Framework Ventures co-founder Vance Spencer anticipates a significant drop in token issuance by 2026, as the market shifts focus towards Bitcoin, Ethereum, and DeFi blue-chip assets. Spencer noted that 2025 posed challenges for the industry but also laid the groundwork for long-term progress. He highlighted a move away from memecoins, NFTs, and low-liquidity tokens, with institutional interest increasingly directed at high-quality assets. Spencer also pointed out that the fear and greed index may reflect this transition, with stablecoins, real-world assets, lending, and asset management expected to drive future growth. He emphasized the importance of reducing redundancy and enhancing compliance to address key industry issues, while noting that despite a bullish market, gains will likely remain concentrated.