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Crypto Intelligence
By Zach Pandl, Head of Research

February 18, 2026

It’s Time to Look at Accumulating Crypto

Zach Pandl
By Zach PandlGrayscale Head of Research

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After a major drawdown in valuations, crypto market sentiment is understandably low, and uncertainty about the short-term market outlook should be considered high. However, for investors with medium- or long-term horizons, we think this is as good a time as any to accumulate crypto.

Here are three reasons, in our view, to face down the wall of worry:

  1. Market technicals suggest short-term stress has diminished. Option-implied volatility and option skew have come down (see chart), net crypto ETP outflows have slowed, and the “Coinbase discount” has narrowed.

  2. The macro market backdrop looks solid. In our view, US economy is growing and may even be accelerating, the broad AI investment thesis remains in place (i.e., we’re not yet in a period of over-investment), and the Kevin Warsh-led Fed is unlikely to be as hawkish as the knee-jerk reaction in markets might suggest.

  3. Two of the megatrends driving blockchain adoption remain intact: Stablecoins are taking off and the growing push to tokenize capital markets continues to gain steam.

Key Takeaway: Crypto’s structural positives remain in place, and we are seeing attractive entry points on core crypto assets. There is always risk and uncertainty in financial markets—and opportunity for the reward that comes along with it. It’s time to play the long game.

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