Crypto markets can no longer be understood solely through bull or bear cycles. As we enter 2026, the ecosystem presents a multi-layered structure where the global interest rate cycle, growth expectations, regulations, and geopolitical risks intersect. Therefore, it is not accurate to define the upcoming year as solely a period of growth or stagnation. The significant containment of inflation and interest rates remaining below peak levels create a more predictable environment for risky assets. Cryptocurrencies are also now moving in closer sync with these macro conditions. This situation allows for more rational pricing to replace excessive volatility in the market.