Bitwise argues that shifting narratives in the crypto market are increasingly bullish for Ethereum, Solana, and stablecoins as the industry moves beyond reliance on a single flagship asset. In its outlook toward 2026, the firm highlights structural demand rather than short-term price catalysts as the main driver of the next growth phase.

According to Bitwise, stablecoins and tokenization are emerging as long-term megatrends, with Ethereum and Solana positioned as the primary settlement layers supporting this expansion. Ethereum continues to dominate decentralized finance, stablecoin issuance, and real-world asset tokenization, while Solana has established itself as a leading network for high-speed payments and consumer-scale applications.

The report also points to a supply–demand imbalance created by U.S. spot ETFs, noting that institutional products have accumulated more newly issued ether and solana than the networks have produced over the same period. This dynamic reinforces persistent demand and suggests underlying strength in both ecosystems.

Regulatory momentum is another critical factor in Bitwise’s thesis. Clearer rules have already encouraged banks and asset managers to increase exposure through regulated crypto products. Looking ahead, the firm says further progress, particularly the passage of the CLARITY Act, could clarify oversight between U.S. regulators and significantly reduce uncertainty for institutional participants.

Finally, Bitwise highlights rapid growth in the stablecoin market, which has expanded from roughly $205 billion to nearly $300 billion and could approach $500 billion by the end of 2026. Adoption is strongest in regions facing inflation or currency instability, reinforcing stablecoins’ role in payments and savings, while strengthening Ethereum and Solana as the foundational infrastructure of the next crypto growth cycle.