#AI与加密货币结合 Coinbase's 2026 outlook report highlights key signals worth dissecting. The proposal of the "DAT 2.0" model indicates a shift in institutional participation logic—from passive asset allocation to active trading, custody, and gaining access to the blockchain space. This means the complexity of on-chain capital flows will significantly increase.

More importantly, the integration of AI and crypto is explicitly listed as a major direction. Automated agents on the chain will change the rhythm and patterns of capital inflows and outflows, posing new challenges for tracking whale movements and contract behaviors—not all large transfers will come from traditional institutions; some will originate from AI-driven automated systems.

The rising demand for privacy technologies is also a signal. The institutional-level application of zero-knowledge proofs and fully homomorphic encryption means that some on-chain capital flows will become further "obfuscated." This will weaken the effectiveness of certain traditional on-chain indicators, requiring adjustments in analytical frameworks.

Another perspective is the timing— the report emphasizes that the environment in the first half of 2026 is closer to 1996 rather than 1999. This indicates that growth potential still exists but will not be during a period of wild expansion. In this cycle, the strategic deployment of professional institutions combining AI and tokenized assets may become the main driver of capital, which warrants close attention in capital flow tracking.