Overview
- Barclays’ year-end report projects a down year for crypto in FY26 as spot trading continues to cool and investor enthusiasm wanes.
- Retail-focused exchanges such as Coinbase and Robinhood face revenue pressure because spot activity remains a primary driver of their business.
- Barclays lowered its Coinbase price target to $291, citing shrinking spot volumes and rising operating costs despite pushes into derivatives and tokenized equities.
- The proposed CLARITY Act could define securities versus commodities treatment and clarify SEC–CFTC oversight, though Senate approval and potential legal challenges may slow any benefits.
- Tokenization pilots at firms including BlackRock and Robinhood are advancing, yet Barclays expects minimal earnings impact from these efforts in 2026.