An analysis has been raised that bitcoin (BTC) should be trading at a higher value than it is now. Kevin de Patoul (케빈 드 파툴), chief executive and co-founder of crypto investment firm Keyrock, argued that the market is failing to properly reflect the macroeconomic environment and structural changes in digital assets.

CoinDesk, a blockchain media outlet, reported on March 4 that bitcoin is showing a short-term rebound and is trading at about $73,000, but is down about 18 percent from the start of the year. That represents a sharp adjustment compared with about $125,000 recorded in October last year.

De Patoul pointed out that bitcoin's price did not rise as much as expected even as regulatory progress and expanded institutional investment continued from early 2025 through 2026. He explained that demand for bitcoin should increase as macroeconomic uncertainty grows, but in the actual market it instead moved like a risk asset.

The analysis is that despite continued inflows of institutional capital, price gains were capped as institutional investors tended to sell first when markets became unstable. De Patoul added, "Bitcoin is still perceived as a risk asset, and investors have a strong tendency to reduce positions in periods of market stress."

Over the past six months, the crypto market has generally shown a sluggish trend. Bitcoin fell sharply from its previous peak, and the altcoin market also failed to build clear upward momentum. Trading volume and volatility also declined, showing a different pattern from the broad speculative rallies seen in past cycles.

However, de Patoul interpreted this not as a simple downturn but as a process of change in market structure. He said Keyrock is working with banks, asset managers, issuers and exchanges to provide market liquidity, allowing it to feel these shifting trends firsthand.

He assessed that the digitisation of traditional finance is moving quickly. With the emergence of tokenised money market funds (MMFs), stablecoins, on-chain funds and new market infrastructure, he said institutional interest remains high. De Patoul stressed that institutions are not targeting short-term price rises but are aiming to make crypto assets easier to offer to clients and to restructure the financial system itself.

He cited as prominent examples stablecoin issuer Circle's push for an IPO and asset manager Apollo Global Management's move to work with DeFi protocol Morpho. Still, the analysis is that use of tokenised assets remains limited and that time is needed before large-scale liquidity forms.

De Patoul forecast that by 2027 to 2028, as the on-chain transition of traditional capital markets accelerates in earnest, digital finance could grow beyond the current size of the crypto market. He said that if traditional financial assets move to blockchain-based markets, the crypto market could also enter a new phase that surpasses past highs. The analysis is that the core of the future crypto market will not be short-term price rises but structural changes in financial infrastructure. He stressed, "The crypto market is still growing, but going forward, upgrading the financial system will play a more important role than a price-driven speculative boom."