5 Pengubah Permainan Kripto Teratas yang Membentuk 2026

Cis cerita paling penting tentang kripto pada 2026 adalah implementasi. Undang‑undang, produk yang diperdagangkan di bursa, strategi treasury, dan infrastruktur institusional yang dibangun selama 2024 dan 2025 kini diuji oleh regulator, pelaporan pajak, volatilitas pasar, dan penggunaan nyata oleh pelanggan.

Lima tema di bawah ini oleh karena itu dibingkai sebagai kekuatan yang membentuk 2026, bukan sebagai klaim bahwa setiap tonggak yang disebut terjadi pada tahun ini. Di Amerika Serikat, SEC Crypto Task Force terus bekerja untuk memperjelas batas regulasi. Di Eropa, periode transisi MiCA berakhir pada Juli 2026 di yurisdiksi yang berpartisipasi, mendorong penyedia layanan menuju otorisasi. Wajib pajak dan broker AS juga menyesuaikan diri dengan pelaporan Form 1099-DA.

1. U.S. GENIUS Act & MiCA

Selama sebagian besar keberadaan kripto, ia tetap berada di luar jangkauan regulasi. Namun dalam beberapa tahun terakhir, hal ini mulai berubah, dengan ekonomi yang menerima regulasi kripto alih‑alih menekannya.

Di AS, perubahan tersebut tidak berpihak pada kripto. Di bawah pemerintahan Biden, pembuat undang‑undang mengambil pendekatan yang ketat dan berfokus pada penegakan terhadap kripto. Namun tahun ini, pemerintahan Trump mengubah pendekatannya untuk memberikan kejelasan dan mendukung pertumbuhan sektor.

Langkah besar ke arah ini diambil pada musim panas lalu ketika ‘Panduan dan Penetapan Inovasi Nasional untuk Undang‑Undang Stablecoin AS, atau GENIUS Act’, disahkan.

Penandatanganan GENIUS Act menjadi undang‑undang menciptakan kerangka regulasi federal komprehensif pertama untuk stablecoin di Amerika Serikat. Dengan mewajibkan lisensi yang jelas, persyaratan cadangan, mekanisme penebusan, dan standar pengungkapan bagi penerbit stablecoin, undang‑undang ini mengurangi ketidakpastian regulasi yang lama menghambat partisipasi institusional.

Kejelasan regulasi ini mendorong bank, perusahaan pembayaran, dan perusahaan teknologi untuk mengadopsi stablecoin dan bertindak lebih cepat.

Kepercayaan pasar dan minat institusional meningkat seiring penurunan risiko hukum.

Dirancang untuk mempertahankan nilai yang stabil, stablecoin menawarkan cara pertukaran nilai yang cepat, murah, dan aman secara global. Dan mereka mencatat pertumbuhan luar biasa pada 2025, dengan pasokan stablecoin yang luar biasa melampaui $310 miliar, naik lebih dari 35%. Meskipun jumlah penerbit stablecoin meningkat, pasar tetap terkonsentrasi, dengan Tether (USDT) menguasai sekitar 60% pasokan stablecoin, diikuti oleh USDC milik Circle dengan pangsa 25%.

Sementara itu, volume transaksi stablecoin yang disesuaikan per bulan telah naik menjadi $1,5 triliun, melampaui Visa dan Mastercard, menurut Delphi Digital. Perusahaan tersebut menyebut stablecoin sebagai “cerita infrastruktur terpenting dalam kripto” karena pertumbuhan cepat dalam penggunaan dan pasokan.

The historic legislation, which will become effective on 18 Januari 2027, or 120 days after regulators finalize implementing rules, is also expected to help stablecoins move beyond crypto trading infrastructure into commercial payments, corporate use, and institutional rails.

With stablecoins serving as the plumbing of digital finance, regulating them at scale unlocks new flows and real-world integration, making the GENIUS Act the most consequential regulatory event in the cryptocurrency space in 2025.

Across the Atlantic, the Markets in Crypto-Assets Regulation (MiCA) became fully effective in 27 countries, marking another major regulatory moment for crypto.

MiCA provides the first comprehensive and unified legal framework for crypto assets across the European Union (EU), bringing regulatory clarity for issuers and service providers. As a result, crypto service providers now operate under a single licensing and compliance regime.

The framework is designed to harmonize rules across member states, encouraging exchanges, custodians, and digital institutions to scale operations region-wide.

The EU’s market size means this could have a ripple effect, potentially serving as a blueprint for other jurisdictions. Depending on whether MiCA succeeds or fails, it could influence global regulatory standards and investment flows into digital assets.

While a major milestone, the single harmonized regulatory structure is yet to be implemented by all countries and is generating significant debate.

2. Institutional Adoption Hits New Highs

Selama lebih dari satu dekade, kripto sebagian besar merupakan pasar yang didorong oleh ritel. Namun seiring sektor matang dan infrastruktur membaik, pemain institusional mulai masuk, dan tahun ini, investasi kripto institusional serta adopsi ETF melonjak ke level tertinggi sepanjang masa.

Pada tahun 2025, adopsi institusional melewati ambang struktural, dengan modal nyata masuk ke kripto melalui kendaraan yang diatur dan lembaga keuangan tradisional (TradFi).

Sebuah survei global oleh AIMA dan PwC menemukan bahwa hedge fund semakin banyak berinvestasi di kripto, dengan lebih dari setengah (55%) kini berinvestasi di sektor tersebut, meskipun alokasi rata‑rata mereka hanya 7% aset, kebanyakan melalui derivatif atau produk terstruktur seperti ETF.

Akhirnya disetujui awal tahun lalu, baik Bitcoin (BTC ) maupun Ethereum (ETH ) spot ETF mengumpulkan puluhan miliar dolar aliran masuk tahun ini, memperkuat posisi kripto sebagai kelas aset yang dapat diinvestasikan. Secara total, kedua produk mencatat lebih dari $30 miliar aliran masuk bersih dan memproses lebih dari $900 miliar volume perdagangan, naik dari $646 miliar pada 2024.

Menurut SoSo Value, BlackRock’s (BLK ) IBIT terus memimpin, dengan AUM $67,4 miliar, mencakup 59,3% seluruh aset spot Bitcoin ETF. Pada posisi kedua, Fidelity’s FBTC memiliki AUM $17,63 miliar. Secara keseluruhan, 12 penerbit Spot Bitcoin ETF kini memegang total aset $113,5 miliar. Penerbit Spot Ethereum ETF meanwhile hold $17,73 miliar dalam AUM, dengan BlackRock’s ETHA memimpin dengan lebih dari $10 miliar AUM.

Menariknya, meskipun ETF ETH tidak menerima fungsi staking di seluruh produk meskipun manajer aset mengajukan amandemen ke SEC untuk hal yang sama, perubahan tersebut menjadi penentu bagi ETF Solana.

Pada November 2025, ETF Solana yang di‑staking (SOL ) menjadi yang pertama menawarkan eksposur staking langsung, mengumpulkan $755,7 juta AUM dengan memberikan imbalan sekitar 7%. Secara khusus, persetujuan regulasi ETF SOL yang di‑staking memberikan kejelasan tentang sifat imbalan staking. Selain itu, kemampuan menghasilkan hasil tersebut dapat membuat produk ETF kripto lebih menarik bagi pemain tradisional.

Selain ETF, yang telah menjadi infrastruktur inti untuk eksposur yang diatur, bank besar dan perusahaan TradFi juga memperluas layanan perdagangan dan kustodi kripto bagi klien, menandakan integrasi ke keuangan mainstream.

Misalnya, bank terbesar di AS, JPMorgan Chase (JPM ), melakukan perubahan besar pada kripto ketika pertama kali mengizinkan kliennya membeli Bitcoin, kemudian mulai mengeksplorasi penggunaan kripto sebagai jaminan pinjaman, dan baru‑baru ini meluncurkan produk terkait Bitcoin mereka sendiri.

Vanguard Group juga membalikkan kebijakannya, memungkinkan klien broker mereka memperdagangkan ETF cryptocurrency.

Sementara itu, Citadel Securities telah bergerak menuju penyediaan likuiditas di bursa kripto utama.

Tahun ini juga menyaksikan U.S. Bancorp (USB ) menghidupkan kembali layanan kustodi Bitcoin institusional setelah jeda bertahun‑tahun dan Standard Chartered (STD.DE ) memperluas layanan perdagangan spot kripto untuk klien institusionalnya. Lebih jauh lagi, stablecoin meluas melampaui infrastruktur perdagangan ketika jaringan pembayaran utama seperti Mastercard, Visa, PayPal, dan Stripe mengintegrasikan dolar digital ke rel transaksi mainstream.

Aliran masuk dan integrasi ini menandakan keterlibatan Wall Street yang semakin dalam di ruang ini, penetrasi kripto yang semakin kuat ke dalam portofolio tradisional, dan migrasi aset digital dari niche ke relevansi keuangan sistemik.

3. Bitcoin Sets New All-Time High in 2025

2025 telah menjadi tahun yang volatil bagi cryptocurrency terbesar di dunia. Tahun ini dimulai sedikit di bawah angka ikonik $100.000, yang pertama kali dicapai Bitcoin pada Desember 2024, setelah kemenangan Donald Trump dalam pemilihan presiden AS 2024.

Pada bulan pertama tahun ini, harga BTC melonjak melewati $109.000, hanya untuk mengalami penurunan tajam selama beberapa bulan berikutnya.

Selama periode itu, Bitcoin turun di bawah $75.000, mewakili penurunan lebih dari 31% dari puncak Januari. Setelah mencapai dasar pada awal April, harga BTC naik kembali hampir ke $112.000 pada akhir Mei.

Kemudian, antara Juli dan Oktober, aset kripto ini mengalami aksi harga yang sangat volatil, selama itu mencetak rekor tertinggi sepanjang masa (ATH) baru sebesar $126.000. Meskipun harga BTC mencapai level baru, biasanya berfluktuasi antara $100k dan $125k.

Kenaikan tersebut didorong oleh aliran masuk kuat dari institusi, yang memperlakukan Bitcoin sebagai alokasi strategis bukan sekadar taruhan spekulatif, serta kondisi makroekonomi seperti suku bunga rendah yang membuat aset berisiko lebih menarik. Katalis besar lainnya bagi rally BTC adalah pengumuman cadangan strategis Bitcoin oleh pemerintahan Trump.

Namun tidak lama kemudian, momentum berbalik, dan Bitcoin memasuki tren menurun. Dalam penurunan tajam, harga BTC turun di bawah $81.000 pada 21 November. Selama bulan berikutnya, aset bernilai triliun dolar terus berfluktuasi, dengan harga kini mengonsolidasikan dalam rentang sempit.

Saat ini, BTC/USD diperdagangkan sekitar $88.000, turun 6,45% tahun ini.

Namun, hal ini bukan hal baru bagi Bitcoin; dalam siklus sebelumnya, Bitcoin juga mengalami koreksi 30% hingga 50% sebelum melanjutkan kenaikan. Sementara banyak yang percaya Bitcoin telah mencapai puncak siklus ini, yang lain mengharapkan level tertinggi baru untuk aset kripto tersebut dalam waktu dekat.

Walaupun Bitcoin mencapai level tertinggi baru, altcoin tampil buruk, dengan mayoritas berada dalam tren turun.

Dari 100 aset kripto teratas berdasarkan kapitalisasi pasar, 18 altcoin turun 90% hingga 99% dari ATH mereka, menurut data dari CoinGecko. Dan 35 koin turun antara 50% hingga 89%, menunjukkan betapa keras pasar bull ini bagi altcoin. Lebih dari 20 koin bahkan tidak mencetak ATH baru dalam siklus ini.

Akibatnya, kapitalisasi pasar total cryptocurrency hanya mencapai $4,4 triliun pada awal Oktober, tidak jauh dari puncak $3 triliun yang tercapai pada 2021. Saat ini, kapitalisasi pasar seluruh ruang kripto berada tepat di atas $3 triliun.

Kinerja lemah altcoin menjaga dominasi Bitcoin tetap di sekitar 60%.

Dominasi Bitcoin dalam ruang kripto menegaskan perannya sebagai aset digital patokan. Dan meskipun harga berfluktuasi, integrasi Bitcoin ke dalam portofolio institusional dan strategi lindung nilai makro kemungkinan akan terus berlanjut, memperkuat peran jangka panjangnya dalam sistem keuangan yang terdiversifikasi.

4. Rise of Digital Asset Treasury (DAT) Strategy

2025 saw the emergence of Digital Asset Treasury (DAT) strategies, where companies hold significant crypto reserves as part of their core business strategy.

A DAT is a publicly listed entity that holds cryptocurrencies on its balance sheet, providing a major new pathway for investors into the underlying digital asset. The goal of DATs is to outperform the crypto assets they hold through various strategies, thus enhancing investor returns.

The trend was first started by Michael Saylor’s Strategy (MSTR ) (formerly MicroStrategy) in 2020, but it exploded this year, scaling into an established market.

While fewer than 10 companies held BTC in their treasuries last cycle, this time the number has jumped to about 200 and expanded to include other coins. The explosion of DATs this year has these entities now holding about $100 billion worth of cryptocurrencies combined.

To accumulate crypto, DATs use an at-the-market (ATM) equity program, under which, when the company’s share price exceeds the net asset value (NAV) of its crypto holdings, the company can issue more shares at a premium and raise cash to purchase more crypto. This can create a feedback loop in which, as the DAT accumulates more tokens, NAV per share increases, supporting a higher equity premium and enhancing the company’s ability to raise more capital to buy more crypto.

But when crypto prices fall, the NAV takes a hit, meaning DATs trade at a discount to their underlying crypto holdings, breaking the self-reinforcing premium cycle, as issuing equity becomes dilutive rather than accretive. The resulting pressure on DATs limits their capital raising capabilities, slows crypto accumulation, and can exacerbate downside volatility in both NAV and share price.

So, while DATs started strong, as the year progressed, they faced persistent mNAV compression and eroding premiums, suggesting a decline in institutional appetite for publicly traded cryptocurrency exposure.

DAT companies have already raised about $30 billion in 2025, with Strategy being the biggest, holding a total of 672,497 BTC. Bitcoin remains the dominant asset for DAT treasuries, with publicly listed companies holding 4.27% of the asset’s total supply.

While BTC remains the preferred choice, DATs are also exploring other assets, such as Ethereum (ETH) and Solana (SOL), holding 4.25% and 2.84% of their supply, respectively.

Bitmine Immersion Tech (BMNR ) is the second-largest DAT, holding $11.9 billion in ETH. Meanwhile, Forward Industries (FWDI ) has accumulated $842.19 million worth of SOL, ranking at the 9th spot among the top DATs by crypto holdings.

DAT vehicles actually captured the funds that have historically flowed to startup equity. They absorbed about 60% of total crypto-related capital when combined with the $19 billion in venture deals. Crypto-native VC firms like Pantera, Dragonfly, DCG, Galaxy, and Polychain led many of the private placements in DATs.

Despite this, venture capital deployment remained strong, climbing to $18.9 billion, up from $13.8 billion last year. Venture deal count, however, declined 60%, from more than 2,900 to under 1,200.

5. Government Crypto Adoption

Beyond private markets, government adoption of crypto advanced significantly in 2025.

This year, under the Trump administration, the world’s largest economy made several advances that signalled that the US is officially open for crypto business and innovation. Before ending the era of “regulation by enforcement,” President Trump signed an executive order establishing a Strategic Bitcoin Reserve within the U.S. government, legitimizing BTC as a sovereign store of value.

To fund the Strategic Bitcoin Reserve, the government won’t buy any BTC; instead, it will use those already owned by the Treasury. The United States is the largest known holder of Bitcoin in the world, estimated to hold over 198,000 BTC.

This doesn’t include the record forfeiture of 127,271 BTC made by the US government in Oktober 2025.

Following in the footsteps of Trump, several U.S. states, such as Texas, Arizona, and New Hampshire, passed laws to establish state Bitcoin reserves, while similar legalization is currently in the early stages in Michigan, Ohio, and North Carolina.

Elsewhere, Bhutan holds 11,286 BTC, which were acquired through state-backed Bitcoin mining using surplus hydropower. Recently, the country introduced TER, a sovereign-backed, gold-backed token running on Solana, with distribution and custody handled by Bhutan’s first licensed digital bank, DK Bank.

This move follows Kyrgyzstan’s launch of USDKG, a gold-backed stablecoin pegged 1:1 to USD. Already, $50 million worth of USDKG tokens have been issued by the state-owned entity, OJSC Virtual Asset Issuer.

This active tokenization of national financial assets is a testament to crypto’s maturation, with governments moving beyond regulatory frameworks into implementation, applying blockchain to real economic infrastructure.

Then there’s Kazakhstan, which has set aside $300 million from its gold and foreign exchange reserves to invest in digital assets for its planned $1 billion cryptocurrency reserve. The exploration of crypto reserve strategies by governments has elevated digital assets beyond private investments into public economic policy frameworks, marking a dramatic shift from years of regulatory hostility.

How to Invest in Crypto Without Holding Tokens

If 2025 made one thing clear, it’s that investing in crypto doesn’t require investing directly in tokens. So, if looking to invest in the crypto space, there are several prominent names, such as Bitcoin miner MARA (MARA ) and crypto exchange Coinbase (COIN ), offering attractive options for you to buy.

This year, several crypto companies also made their public market debuts. Circle’s June debut on the NYSE was a watershed moment, raising over a billion dollars by offering $31 per share. Billionaire Peter Thiel-backed crypto exchange Bullish (BLSH ) raised $1.15 billion through its listing on the NYSE, while the Winklevoss twins, who founded Gemini, debuted at $28 per share with a $3.3 billion valuation after raising $425 million. Figure was another significant IPO, raising $787.5 million at a $5.3 billion valuation.

But a more solid investment option is Robinhood (HOOD ), which is deeply involved in the crypto space and offers clear, real-world proof that a major corporation is building strategies around it.

What makes Robinhood a strong choice is that it has broadened retail and institutional access, integrated crypto with traditional financial services, and expanded globally, making it a critical enabler of mass adoption in 2025.

Investing in Robinhood also provides one regulated exposure to crypto adoption and a compliance-first crypto business model without the risk of holding volatile tokens.

Robinhood is actually one of the few U.S.-listed companies where crypto is not a secondary feature but a core revenue and growth driver. In 2025, crypto trading volume, custody balances, and crypto-linked user activity played a significant role in Robinhood’s financial performance, reinforcing the idea that crypto demand persists even as market sentiment fluctuates.

Robinhood Markets is a major brokerage serving tens of millions of retail and institutional investors. It aims to provide everyone access to the financial system through its offerings, including Brokerage, Robinhood Crypto, Custody, Robinhood Wallet, Robinhood Gold, and Robinhood Gold Card.

Its Brokerage services offer investing, recurring investment, fractional trading, options trading, margin trading, lending, cash sweep, joint investing accounts, and event contracts. To help its customers to grow their financial knowledge, the platform offers services like Newsfeeds, In-App Education, Robinhood Learn, Sherwood Snacks, and Crypto Learn and Earn.

Robinhood’s shares rallied 217% this year, with the company now sporting a market capitalization north of $100 billion as its stock trades around $118 per share.

As for Robinhood’s financial position, the company reported revenue of $1.27 billion, doubling year over year, with transaction-based revenue increasing 129% YoY to $730 million, primarily driven by crypto revenue, which increased 300% to $268 million. Meanwhile, net income jumped 271% YoY to $556 million, or 61 cents per share.

“Our team’s relentless product velocity drove record business results in Q3 and we’re not slowing down.”

– CEO Vlad Tenev

During this period, Robinhood’s funded customers increased by 2.5 million to 26.8 million, and investment accounts increased by 2.8 million to 27.9 million. Total assets on Robinhood surged 119% YoY to $333 billion, driven by continued net deposits, higher equity valuations, and crypto valuations, as well as acquired assets.

Talking about yet “another strong quarter of profitable growth,” finance chief Jason Warnick noted the company adding two more business lines, Prediction Markets and crypto exchange Bitstamp.

Robinhood ended the quarter with cash and cash equivalents totaling $4.3 billion.

Recently, the platform expanded across the EU and EEA following regulatory approvals and launched new crypto tools, futures products, and money market funds. It is also working on its very own L2, Robinhood Chain, for tokenized assets, bridging DeFi and traditional markets.

Conclusion

So, as we saw, regulatory clarity around the world is finally enabling large-scale investment and real-world financial integration. As governments embrace crypto, institutions are actively allocating capital to crypto via ETFs, corporate treasuries, and bank adoption, and firms like Robinhood are helping bridge the gap between retail finance and crypto rails.

Against this backdrop, Bitcoin remains the cornerstone of the crypto space, as evidenced by both its price resilience and strategic importance.

These major developments have proven that crypto isn’t a fleeting phenomenon but rather a force that may define the future of finance. What was once a fringe asset class has now evolved into a mainstream financial and regulatory force, whose role in global finance and technology is deepening every day.

Looking ahead, we can expect deeper TradFi integration, continued regulatory harmonization, and further evolution of digital finance infrastructure. Crypto’s role in global finance is no longer a matter of if but just how big!