IOSG Ventures has released a report discussing the structural opportunities and challenges in the 2026 cryptocurrency market. The report highlights that both Ethereum and Bitcoin share macroeconomic risk characteristics, being sensitive to AI stocks, fiscal policies, and the Federal Reserve's liquidity conditions. It suggests that as long as major economies rely on continuous monetary supply growth, depreciation will remain a key driver for non-inflationary assets. The report also criticizes the industry's reliance on a flawed mechanism over the past three years: the issuance of tokens with low circulation. Projects have been issuing tokens with minimal circulation to artificially maintain high fully diluted valuations (FDV). However, this strategy is unsustainable as increased supply inevitably enters the market, leading to potential price collapses.