This week, the crypto markets entered a period of steady consolidation as decreasing on-chain fees for both Bitcoin and Ethereum suggest that current price stability is being driven by institutional flows rather than retail speculation. The spotlight has shifted to Kraken’s launch of DeFi Earn. By integrating its new Ink Layer 2 blockchain with institutional-grade risk managers, Kraken is bridging the gap between centralized convenience and on-chain transparency, signaling a strategic pivot toward becoming a regulated curation layer for decentralized finance. Let’s dive into the data.

In this week's newsletter, we break down Strategy's recent Bitcoin purchase and analyze risks involved with yield-bearing assets.

This week marks a definitive pivot point for the digital asset industry. After years of "regulation by enforcement" and endless Proof-of-Concepts (PoCs), we have effectively moved into the deployment phase.

Welcome to the first 2026 issue of our weekly DeFi report. This week, we analyze the structural shift in the Real-World Asset (RWA) sector as we enter what is being hailed as the "Year of Tokenized Equities."

Institutional adoption often moves slowly, then all at once. This week, we witnessed the latter. In a span of six days, JPMorgan — the world’s largest bank by market cap — executed two landmark transactions on public blockchains, effectively ending the “private chain only” era for Wall Street. Simultaneously, the hunger for regulated crypto exposure remains voracious, with XRP ETFs shattering inflow records despite a lackluster price environment.

Bitcoin fees fell while Ethereum fees and activity rose. BTC saw heavy exchange outflows, ETH strong inflows. BlackRock launched a staked ETH ETF, boosting yield options. The Fed cut rates again, but markets expect a pause in January, tempering short-term momentum.

In this week's newsletter, we dive into the renewed ETF flows and the Ethereum Fusaka upgrade

The last week has been an important one for crypto infrastructure and regulation in 2025. Monad's Mainnet launch on November 24 has moved parallel EVM execution from whitepaper to reality, challenging the Solana dominance thesis. Simultaneously, the prediction market sector has shed its "gray market" status, with Robinhood and Polymarket both securing the regulatory moats needed to onboard the massive US retail capital base. High-performance tech has arrived, and the regulatory floodgates keep opening.