Trump's press on policy combining with institutional adoption for new crypto bull market: Clear Street
"We believe this run has legs," said analyst Owen Lau as bitcoin rose 8% over the past 24 hours to just above $73,000.
By Helene Braun|Edited by Stephen Alpher Mar 4, 2026, 8:14 p.m.
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What to know:
- Crypto markets may be emerging from a months-long downturn, with analyst Owen Lau suggesting the recent 44% drawdown could mark the end of this latest crypto winter.
- Recent gains in bitcoin and progress on U.S. policy are bolstering sentiment and integration with the traditional financial system.
- Expanding institutional participation and geopolitical tensions are also underscoring blockchain's role as an alternative payment rail, fueling expectations of a new bull phase.
Crypto prices may be approaching a turning point after months of losses as several recent developments could mark the start of a new bull phase.
In a note on Wednesday, Clear Street analyst Owen Lau, said the roughly 44% drawdown in crypto markets between Oct. 10 and Feb. 28 may now represent the end of the latest downturn.
Lau's comments came as bitcoin BTC$73,140.17 rose 8% over the past 24 hours, moving to just above $73,000.
He took note of U.S. President Donald Trump’s Tuesday intervention over the hard-fought, but currently stalled, CLARITY Act as raising the odds that the law wins Congressional passage by the end of the summer.
Infrastructure integration is also advancing after Kraken’s banking subsidiary received a Federal Reserve master account, allowing it direct access to the central bank’s payment system. Lau said the move represents a structural step toward integrating crypto-native institutions into the U.S. financial system.
Institutional participation is also expanding. Morgan Stanley recently amended a filing for a proposed spot bitcoin ETF to name Coinbase Custody as a co-custodian alongside Bank of New York Mellon, reinforcing Coinbase’s (COIN) role in the institutional crypto ecosystem.
At the same time, geopolitical tensions in the Middle East have highlighted the utility of blockchain networks as alternative payment rails during periods of financial disruption.
Taken together, Lau said the developments could signal a broader shift for the industry.
“The industry may just hit an inflection point, and we believe this run has legs,” he wrote.
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