A well-known market maker, Wintermute, recently shared an interesting perspective: to achieve a true recovery in the crypto market by 2026, at least one of the following three conditions must be met.

First is the expansion of ETF and digital asset treasury allocations. Currently, the hot topics mainly revolve around BTC and ETH. If traditional financial institutions start expanding their allocations to other digital assets, it indicates an increased professional recognition of the market, which could open new growth opportunities.

Second is a significant rise in mainstream assets. This is straightforward—when leaders like BTC and ETH surge again, the entire market will experience a noticeable wealth effect, attracting more attention.

The third is the return of retail investors. Funds and attention flowing back into the crypto market, especially with increased retail activity, often signals a shift in market sentiment and the beginning of a new cycle.

Each of these three paths has its focus. Whichever one occurs first could be a signal of the market turning around.