Multi-asset outlook Part 3 - Digital Assets 2026: Substance beats speculation in digital assets

Digital assets made a relevant contribution to returns in the multi-asset context in 2025 and, according to FERI, should remain an integral part of asset allocation in 2026 due to their attractive return and diversification potential. 

In the first three quarters of 2025, the price of Bitcoin showed comparatively low volatility. “This is typical for an asset that is gaining market maturity and market capitalization,” explains Rico Höntschel, Managing Director, Volatility Strategies & Digital Assets at FERI. "As adoption increases, market liquidity improves, which tends to lead to lower volatility. Scarcity remains the central value proposition." 

As in 2025, Höntschel believes that so-called digital asset treasuries (DATs) could also play a relevant role in the digital asset market in the coming year. These are companies that refinance in fiat currencies in order to hold digital assets on their balance sheets.1 The focus continues to be on Bitcoin-based treasury models, but at the same time, structures based on other digital assets such as Ethereum or Solana are increasingly emerging. “Overall, Bitcoin continues to be perceived by many market participants as a modern store of value, and demand from Bitcoin DATs could continue into 2026,” says Höntschel. 

Among the major altcoins, Ethereum was one of the strongest performers in 2025. Technological advances, structurally scarce supply, and increasing institutional inflows consolidated the network's market position. “For 2026, it appears that substance will become more important than short-term trends,” Höntschel expects. In his view, projects that combine technological efficiency with real-world use cases – such as tokenization, stablecoin payments, or blockchain-based revenue models in the decentralized finance sector – are particularly successful. “Providers with proven economic relevance and a stable user base can further expand their market position, while purely speculative altcoins are losing importance.” 

Stablecoins have seen strong growth. “Almost all major banks are now involved in the tokenization of fiat money,” says Höntschel. The increased transaction volume proves the growing use beyond speculative activities.  

Further potential for Bitcoin miners

In the second half of the year, the narrative of Bitcoin miners as favorably priced data centers for high-performance computing (HPC) gained traction and drove prices up significantly. “Companies benefited from increasing computing power, new revenue streams from AI applications, and broader recognition as providers of digital infrastructure,” says Höntschel. This trend could continue in 2026: “Bitcoin miners and related companies in the areas of HPC, data centers, and token ecosystems are increasingly being viewed as part of the strategic digital infrastructure and could benefit from economies of scale and additional sources of revenue, depending on the regulatory environment.”