Indepth Research

Provide in-depth research reports and independent analysis, leveraging data, technology, and economic insights to deliver a comprehensive examination of the blockchain ecosystem, project potential, and market trends.

Digital Banks Are No Longer in the Banking Business; The Real Gold Mine Lies in Stablecoins and Identity Verification

The article argues that the core value of digital banking has shifted away from traditional models. Valuation is no longer driven by user numbers but by revenue per customer, as seen with Revolut's diversified income streams versus Nubank's reliance on credit. The true "gold mines" are now stablecoins and identity verification. For stablecoins, the primary profit is the interest earned on reserve assets (like Treasury bills), a revenue stream captured by the issuer (e.g., Circle) rather than the consumer-facing digital bank. This is leading to vertical integration, with companies like Stripe and Circle building proprietary settlement networks (Tempo, Arc) to control this profitable infrastructure and ensure privacy. Stablecoins are disrupting the old, multi-layered payment system by enabling direct, peer-to-peer transfers, forcing digital banks to become efficient routing layers for these transactions or risk obsolescence. Simultaneously, identity is becoming the new account core. The trend is moving away from siloed KYC processes towards portable, verifiable credentials (e.g., EU's Digital Identity Wallet, Worldcoin, Polygon ID). This will allow a user's identity to travel across platforms, simplifying compliance and making the crypto wallet the central hub for assets and identity. The article concludes that user count, cards, and UI are no longer competitive advantages. Future successful digital banks will be "wallet-first" systems, falling into one of three models: 1. **Interest-driven:** Profit from holding user stablecoin balances and earning yield on reserves. 2. **Payment-flow-driven:** Profit from facilitating a high volume of stablecoin transactions. 3. **Stablecoin infrastructure-driven:** The most profitable model, controlling the issuance, reserves, and settlement of stablecoins itself. The market will split between simple consumer apps and powerful infrastructure providers that control the core of the financial stack.

深潮12/15 09:52

Digital Banks Are No Longer in the Banking Business; The Real Gold Mine Lies in Stablecoins and Identity Verification

深潮12/15 09:52

Market Liquidity Survey: Under Diminishing Liquidity, Retail Investors 'Buy Lottery Tickets', Main Players 'Purchase Insurance'

Following the sharp market decline on October 11, the crypto market has entered a period of low activity and structural divergence. Analysis of order book depth, derivatives data, and stablecoin flows reveals a clear trend: liquidity is deteriorating, institutional players are adopting defensive strategies, while retail investors remain in a wait-and-see mode. Order book depth on major exchanges like Binance has weakened significantly, with both bid and ask liquidity thinning out. Altcoin open interest and trading volumes have also declined, indicating a lack of retail participation and speculative interest. A notable shift is observed in the options market. Bitcoin options now dominate trading activity, with put options—particularly those concentrated around the $85,000 strike—carrying significantly higher premiums than calls. This suggests that while retail traders are buying cheap, out-of-the-money call options (like “lottery tickets”), institutions are paying high premiums for downside protection, reflecting a bearish or defensive stance. The max pain point for December is around $100,000, indicating a key level where option sellers would profit most. Stablecoin data further highlights this divide. USDT reserves on exchanges have reached an all-time high, suggesting available capital from retail and non-compliant players waiting to enter. In contrast, USDC—predominantly used by U.S. institutions—has seen a sharp 40% withdrawal from exchanges, signaling institutional exodus or de-risking. Overall, the market shows fragile liquidity, major capital fleeing or hedging, and a cautious retail crowd. A break below the $85,000 support—where institutional puts are concentrated—may be more critical than any push toward $100,000.

marsbit12/15 09:29

Market Liquidity Survey: Under Diminishing Liquidity, Retail Investors 'Buy Lottery Tickets', Main Players 'Purchase Insurance'

marsbit12/15 09:29

Pakistan, from 'Iron Brother' to 'On-Chain Iron'?

Pakistan is strategically embracing cryptocurrency and blockchain technology as a key part of its economic transformation. In December 2025, the Pakistan Virtual Asset Regulatory Authority (PVARA) granted No Objection Certificates (NOCs) to two major global crypto exchanges, signaling a significant regulatory shift. With over 40 million digital asset users and an estimated annual trading volume exceeding $300 billion, Pakistan ranks third globally in crypto adoption. The country’s crypto growth has been largely grassroots-driven, fueled by high smartphone penetration (over 70%), a young population, and significant overseas remittances—over $30 billion annually—which can be processed faster and cheaper via cryptocurrencies like USDT. Pakistan’s geographic location also positions it as a potential hub for digital asset flows in South and Central Asia. Under the new regulatory framework, Pakistan is exploring a $2 billion national asset tokenization initiative, aiming to digitize sovereign bonds, treasury bills, and commodities like oil and gas to enhance transparency and attract foreign investment. This initiative aligns with broader efforts to formalize and monetize the country’s growing crypto economy while mitigating risks like fraud and money laundering. The move reflects a strategic pivot from informal adoption to state-sanctioned experimentation, positioning Pakistan as an emerging player in the global digital economy and a case study for other developing nations facing similar economic challenges.

深潮12/15 08:07

Pakistan, from 'Iron Brother' to 'On-Chain Iron'?

深潮12/15 08:07

Small-Cap Tokens Hit Four-Year Lows: Is the 'Altcoin Season' Completely Lost?

Small-cap cryptocurrency tokens have plummeted to multi-year lows, with indices tracking altcoins outside the top assets by market cap showing severe underperformance in 2024–2025. While the S&P 500 and Nasdaq 100 delivered strong double-digit returns with limited drawdowns, the CoinDesk 80 Index (excluding the top 20 cryptocurrencies) fell nearly 40% by mid-2025, and the MarketVector Digital Assets 100 Small-Cap Index hit its lowest level since November 2020. Despite high correlation (0.9) with major crypto assets like Bitcoin and Ethereum, small-cap tokens offered no diversification benefits and instead came with deeply negative risk-adjusted returns, high volatility, and severe drawdowns—often exceeding 30–46% in a single quarter. Liquidity has increasingly concentrated in high-value, institutionally accepted assets such as BTC, ETH, and a few altcoins like SOL and XRP, reflecting a flight to quality and regulatory clarity. The data suggests that, in the current cycle, broad altcoin exposure has failed to justify its risk, performing worse than both U.S. equities and core crypto assets.

深潮12/15 07:41

Small-Cap Tokens Hit Four-Year Lows: Is the 'Altcoin Season' Completely Lost?

深潮12/15 07:41

2025 Crypto x AI Year in Review: Which Narratives Survived?

The 2025 Crypto x AI landscape saw a shift from speculative narratives to practical, utility-driven applications. Key surviving narratives include DeFAI (Decentralized Finance AI), which evolved through three phases: abstraction layers (simplifying DeFi interactions), autonomous yield agents (managing "set-and-forget" strategies), and AI Vaults (auditable, agent-generated smart contracts). Projects like Giza and Almanak led this space. AI agents, initially overhyped for entertainment, declined due to lack of utility but resurged with new standards like Coinbase's x402 and Ethereum's ERC-8004, enabling verifiable, decentralized agent economies. Decentralized AI (DeAI) emerged as a critical pillar, with Bittensor leading a "Darwinian AI" ecosystem that coordinates global resources for model training, reinforcement learning, and privacy-preserving computation. This infrastructure supports商业化 AI agents and enhances DeFi and prediction markets. Prediction markets integrated AI for forecasting and liquidity provision, though they face challenges like limited liquidity and edge decay. Overall, the trend moved from speculation to infrastructure, with 2026 poised for crypto-native AI products gaining indispensability.

深潮12/15 07:18

2025 Crypto x AI Year in Review: Which Narratives Survived?

深潮12/15 07:18

AI Intervenes in Public Opinion Formation, Prediction Markets Face a Stress Test

The article discusses the growing risk of AI-manipulated public opinion and its potential to distort prediction markets, particularly in political contexts like elections. It presents a hypothetical 2028 US presidential race scenario where suspicious trading activity causes a candidate's market odds to surge without clear justification, leading to accusations of manipulation and foreign interference. While historical evidence shows that manipulating liquid prediction markets is difficult and costly due to arbitrage, the author argues that the convergence of prediction markets, social media, and 24/7 news coverage amplifies the political impact of even failed manipulation attempts. Such events can erode trust and fuel conspiracy theories, regardless of their actual effect on election outcomes. The article acknowledges that prediction markets remain valuable in an AI-saturated information environment where traditional polls are increasingly vulnerable to AI-generated responses. However, it calls for improved governance: news outlets should prioritize reporting on liquid markets, platforms must enhance monitoring for manipulative trading, and regulators should enforce anti-manipulation rules and transparency requirements. If responsibly managed, prediction markets can complement traditional tools and support a healthier democratic ecosystem.

比推12/15 06:07

AI Intervenes in Public Opinion Formation, Prediction Markets Face a Stress Test

比推12/15 06:07

Analyzing Litecoin’s Bitwise ETF inclusion as whales quietly step up

Litecoin (LTC) has been included in the Bitwise 10 Crypto Index ETF (BITW), trading on NYSE Arca. Although its allocation is small at 0.26%, this inclusion enhances LTC’s institutional credibility alongside Bitcoin and Ethereum. The development hasn’t spurred immediate trading demand, with spot volume dropping nearly 30% to around $189 million, indicating cautious short-term sentiment. However, on-chain data shows increased whale accumulation, suggesting long-term bullish positioning and a potential sell-side pressure decline. While Litecoin’s price remains below key resistance levels, the ETF inclusion is viewed as a structural milestone for future institutional adoption and legitimacy, emphasizing positioning over short-term momentum.

ambcrypto12/15 05:02

Analyzing Litecoin’s Bitwise ETF inclusion as whales quietly step up

ambcrypto12/15 05:02

Looking Back at the Web3 Wallet Undercurrents of 2025: What Are the Major Players Really Competing On?

In 2025, the Web3 wallet sector is undergoing a quiet but significant transformation, driven by major players integrating advanced technologies to enhance security, usability, and functionality. Key developments include Coinbase and Bitget adopting TEE (Trusted Execution Environment) for secure key management and transaction signing, Binance and OKX leveraging TEE with MPC (Multi-Party Computation) and smart accounts for improved security and cross-chain operations, and MetaMask and Phantom introducing social login features using encrypted key sharding for better recovery and user experience. The evolution reflects a shift from purely self-custodial models to hybrid approaches that balance security with convenience, enabling features like automated trading, gas sponsorship, and seamless multi-chain interactions. This transition is fueled by emerging trends such as Perps (perpetual contracts), RWA (real-world assets), and CeDeFi, which demand more complex transaction capabilities. While no new dominant wallets emerged, existing leaders are repositioning as comprehensive entry points for diverse on-chain activities, moving beyond basic asset storage to integrated financial services. The adoption of TEE and MPC technologies, alongside potential future integration with passkeys, indicates a maturation of wallet infrastructure, setting the stage for broader adoption and more sophisticated applications in the coming years.

marsbit12/15 04:05

Looking Back at the Web3 Wallet Undercurrents of 2025: What Are the Major Players Really Competing On?

marsbit12/15 04:05

Altcoin ETFs Fully Opened: Data Analysis, Opportunities, and Risk Assessment

Altcoin ETFs have entered a period of mass approval in the US, with multiple single-asset ETFs like XRP, SOL, DOGE, LTC, HBAR, and LINK launching in Q4 2025. This follows the successful establishment of Bitcoin and Ethereum ETFs, which set a regulatory precedent and accelerated institutional adoption. Key drivers include the SEC's revised listing standards, which shortened approval timelines, and a unique regulatory window during the US government shutdown. Data shows significant capital inflows, with XRP and Solana ETFs leading, attracting hundreds of millions in assets. In contrast, ETFs for LTC and DOGE saw minimal interest. While these ETFs provide a compliant gateway for institutional and retail investors, they face risks including regulatory uncertainty, market volatility, liquidity constraints, and intense product competition. The trend signals a maturation of crypto markets toward diversified, institutional investment, though careful risk management remains essential.

深潮12/15 03:31

Altcoin ETFs Fully Opened: Data Analysis, Opportunities, and Risk Assessment

深潮12/15 03:31

Weekly Outlook: Macro 'Data Deluge' Week: Delayed CPI and the Bank of Japan's 'Rate Hike Pursuit'

This week marks a critical period for global markets as a flood of delayed macroeconomic data and major central bank decisions converge, breaking months of uncertainty. The key events include the US Labor Department's release of two months of non-farm payroll data (October and November) on Tuesday, which is expected to show contradictory signals—a decline in October jobs followed by a rebound in November. This data may reveal structural weaknesses in the labor market, potentially triggering "recession trading" and risk-off sentiment. On Thursday, the delayed US November CPI report will be released. A higher-than-expected reading could signal premature Fed rate cuts and strengthen the US dollar, negatively impacting risk assets like Bitcoin. Conversely, softer inflation would support the case for further rate cuts. The Bank of Japan's meeting on Friday is another major event, with a 98% market probability priced in for a 25-basis-point rate hike. This divergence from global monetary policy could disrupt yen carry trade, potentially causing leveraged capital to exit crypto markets and testing Bitcoin's support near $88,000. Amid the macro turmoil, crypto institutions are pushing forward strategically. Coinbase plans to launch prediction markets and tokenized stocks on Wednesday, aiming to integrate traditional equity liquidity into crypto. Also on Wednesday, HashKey Group is listing on the Hong Kong Stock Exchange, seeking to raise up to HK$1.67 billion and boost confidence in Asian Web3 markets. Additional factors include US regulatory discussions and delays in South Korea’s stablecoin regulations, which may dampen retail investor participation. In summary, macro events will test market stability, while institutional developments could define crypto’s next growth phase. Traders are advised to monitor the DXY and USD/JPY closely and adopt a defensive stance ahead of Friday’s BoJ decision.

marsbit12/15 03:18

Weekly Outlook: Macro 'Data Deluge' Week: Delayed CPI and the Bank of Japan's 'Rate Hike Pursuit'

marsbit12/15 03:18

活动图片

Популярные категорииright-arrow

Популярные тегиright-arrow

Indepth Research

Regulatory Policy