Key NotesTraders rotate into stablecoins as Bitcoin funding rates flip negativeETF outflows raise questions—but long-term institutional demand remains strongUAE regulatory clarity drives confidence as global jurisdictions divergeIndustry leaders say the next cycle will be built on real utility, not speculationBitcoin price predictions land as high as $180,000 for the end of next yearA Market at Crossroads: Volatility Meets Maturing InfrastructureThe crypto market entered October with a sharp pullback, more than $20 million in leveraged Bitcoin positions wiped out, and funding rates turning negative across major derivatives platforms. Traders are rotating into stablecoins rather than aggressively buying dips—an increasingly important market signal.Yet at the same time, institutional inflows, on-chain utility, and clearer regulation in regions like the UAE are forming a powerful counter-narrative.To unpack these competing forces, Binance Blockchain Week hosted a rare joint panel with three industry leaders:Richard Teng, CEO, BinanceBrad Garlinghouse, CEO, RippleLily Liu, President, Solana FoundationWhat followed was one of the most candid conversations on the future of crypto’s macro cycle.Richard Teng: “Institutional adoption is accelerating, not slowing down.”Opening the panel, Binance CEO Richard Teng acknowledged the recent volatility but emphasized that the broader trend remains overwhelmingly positive.“Volatility isn’t unique to crypto—it’s across asset classes,” Teng said. “But institutions are coming in a big way. We’ve seen institutional onboarding double last year, and double again this year.”He noted that while traders moved into stablecoins during the dip, this wasn’t capital leaving the industry—just repositioning.“It shows money is staying within the ecosystem rather than exiting it. That’s a sign of maturity.”Teng also highlighted the UAE’s role as a catalyst for global regulatory clarity.“Frameworks here are waking up regulators worldwide. The best is yet to come.”Brad Garlinghouse: “ETF demand is just beginning—this is a multi-year tailwind.”Ripple CEO Brad Garlinghouse echoed Teng’s long-term optimism, despite short-term fear.“Crypto has cycles. Risk-on, risk-off. But the macro tailwinds into 2026 are the strongest I’ve seen in years.”Addressing ETF outflows, Garlinghouse was unequivocal:“The ETF moment is absolutely not overhyped. Zoom out: crypto ETFs are just 1–2% of the total ETF market. There is no way that remains the case.”He pointed to shifting institutional behavior:“Institutions that sat on the sidelines—due to regulatory uncertainty—are now engaging. They’re starting small, but they’re entering. And they’ll run next.”On utility:“Real-world use cases are coming faster. Stablecoins, payments, institutional settlement—this isn’t speculation anymore.”Lily Liu: “Volatility is normal. The correction wasn’t a surprise.”Solana Foundation President Lily Liu brought long-term perspective.“I’ve been in this industry a decade. You must learn to stomach volatility. With ambitions this large, outcomes are exponential—and so are corrections.”Liu argued the recent correction was predictable:“There was irrational liquidity across the market from April through September. A correction was not just expected—it was necessary.”On ETF outflows, she redirected attention to Solana’s own momentum:“There is always a bright spot. Some ETFs are seeing inflows every single day. Not all parts of the market behave the same.”Looking forward, Liu said the industry needs to shift from “tech for tech” to “tech for finance.”“Speed and cost are table stakes. Liquidity and utility are what matter now. We’re building the financial infrastructure of the internet.”The Stablecoin Moment: Why Capital Stayed On-ChainOne of the most significant signals during the market turbulence was the sharp rotation into stablecoins.Teng called it a milestone:“Stablecoins provide instant settlement, predictable value, and 24/7 liquidity. Corporates are using them to move capital globally in ways banking rails simply can’t match.”Garlinghouse agreed, noting Ripple’s own stablecoin growth:“People are realizing stablecoins can be stable and easier to manage. In the UAE, our stablecoin now has regulatory approval—this unlocks real-world payments that weren’t possible before.”The panelists agreed: the future cycle will be powered not by speculation, but by stablecoin-driven financial infrastructure.U.S. Regulation Is Finally EvolvingWhen asked whether the U.S. has moved past its previously “hostile” posture toward crypto, Garlinghouse pointed to rapid improvements.“We’re seeing real regulatory clarity. Stablecoin legislation is gaining momentum. XRP already received clarity from federal courts. Momentum is shifting—fast.”He expects more progress early next year.“The next wave of institutional adoption depends on this clarity. And it’s coming.”What Comes Next? Growth Markets & Global AdoptionTeng sees enormous opportunity across the Middle East, Asia Pacific, and emerging markets.“We’re approaching 300 million users globally. Our ambition is one billion. To get there, we need regulatory harmonization—and that’s finally happening.”Liu emphasized the bigger picture:“We’re not just bringing users into crypto. We’re rewiring global financial infrastructure in real time.”Bitcoin Price Predictions: 2025–2026 OutlookTo close, the panel was asked to name a number—just for fun.Lily Liu: “Over $100,000.”Richard Teng: “I’m bullish long-term, but won’t name a short-term number.”Brad Garlinghouse: “Bitcoin at $180,000 by end of 2026.”
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