CoinShares Predicts Crypto’s Future Will Be Driven By Utility, Not Speculation

CoinShares published a report arguing that crypto markets are moving beyond speculation toward utility-driven adoption. The report identifies tokenized real-world assets (RWAs), institutional investment, and regulatory clarity as the main forces behind this shift, and it treats “utility” as the core lens for market participants and compliance teams.

Tokenization is presented as an early, measurable proof point of that utility narrative. The report highlights that tokenized traditional assets expanded by 229% during 2025, with platforms holding more than $5 billion in tokenized Treasuries, up from about $1 billion earlier in the year. That acceleration is framed as evidence of real demand for blockchain-based representations of conventional instruments. Rather than being a pilot-only phenomenon, tokenized issuance is described as moving into practical, live-market use.

Tokenized RWAs and prediction markets are framed as product-market signals

CoinShares also points to longer-term upside implied by external consulting estimates. The report references projections that the total RWA market could reach $16 trillion by 2030, implying significant potential depth for tokenized private credit, equities, and other traditional assets. In parallel, prediction markets are used as another utility marker. Examples cited include Polymarket and Kalshi, which are described as demonstrating clear product-market fit.

Institutional allocation behavior, especially via ETFs, is presented as another sign that capital is responding to more than short-term price moves. Ethereum spot ETFs are cited as capturing $4 billion of institutional inflows in August 2025, representing 77% of total crypto ETF investments that month and at times surpassing Bitcoin ETF flows. The report also ties normalization to U.S. spot Bitcoin ETFs. CoinShares argues these products encourage allocation decisions grounded in diversification and long-term network effects rather than purely episodic trading cycles.

CoinShares also highlights its own positioning inside this institutionalization trend. It describes itself as an established issuer and the first European crypto manager to obtain an EU MiCA license in July 2025, positioning that milestone as evidence of product distribution aligning with institutional governance requirements. The implication is that licensing and regulated wrappers are being treated as enablers of broader participation. Distribution capability and compliance posture are presented as competitive advantages in the next market phase.

Regulatory clarity is positioned as the enabling layer for utility

Regulatory certainty is framed as the foundational layer for utility-driven adoption. The report identifies the EU’s Markets in Crypto-Assets (MiCA) framework and recent U.S. legislative developments as key building blocks for the legal clarity needed to scale institutional participation. That clearer perimeter is also linked to stablecoin evolution. CoinShares argues regulatory progress supports stablecoins becoming settlement rails and helps payment companies, fintechs, and banks expand settlement, custody, and trading services by lowering integration barriers.

CoinShares characterizes 2025 as crypto’s “graceful return” and looks to 2026 as the year digital assets consolidate further into the real economy. The report ties that expectation to RWAs, institutional ETF flows, and clearer legal frameworks as the leading drivers. For compliance teams and treasury departments, the operational implications are direct. Governance structures, custody arrangements, and reporting frameworks are expected to evolve to support tokenized instruments and fiat-adjacent settlement rails.