Leading Crypto Industry Research and Analysis

Public token sales have gone through several distinct market phases since 2020: from the early post-IEO era, through the IDO boom of 2021, into the contraction of 2022–2023, followed by a recovery in 2024 and a more selective market environment in 2025–2026.

Most CeFi yields rest on a single lending spread. Coinhold runs on four revenue streams, including fee income from a top-seven Bitcoin mining pool, and the difference shows up in both the rate and the risk profile.

As prediction markets gain broader market attention, Hyperliquid is preparing to integrate outcome-based trading directly into HyperCore. HIP-4 could turn event contracts into a native part of the platform’s trading stack, creating a more capital-efficient model for binary outcomes, hedging, and new derivatives-like products.

Despite several rebounds throughout 2025, the meme coin market has been unable to regain the momentum of the previous cycle.

The latest funding rounds highlight where investors are concentrating capital as crypto enters a more selective phase of the cycle.

Since 2023, annual late-stage funding (Series B+ and Strategic rounds) has grown from $1.66B to $6.47B YTD in 2026, representing a nearly 4x increase in deployed capital.

As the crypto market pulled back, stablecoins moved to center stage and became the main segment in web3.

May 2026 marked a decisive rebound in crypto fundraising after the spring slowdown. Total capital raised jumped to $3.52B across 83 VC rounds, driven by several mega-rounds including Kalshi’s $1.2B Series F. The surge reflected renewed investor confidence, particularly in Prediction Markets, AI, and market-infrastructure sectors. M&A activity also spiked, anchored by Bullish’s $4.2B acquisition of Equiniti, signaling continued strategic appetite.

May marked the first meaningful stabilization across crypto trading markets after several months of declining activity. Spot volume stopped falling, Futures trading returned to growth, and Perp DEXs recorded the strongest recovery among all major trading segments. This report analyzes Spot CEX, Futures, Perp DEX trading volumes, CEX listing activity, and the relationship between listings and broader market participation.