The narrative of the four-year halving cycle is considered to be coming to an end by major institutions.

Delphi, Messari, Coinbase, a16z, Four Pillars… These groups often have conflicting opinions, but this time they surprisingly agree. They refer to the "death of the cycle" not as alarmist talk, but as a description of structural maturity — money is no longer following the halving calendar but flowing into "ownership tokens" that generate real income and profits.

Messari even coined a new term called Ownership Coins, which are assets that bundle economic rights, governance rights, and legal rights.

Another consensus that caught my eye is "Agentic Finance." AI agents are no longer just chatbots for conversation but are independent economic entities that manage funds and run DeFi strategies on their own.

a16z proposed a clever concept: from KYC to KYA — Know Your Agent. In the future, you might need to issue on-chain IDs to your AI, allowing it to perform tasks on your behalf on the blockchain. The thought of this is quite cyberpunk.

Another trend worth mentioning is the Super App. Four Pillars bets that once US regulations are implemented, the current complex experience of wallet-to-wallet and cross-chain interactions will be consolidated into a single entry point.

Users won’t need to understand what L2 is; they can just open the app and use it directly. Privacy chains and ZK infrastructure silently support this behind the scenes, but on the surface, it increasingly resembles a traditional app.

The opportunity in 2026 may not lie in chasing narratives but in understanding the flow of funds.