Bitcoin Should trade higher than today.
This is the view of Kevin de Patoul, CEO and co-founder of cryptocurrency investment company Keyrock, who believes that the market has misunderstood the macro conditions and the structural progress of digital assets.
As of the time of publication, the world’s largest cryptocurrency is trading at approximately $73,000. Bitcoin has fallen about 18% so far this year, reaching an all-time high of about $125,000 in early October last year.
“If you go back to early 2025 to 2026 and look at all the positive developments like regulatory progress and institutional adoption, most people would say that should make the price explode,” de Patoul said. “Increased macro uncertainty should increase demand for Bitcoin, but that’s not the case.”
Instead, Bitcoin has been under pressure for much of the past nine months and continues to perform like a risk asset rather than the safe-haven hedge that many proponents claim it to be. The massive inflow of capital into Bitcoin over the past 18 months, mainly institutional capital, now appears to be more tactical than ideological.
“It’s still priced as a risk asset. In terms of capital allocation, it’s last in, first out,” he said. “If investors believe that, then they will reduce their risk exposure during times of stress.”
Crypto assets have been weak over the past six months, with Bitcoin well off its previous highs and much of the altcoin market struggling to maintain momentum. Volume fell, volatility compressed and a broad-based rally failed to materialize, in stark contrast to the speculative surge of previous cycles. While institutional adoption and tokenization efforts are advancing behind the scenes, price action remains subdued, reflecting cautious capital flows and a market searching for the next catalyst.
DePatour stopped short of saying the market was wrong. But he struggled to reconcile the pullback with the broader context. “Barring a misunderstanding of the asset type, nothing can really explain the recent decline.”
This disconnect is emblematic of what he sees as cryptocurrency’s current moment: not a breakout cycle, but a tectonic shift.
“We don’t issue stablecoins or accept retail deposits, but we are connected to everything and provide liquidity in all venues,” DePatour said. “This puts us at the forefront of this transformation and allows us to participate in the market’s shift towards digital assets and tokenized infrastructure.”
A tale of two markets
From the perspective of Keyrock working with banks, asset managers, issuers and exchanges, 2026 feels less like a standstill and more like a rewiring.
“2026 feels like a transition year, not a breakout year,” DePatour said. “Many of the definitions of cryptocurrencies from previous cycles are disappearing faster than expected, while the truly meaningful parts are still being built, like real finance moving on-chain.”
In his view, two largely unrelated markets were developing in parallel.
The first is the crypto-native ecosystem: decentralized finance (DeFi), altcoins, and the familiar liquidity and hype cycles. Here, the mood is low. The rising tide that once rocked all coins has receded. He said broad-based speculative rallies were harder to sustain and were replaced by “very precise, meaningful opportunities.”
The second is the digitization of traditional finance. Tokenized money market funds, stablecoins, on-chain funds and new market infrastructure. He said he remains as passionate as ever in this regard.
“When I talk to agencies, nothing has changed. The level of enthusiasm, the level of construction, the momentum has not slowed down,” DePatour said. “The aim is to make crypto assets more accessible to customers and restructure parts of the financial market.”
These institutional efforts are less sensitive to Bitcoin’s price fluctuations. Stablecoins, tokenized funds, and settlement rails are about upgrading financial pipelines, not speculating on the next rally in cryptocurrencies. He noted that partnerships such as Circle’s (CRCL) IPO and Apollo’s partnership with DeFi protocol Morpho reflect multi-year commitments.
But while assets have been tokenized, the utility layer is still under construction.
Built, but not yet useful
The past 18 months have marked the leap from concept to product. Funds are tokenized. Stablecoins proliferate. The infrastructure is deployed.
However, liquidity in many tokenized money market funds and real world assets (RWA) remains thin. These tokens exist, but often act as packaging rather than vehicles for change.
“They have built the token. Now the question is: Where can it be used? Who accepts it? Can it be used as collateral? Can it bring liquidity at scale?” De Patour said.
Paradoxically, tokenizing funds may remove them from traditional capital pools without immediately unlocking digital native advantages. The bridge between traditional institutions and on-chain markets, and the ability to seamlessly use tokenized assets between the two worlds, will take time.
“We’re stuck in the middle,” he said. “Everything is ready. The next step is to bring it all together to bring liquidity at scale.”
That’s why he sees 2027 and 2028 as the real inflection points.
Traditional capital markets are orders of magnitude larger than cryptocurrency markets. Even a small portion migrating on-chain could eclipse the cryptocurrency’s previous peaks.
“By 2027, we may be in a situation where RWA grows to be as large as the entire cryptocurrency industry has been in the past,” de Patoul said. “This will play out over the next two to three years.”
In other words, digital finance may outpace cryptocurrencies, although not necessarily in the form of a price-led boom.
“If utilities were fully in place today, our market would probably be booming,” he said. “But that’s not the case. This is a transitional phase.”
Kirok’s Wager
Keyrock was founded eight years ago with the vision that all assets will eventually be digitized and on-chain, positioning itself as a bridge between traditional and digital finance.
Historically rooted in capital markets and market making, the company continues to expand its cryptocurrency-native products, derivatives trading, liquidity provision and strategies tailored to investors. In September, the company launched Keyrock Asset Management, adding a second pillar to the business. DePatour said assets under management are still modest given recent product launches.
The broader goal is to move from tokenization to functionality: making digital assets truly useful at scale.
“One of the things we’re very focused on is how to move from tokenizing products to making these assets useful and tokenizing them at scale,” he said.
Regulatory clarity remains a limiting factor. DePatour views the proposed Clarification Bill as a “yellow flag,” not because he doubts its eventual passage, but because timing is important. “If it were derailed for two years, it would have a meaningful impact,” he said. “Passage of regulations is a big deal for institutions. That’s when they can make massive investments.”
Cryptocurrency price action may feel underwhelming right now. But from DePatour’s perspective, the quiet construction of digital market infrastructure is far more important than a short-term rebound.
“The foundation is being laid,” he said, “but the scale is not yet there.” That’s why he sees “2027 and 2028 as the real inflection point for digital markets.”
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