Analysts at Fidelity Digital Assets summarized the first half of 2026 and highlighted six structural trends shaping the industry. Experts believe the current period is characterized by a "technical overhaul" of the ecosystem rather than a mere price rally.

Integration with TradFi and Token Holder Rights

The first trend identified is the accelerated convergence of the digital asset industry with traditional finance. This has been facilitated by the emergence of options on spot Bitcoin ETPs and advancements in asset tokenization by major banks.

The regulatory environment has also become clearer thanks to joint directives from the SEC and CFTC, as well as the promotion of the CLARITY Act bill.

The second trend focuses on an increased emphasis on the rights of token holders. Projects like Hyperliquid and Aave are actively implementing buyback and revenue redistribution mechanisms.

However, analysts noted that the market has yet to establish a "rights premium"—investors are still assessing the sustainability of such models.

AI Mining and Bitcoin Transformation

The third trend is linked to the rising demand for computing power for AI, which has created competition for traditional mining. Since the beginning of the year, the average 30-day hash rate has decreased by 8.8%, while mining difficulty has dropped by 7.8%.

Source: Fidelity.

Fidelity suggested that this may indicate a shift of resources towards data centers for artificial intelligence.

In the fourth trend—Bitcoin's evolution—experts emphasized:

  • the expansion of data volume in the OP_RETURN field has not led to "bloated" blockchain;
  • the dominance of Bitcoin Core nodes (around 77%) ensures consensus stability despite the activity of alternative clients like Knots;
  • interest in quantum-resistant upgrades is growing as part of the network's long-term security.
Source: Fidelity.

Institutional Capital and the Role of Gold

The fifth point highlighted by Fidelity is the prevalence of bearish factors at the beginning of the year: Bitcoin lost 13% amid high inflation and forced liquidations. Despite this, institutional investors continue to build capital, and regulatory clarity is laying the groundwork for recovery.

The final trend concerns the strengthening of gold's position and a gradual move away from dollar-based infrastructure. Central banks are increasing their gold reserves, and alternatives such as using cryptocurrencies for payments in strategically important logistics hubs are emerging in international transactions. However, Bitcoin has yet to show the expected correlation with gold as a safe-haven asset.

In conclusion, analysts emphasized that even under temporary pressure on prices, the fundamental indicators and market infrastructure continue to evolve positively.

As a reminder, in January, a16z identified privacy as the main focus of the crypto market in 2026.