@Sakura please summarize this article, thanks uwu.
TLDR:
The next crypto cycle will be influenced by macroeconomic factors, with a focus on institutional adoption and a more disciplined market environment. 
Key Points:
- Macro Influence: Crypto will remain tied to macroeconomic conditions, particularly Fed policies.
- Institutional Focus: The upcoming altseason is expected to be slower and more selective, driven by institutional adoption.
- Liquidity Dynamics: Fresh liquidity must flow from traditional markets to benefit crypto, which is currently lagging.
- Risks Ahead: Potential risks include rising yields and tighter credit conditions that could stall liquidity.
- Long-term Outlook: 2026 could mark a significant transition for crypto, moving towards systemic relevance rather than speculative booms.
In-depth summary:
The article discusses the anticipated structure of the next crypto cycle, emphasizing that it will not decouple from macroeconomic trends. The Federal Reserve’s policies, particularly regarding interest rates and liquidity, will play a crucial role in shaping this cycle. Unlike the explosive growth seen in 2021, the upcoming altseason is expected to be more gradual and selective, with a stronger focus on institutional adoption. This shift indicates a more disciplined approach to risk-taking in the crypto market.
The author highlights that the current market environment is characterized by tighter capital discipline, with higher interest rates and persistent inflation leading to more cautious investment strategies. The absence of a liquidity surge similar to the COVID-era means that growth in crypto will rely on adoption and allocation rather than speculative trading. Additionally, Bitcoin’s performance has been lagging due to liquidity being trapped in safer assets like T-bills, which must be released for crypto to thrive.
Despite a generally bullish outlook for the crypto market, several risks could impede progress. These include rising long-term yields, a strong dollar tightening global liquidity, and potential stagnation in bank lending. The article concludes that the next cycle will be defined by the integration of crypto into global capital markets, with 2026 potentially marking a pivotal moment for the industry as it transitions from boom-bust cycles to a more stable and relevant financial asset.
ELI5:
The article talks about how the next phase of cryptocurrency will be affected by big economic changes, like what the Federal Reserve decides about interest rates. Instead of going up super fast like before, it will grow slowly and more carefully, especially with big companies getting involved. There are some risks, like if interest rates go up too much or if banks stop lending money, which could slow things down. Overall, 2026 might be a big year for crypto to become more important in the financial world! 
Writers main point:
The primary point is that the next crypto cycle will be shaped by macroeconomic factors and institutional adoption, leading to a more disciplined market environment rather than speculative booms.