Bitcoin (BTC) should be trading higher in crypto’s transition year, says Keyrock CEO

Kevin de Patoul, CEO of Keyrock, argues that Bitcoin is currently undervalued, noting that despite positive developments like regulatory progress and institutional adoption, BTC is trading down significantly year-to-date. He suggests the market is misreading the situation, treating Bitcoin as a risk-on asset rather than a hedge, leading to capital reduction during stress periods. De Patoul views 2026 as a "transition year" rather than a breakout year, characterized by a quiet rewiring of finance as traditional institutions move onchain through tokenization. He sees two parallel markets: the subdued crypto-native ecosystem (DeFi, altcoins) and the advancing digitization of traditional finance (tokenized funds, infrastructure). While the building blocks are in place, liquidity and utility for tokenized assets are still under construction, leading to an "in-between phase." De Patoul anticipates the real inflection point for digital markets will be in 2027 and 2028 when tokenized real-world assets could significantly eclipse the size of the current crypto market.

(Source：CoinDesk)