2026-04-17 Sexta

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2026 Must-Read: Who Pays for the Bull Market

"Who Pays for the Bull Market in 2026?" by Dovey Wan of Primitive Ventures analyzes the structural shifts in Bitcoin's market dynamics post-ETF approval and institutional adoption. Despite regulatory tailwinds and mainstream integration, BTC underperformed traditional assets like gold and equities in 2025, with suppressed volatility due to Wall Street arbitrage and derivatives trading. Key insights include: - **Onshore vs. Offshore Divergence**: U.S. investors (via Coinbase) drove buying at highs, while offshore exchanges (e.g., Binance) saw selling pressure. - **Institutional Role**: Corporate buyers (e.g., MSTR) used NAV premium arbitrage to accumulate BTC, but ETFs are largely held by non-institutional investors, with hedge funds reducing exposure. - **Retail Absence**: Retail participation declined as wealth shifted to AI stocks and traditional markets, with crypto CEX traffic falling. - **Native Sellers Emerge**: Early BTC holders and miners sold significantly, with miners diverting resources to AI infrastructure. Bitcoin’s financialization ("paper BTC") introduces systemic fragility, tying its future to macro liquidity and DAT/ETF premiums. The 2026 outlook hinges on macro conditions and institutional proxy valuations, with potential risks from leverage unwinds. The article calls for genuine on-chain adoption to transform passive holdings into active utility, envisioning crypto as a global, supranational financial rail.

比推01/13 17:21

2026 Must-Read: Who Pays for the Bull Market

比推01/13 17:21

RWA Weekly Report|Private Credit Surges Nearly 40%; Bipartisan Senate Inclined to Adjust GENIUS Stablecoin Yield Rules (1.7-1.13)

RWA Weekly Report: Private Credit Surges Nearly 40%; Bipartisan Senate Support to Adjust GENIUS Act Stablecoin Yield Rules (Jan 7–13) The on-chain value of Real World Assets (RWA) grew to $20.81 billion, a 6.23% weekly increase, though broader RWA valuations dropped sharply due to statistical adjustments. Private credit saw a 39% surge, reaching $3.2 billion, while U.S. Treasuries and commodities remained core holdings. Stablecoin user addresses increased, though total market cap slightly declined. Key developments include a new U.S. crypto market draft that prohibits interest payments for merely holding stablecoins, though rewards for trading and staking remain allowed. The bipartisan Senate is considering amendments to the GENIUS Act, potentially limiting which institutions can offer yields. South Korea lifted a nine-year ban on corporate crypto investments, allowing firms to allocate up to 5% of net assets to cryptocurrencies. Notable funding rounds included Rain’s $250 million raise and VelaFi’s $20 million Series B. Cathie Wood suggested the U.S. might directly purchase Bitcoin for national reserves. Meanwhile, Coinbase may withdraw support for the CLARITY Act if it restricts stablecoin rewards. Projects like Ondo Finance and MSX (MyStonks) are advancing tokenized assets, with MSX reducing RWA trading fees to enhance user adoption.

marsbit01/13 15:11

RWA Weekly Report|Private Credit Surges Nearly 40%; Bipartisan Senate Inclined to Adjust GENIUS Stablecoin Yield Rules (1.7-1.13)

marsbit01/13 15:11

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