Crypto Market Shifts to Product-Market Fit as Narrative Cycle Fades: Report

A Tiger Research report states the crypto market in H1 2026 is shifting from narrative-driven cycles to product-market fit. Projects are now judged on measurable usage, revenue, and user retention. The change signals that teams must prove real-time demand as risk appetite remains uneven and capital is scarce, moving away from hype-driven liquidity.