Barclays Sees ‘Down-Year’ for Crypto in 2026 Without Big Catalysts

Barclays anticipates a subdued year for the crypto market in 2026, forecasting declining spot trading volumes and cooling investor enthusiasm due to a lack of significant structural growth drivers. The bank noted that retail exchanges are facing a subdued environment compared to prior bull runs. While major events like the March 2024 spot bitcoin ETFs spurred activity, Barclays sees no clear spark to reignite demand. Potential catalysts include the pending CLARITY Act, which could clarify regulatory oversight between the SEC and CFTC, potentially easing uncertainty for product launches like tokenized assets. However, the bank remains cautious, noting that positive political shifts are likely already priced in, and tokenization is still in early stages. Consequently, Barclays revised its price target for Coinbase (COIN) down to $291, citing a more conservative earnings outlook amid shrinking spot volumes.

(Source：CoinDesk)