This year, the crypto market did not rise as expected, which may be a signal for the industry to transition towards regulated assets. The market logic has shifted to capital flow and investor focus, with the Bitcoin spillover effect disappearing, retail investors returning to the stock market, leading to extreme market concentration. To break the dominance of top players, it is necessary to achieve ETF expansion, strong performance of Bitcoin and Ethereum, or retail investors returning to the crypto market. The market outlook for 2026 depends on whether liquidity can be liberated from leading assets.