Crypto’s 2025 ‘whipsaw’ year drove capitulation as markets look toward a 2026 rebound, Pantera says by Coin Desk | January 23, 2026 9:42 am | Crypto News In its ‘Navigating Crypto in 2026’ outlook, the fund says non-bitcoin tokens have been sliding since late 2024, weighed down by weak value capture, slowing on-chain activity, and fading retail flows.