Bitcoin should be trading higher than its current price of around $73,350, according to Kevin de Patoul, CEO and co-founder of crypto investment firm Keyrock. De Patoul argues the market is misreading both macroeconomic conditions and the structural progress occurring within the digital asset space.
Despite reaching an all-time high of approximately $125,000 in early October of last year, Bitcoin has fallen roughly 18% year-to-date, currently trading around $73,000. “If you go back to early 2025 through 2026 and look at all the positive developments such as regulatory progress and institutional adoption, most people would have said that should make the price explode,” de Patoul stated, according to a report by CoinDesk. “Increasing macro uncertainty should increase bitcoin demand, and yet it hasn’t.”
Instead, de Patoul observes that Bitcoin continues to behave like a risk-on asset, rather than the risk-off hedge many proponents claim it to be. He notes a shift in the nature of capital flowing into Bitcoin, characterizing it as more tactical than ideological. “It’s still being priced as a risk asset. It’s capital that comes in last and leaves first,” he said.
The current crypto landscape, according to de Patoul, is characterized by two distinct, yet parallel, markets. One is the crypto-native ecosystem – encompassing DeFi, altcoins, and cyclical patterns of hype. The other is the ongoing digitalization of traditional finance, including tokenized money market funds, stablecoins, and on-chain funds. While the crypto-native space is experiencing dampened enthusiasm, the traditional finance side continues to show strong interest.
Keyrock focuses on bridging these two worlds, working with banks, asset managers, and exchanges. De Patoul described 2026 as a “transition year,” where many elements previously defining the crypto space are fading faster than anticipated, while genuinely meaningful developments – such as the movement of traditional finance on-chain – are still under construction.
He anticipates significant growth in tokenized real-world assets (RWAs) between 2027 and 2028, potentially matching or exceeding the size of the peak from the previous crypto cycle. This growth, he believes, will be driven by increased liquidity and improved infrastructure. “In 2027, we could be in a situation where RWAs grow to the size of the entire previous crypto market cycle,” de Patoul predicted.
While infrastructure for tokenization has been rapidly developed over the past 18 months, with funds being tokenized and stablecoins proliferating, the utility layer remains incomplete. Many tokenized money market funds and RWAs currently suffer from limited liquidity, functioning more as wrappers than transformative tools. “They’ve created the tokens. The question is: where can you use them? Who will accept them? Can you use them as collateral? Can you provide liquidity at scale?” de Patoul asked.
Keyrock, founded in 2017 on the premise that all assets will eventually become digital and on-chain, has expanded its offerings to include capital markets, market making, liquidity provision, and customized investment strategies. In September, the firm launched Keyrock Asset Management, adding a second pillar to its business.
Regulatory clarity remains a key hurdle. De Patoul identified the proposed Clarity Act as a “yellow signal,” not due to doubts about its passage, but because of its timing. “If this bill is delayed by two years, that will have a significant impact,” he said. “Regulation passing is incredibly important for institutions. That’s when large-scale investment becomes possible.”
Despite the current lack of significant price movement, de Patoul believes the quiet construction of digital market infrastructure is more important than any short-term rally. “The foundation is being built,” he stated, “but the scale isn’t there yet.” He views 2027 and 2028 as the true inflection points for the digital market.
