Cycles, liquidity and market segmentation

In an exclusive Cointelegraph interview, crypto YouTuber and Coinbase CEO Nick Pukrin said he expects 2026 to play out as a “tale of two crypto markets” — institutional judgment on one side and total retail apathy on the other.

While headlines have been dominated by currency swaps, policy shifts and big money adoptions, he argues that the everyday investor isn't performing the way they did in previous cycles – and that explains why it's important for what's to come.

He also revisited the debate surrounding Bitcoin's “four-year cycle.” Many traders have already declared the old playbook dead before the extraordinary halving and lack of classic explosions. However, Puchrin outlines why recent price behavior has forced skeptics to reconsider their views.

The discussion delves into the quantum computing narrative—a risk that has moved from fringe talk to a serious conversation for some investors. Pukrin breaks down why quantum computing is included in more risk frameworks and why the crypto community is not united on the true urgency of the risk.

Finally, he shares where to look for crypto this year – and what conditions could set up a meaningful Bitcoin recovery during the year.

Check out the full interview on the Cointelegraph channel for Pukrin's complete thesis, the key stages he's involved in, and the catalysts he believes will define Bitcoin's continued momentum.