Capital Returns, Pricing Deepens: Differentiation and Reconstruction of the Digital Asset Market. Q3 2026 Crypto Market Review and Outlook
In Q3 2026, the digital asset market transitioned from “validation and failure” in Q2 to “differentiation and reconstruction” in Q3: new capital flowed back into the secondary market, and BTC gradually transitioned from re-accumulation to trend expansion; the total amount of financing in the primary market remained weak, but funds further concentrated in strategic rounds, licensed platforms, and real cash flow.