Leading Crypto Industry Research and Analysis

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.

Institutional capital, tokenized assets, and new licensing regimes are pulling crypto exchanges into territory long held by brokers and banks. The result is a generation of multi-asset platforms competing directly with the traditional financial system they once sat alongside.

Many still expect a scenario where: almost everything goes up; lowcaps do x20–x50; retail floods back into the market; liquidity rotates into altcoins indiscriminately. Why is such a scenario unlikely?

Investor unlocks remain one of the crypto market’s key sources of dilution pressure, with many newer tokens still facing years of scheduled VC vesting ahead. We compiled a list of major tokens by market capitalization that have already completed their VC and early investor vesting schedules, alongside several ecosystems still facing final investor unlocks later in 2026.

Bitcoin is trading in the $72–75K range, funding rates are negative, and open interest is rising – a classic setup for a short squeeze. But the structure of this cycle is already different.

April 2026 continued the broader cooldown across crypto trading volumes, with Spot CEX, Futures, and Perp DEX activity all remaining below previous peak levels. In this recap, we break down how trading volumes evolved across centralized spot exchanges, futures markets, and onchain perpetual DEXs throughout the month, while also comparing current activity with previous cycle highs and longer-term market structure trends.

April 2026 saw CEX spot trading volume fall to a new 25-month low of $951.8B, extending the market’s prolonged low-volatility phase. Binance kept its clear lead, while Coinbase climbed into the top four and Gate.io continued to outperform within the mid-tier exchange group.

April 2026 marked the weakest month in 12 months: capital plunged 74% to 662m, and deal count dropped to 64. mega-rounds disappeared entirely, while the number of unique investors hit a 25-month low. m&a deals accounted for nearly half of disclosed capital, while the exchanges sector attracted 231m in vc funding. the market is consolidating, and primary fundraising is shrinking.