store of value are emerging as the foundational elements of a potential bull market.