21Shares published its mid-year market report, in which it revisits its projections for 2026 and maintains a $100,000 price target for bitcoin by year-end, following the approximately $126,000 peak that BTC recorded in October 2025.
The report argues that bitcoin’s price action “still looks familiar”, as the current correction closely follows historical post-halving patterns. Unlike previous cycles, where drawdowns exceeded 80%, the present pullback is considerably more moderate. Furthermore, according to 21Shares, Bitcoin remained above its aggregate investor cost basis, set at $54,000, which the firm interprets as a sign of greater market maturity and more stable capital flows.
Regarding listed products, assets under management in crypto ETPs stood at around $140 billion as of May 2026, with 1.25 million BTC held in ETP structures, 8% below their previous highs. 21Shares attributed that decline to price movements rather than widespread liquidation, despite approximately $3 billion in net outflows from bitcoin spot ETFs in the United States.
21Shares also highlighted that prediction markets accumulated $57.5 billion in traded volume through late May, more than half of the firm’s annual projection, with the firm projecting a total of $100 billion for the year. In the DeFi market, total value locked stands at around $140 billion, well short of the $300 billion forecast, due primarily to security incidents.
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