[Gate Research Institute: Institutionalization of Bitcoin to Strengthen by 2026, Monetary Policy to Depend on Economic Data Evolution] Gate Research Institute recently released the report *'2025 Cryptocurrency Market Review and 2026 Outlook'*, which highlights that the total cryptocurrency market capitalization in 2025 exhibited a clear trend of 'initial decline—rebound—subsequent pullback' throughout the year. The report indicates that the scale of on-chain perpetual contract trading continued to expand in 2025, with significant improvements in liquidity and trading experience. Meanwhile, the annual trading volume of prediction markets surpassed $10 billion, with product functionalities evolving from early event-based trading to pricing signals for macroeconomic trends, policy expectations, and sports event outcomes. In the crypto payment sector, the increased efficiency of stablecoin settlements and growing demand for cross-border consumption drove sustained growth, accelerating the penetration of stablecoins into real-world payment scenarios. From a capital perspective, the Web3 industry completed nearly 1,000 financing deals in 2025, with a total scale of approximately $34.9 billion, reflecting a more selective approach to capital allocation. At the same time, although the number of Web3 security incidents decreased throughout the year, the scale of losses per incident significantly increased, further emphasizing the importance of security audits and access management. Looking ahead to 2026, Gate Research Institute believes that Bitcoin's ownership structure is increasingly concentrating among large institutions and professional custodians, which will help enhance overall market stability. Against the backdrop of heightened uncertainty in inflation and employment prospects, the trajectory of monetary policy remains variable, with the pace and extent of future interest rate cuts highly dependent on the evolution of economic data.