Bitcoin (BTC) should be trading higher in crypto’s transition year, says Keyrock CEO

CoinDesk

by Will Canny

March 4, 2026

AI-Generated Deep Dive Summary

Bitcoin (BTC) is undervalued and poised for growth as the cryptocurrency market undergoes a structural transition in 2026, according to Kevin de Patoul, CEO of Keyrock. Despite positive developments such as regulatory progress and institutional adoption, Bitcoin’s price has remained subdued, with year-to-date declines of about 18%. De Patoul argues that the market is misinterpreting macroeconomic conditions and structural advancements, leading to underperformance. He highlights that Bitcoin still behaves like a risk-on asset, making it vulnerable during periods of stress, where investors reduce exposure. De Patoul identifies two distinct markets within crypto: one native to the ecosystem, dominated by DeFi and altcoins, and another tied to traditional finance’s digitization. The former is characterized by subdued sentiment and speculative decline, while the latter continues to advance steadily through tokenized infrastructure and institutional efforts. He emphasizes that real progress is happening behind the scenes as traditional finance shifts online, driven by enthusiasm and ongoing development among institutions. This transition year marks a significant shift in crypto’s trajectory, with outdated elements fading faster than expected and new, functional components emerging. For readers interested in crypto, understanding this structural evolution is crucial for grasping market dynamics and future opportunities. While the native ecosystem faces challenges, the digitization of traditional finance remains a strong driver of growth, suggesting that Bitcoin and digital assets are set for a more prominent role in global markets.

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Originally published on CoinDesk on 3/4/2026