Crypto Research and Data, Delphi Digital

Delphi Digital

Crypto Research and Data

Institutional-Grade Crypto Research & Data

Delphi Digital seeks to produce unbiased, actionable content for our clients on critical themes affecting digital assets and distributed ledger technology. Our team is committed to providing investors and institutions with key insights through a diverse suite of products including individual project analysis, bespoke research, and tailored consulting services.

Crypto

<ul>
<li>Centralized exchanges (CEXs) came to tokenized stocks well after the onchain issuers had introduced the category, but they arrived with wider catalogs and order books of their own.</li>
<li>Binance is the newest entrant and it scaled fastest in July, though most of that volume came from QQQB, a single token tracking the Nasdaq 100 ETF.</li>
<li>What it costs you to trade tokenized stocks (for the time being) depends entirely on where you buy and when.</li>
</ul>


Centralized exchanges (CEXs) came to tokenized stocks well after the onchain issuers had introduced the category, but they arrived with wider catalogs and order books of their own.
Binance is the newest entrant and it scaled fastest in July, though most of that volume came from QQQB, a single token tracking the Nasdaq 100 ETF.
What it costs you to trade tokenized stocks (for the time being) depends entirely on where you buy and when.


Institutional-Grade Analysis, In-depth Insights, Animoca Brands Research

Animoca Brands Research

Institutional-Grade Analysis, In-depth Insights

Animoca Brands Corporation Ltd. is a Hong Kong-based game software company and venture capital company

<ul>
<li aria-level="1">Contraction in Altcoin Listings: There were 21% fewer unique tokens listed on centralized exchange spot markets across 9 exchanges in 2025 (dropping from 1,645 to 1,302), particularly in the small FDV segment (under $30M).</li>
<li aria-level="1">This decline is consistent with the overall observation of a slowdown in the altcoin space throughout the year.</li>
<li aria-level="1">Top Exchanges Expanding Scope: Major exchanges are expanding their coverage to mid-size tokens and directly listing more small FDV assets. </li>
</ul>


Contraction in Altcoin Listings: There were 21% fewer unique tokens listed on centralized exchange spot markets across 9 exchanges in 2025 (dropping from 1,645 to 1,302), particularly in the small FDV segment (under $30M).
This decline is consistent with the overall observation of a slowdown in the altcoin space throughout the year.
Top Exchanges Expanding Scope: Major exchanges are expanding their coverage to mid-size tokens and directly listing more small FDV assets. 


2025 Listing Report: Exchange Listing of Altcoin and RWAs, Alpha Programs, and New Iterations of IDO

Metals, Ores, and Mining Firms, Mint Finance

Pranay Yadav

Metals, Ores, and Mining Firms

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Cross Asset Strategy

<ul>
<li>The SEC's approval of 19b-4 forms marks a critical step towards spot Ethereum ETFs, signaling a potential near-term final approval that could drive significant ETH spot buying.</li>
<li>Despite recent gains following ETF approval news, Ethereum remains a laggard in the crypto rally, underperforming relative to Bitcoin and smaller cryptocurrencies like Solana, BNB, and Dogecoin.</li>
<li>Bitcoin faces headwinds from an expected influx of supply due to Mt. Gox repayments and losses from the DMM hack, which could pressure BTC prices in the short term.</li>
</ul>


The SEC's approval of 19b-4 forms marks a critical step towards spot Ethereum ETFs, signaling a potential near-term final approval that could drive significant ETH spot buying.
Despite recent gains following ETF approval news, Ethereum remains a laggard in the crypto rally, underperforming relative to Bitcoin and smaller cryptocurrencies like Solana, BNB, and Dogecoin.
Bitcoin faces headwinds from an expected influx of supply due to Mt. Gox repayments and losses from the DMM hack, which could pressure BTC prices in the short term.


Long ETH, Short BTC on Expected ETH ETF Approval

Geopolitical Analyst, Steno Research, Steno Research

Mikkel Rosenvold

Geopolitical Analyst, Steno Research

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Macroeconomics

<ul><li>Welcome to this week’s Great Game, where we’ll cover the Russian election as well as the ongoing turmoil in Nigeria.</li><li>Vladimir Putin won a “landslide” win over the weekend with almost 90% of the votes.</li><li>That was completely as expected and really no news there.</li></ul>

Welcome to this week’s Great Game, where we’ll cover the Russian election as well as the ongoing turmoil in Nigeria.Vladimir Putin won a “landslide” win over the weekend with almost 90% of the votes.That was completely as expected and really no news there.

Great Game – Who Can Stop Putin? Can Nigeria Keep Out Crypto?

Asia biased macro & technical analysis, Untying The Gordian Knot

Untying The Gordian Knot

Asia biased macro & technical analysis

A differentiated process with a primary focus on Asia. Technical Analysis as core and Macro drivers that could bring the view to fruition & changes that could make the idea fall apart. The objective is to be the best in class, hence corner shop.

Technical Analysis

<ul><li>The recent 7% drop in Bitcoin's value coincided with SpaceX's announcement of selling off its entire $375 million worth of holdings.</li><li>This event highlighted two crucial factors: the lack of liquidity in the market and the end of the bear flag counter-trend rally.</li><li>Additionally, Binance Coin was already showing signs of breaking down, which could decrease the overall crypto market cap.</li></ul>

The recent 7% drop in Bitcoin's value coincided with SpaceX's announcement of selling off its entire $375 million worth of holdings.This event highlighted two crucial factors: the lack of liquidity in the market and the end of the bear flag counter-trend rally.Additionally, Binance Coin was already showing signs of breaking down, which could decrease the overall crypto market cap.

United States

BNB was launched in 3rd July 2017 as an ERC-20 Token that enabled holders to get discounted trading fees at Binance Exchange. BNB has evolved over time to also be the native token of its own blockchain. BNB can still be used to pay for discounted Binance services though it is also heavily used as payment for gas when confirming transactions on BNB Chain.

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Binance Coin (XBIUSD CURNCY)

The State of Tokenized Stocks

Centralized exchanges (CEXs) came to tokenized stocks well after the onchain issuers had introduced the category, but they arrived with wider...

Delphi Digital

2025 Listing Report: Exchange Listing of Altcoin and RWAs, Alpha Programs, and New Iterations of IDO

Contraction in Altcoin Listings: There were 21% fewer unique tokens listed on centralized exchange spot markets across 9 exchanges in 2025...

Animoca Brands Research

Long ETH, Short BTC on Expected ETH ETF Approval

SEC approval of 19b-4 forms paves way for spot Ethereum ETFs, while ETH lags behind in crypto rally. ETHBTC ratio may have present further upside.

Mint Finance

Great Game – Who Can Stop Putin? Can Nigeria Keep Out Crypto?

Welcome to this week’s Great Game, where we’ll cover the Russian election as well as the ongoing turmoil in Nigeria. Watch this article as a video...

Steno Research

Crypto Selloff: What now?

The recent 7% drop in Bitcoin's value coincided with SpaceX's announcement of selling off its entire $375 million worth of holdings.

Untying The Gordian Knot

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The State of Tokenized Stocks

Centralized exchanges (CEXs) came to tokenized stocks well after the onchain issuers had introduced the category, but they arrived with wider...

Delphi Digital

2025 Listing Report: Exchange Listing of Altcoin and RWAs, Alpha Programs, and New Iterations of IDO

Contraction in Altcoin Listings: There were 21% fewer unique tokens listed on centralized exchange spot markets across 9 exchanges in 2025...

Animoca Brands Research

Long ETH, Short BTC on Expected ETH ETF Approval

​SEC approval of 19b-4 forms paves way for spot Ethereum ETFs, while ETH lags behind in crypto rally. ETHBTC ratio may have present further upside.

Mint Finance

Great Game – Who Can Stop Putin? Can Nigeria Keep Out Crypto?

Welcome to this week’s Great Game, where we’ll cover the Russian election as well as the ongoing turmoil in Nigeria. Watch this article as a video...

Steno Research

Crypto Selloff: What now?

The recent 7% drop in Bitcoin's value coincided with SpaceX's announcement of selling off its entire $375 million worth of holdings.

Untying The Gordian Knot

SEC approval of 19b-4 forms paves way for spot Ethereum ETFs, while ETH lags behind in crypto rally. ETHBTC ratio may have present further upside.