ChainThink report, December 23: Jeff Ko, Chief Analyst at CoinEx Research, stated that typical altcoin bull runs may weaken next year, with only "blue-chip" cryptocurrencies capturing the majority of liquidity. "Retail investors expecting all altcoins to benefit will be disappointed. We forecast no traditional altcoin season; instead, liquidity will be highly selective, flowing exclusively to those blue-chip assets that truly gain market recognition."

Ko anticipates a modest positive shift in global liquidity in 2026, but divergent central bank policies across nations are expected to dampen this tailwind. He further noted that since the launch of ETFs in 2024, Bitcoin's historical sensitivity to M2 money supply growth has "diminished, and the correlation is weakening."

He added that the company's base forecast projects Bitcoin reaching a target price of $180,000 by 2026.