Professional Crypto Market Analysis & Insights, BloFin Research

BloFin Research

Professional Crypto Market Analysis & Insights

BloFin Research focuses on crypto research and analysis, dedicated to providing institutional-grade insights into the digital asset market. Our work covers major crypto assets, market trends from a macroeconomic perspective, and industry-wide studies on key developments shaping the digital asset ecosystem.

Crypto

<ul><li>The first week of 2026 offered investors a distinctly unromantic reminder: when the macro narrative shifts from "growth and inflation" to "institutional and governance risk", performance is no longer about whose story sounds best, but about which assets look most independent under stress.</li><li>Gold and silver's relative strength, alongside the relative weakness of BTC and ETH, captures that repricing. Hard assets are competing for an "independence premium", while major cryptoassets are increasingly trading like high-volatility dollar risk.</li><li>This isn't to argue that crypto has lost its long-term case. It's that, in the current framework, the market is focused on three questions: What do you settle in? Who's the marginal buyer?<br>Which risk bucket do you sit in within a portfolio? </li></ul>

The first week of 2026 offered investors a distinctly unromantic reminder: when the macro narrative shifts from "growth and inflation" to "institutional and governance risk", performance is no longer about whose story sounds best, but about which assets look most independent under stress.Gold and silver's relative strength, alongside the relative weakness of BTC and ETH, captures that repricing. Hard assets are competing for an "independence premium", while major cryptoassets are increasingly trading like high-volatility dollar risk.This isn't to argue that crypto has lost its long-term case. It's that, in the current framework, the market is focused on three questions: What do you settle in? Who's the marginal buyer? Which risk bucket do you sit in within a portfolio? 

Whale's Tracking - Gold Over "Digital Gold"

Specialising in Fintech - Research and Development, Kiitot

Tatja Karkkainen

Specialising in Fintech - Research and Development

Kiitot

Tatja specialises in digital assets and machine learning. She has authored a number of academic papers relating to network effects, financial inclusion, crypto futures and FOMO. Her interest lies especially in predicting long term value. She has had a long and successful track record in institutional investor relationship management, IT and alternative investments. PhD in (Finance) Fintech, MA in Politics, BA in International Relations and Politics. CAIA, IMC, Series 3.

<ul>
<li>Sky operates a synergistic model comprising the SKY governance token and USDS stablecoin, functioning as a decentralised central bank that captures value from a portfolio of RWAs and on-chain lending.</li>
<li>The protocol’s flagship Sky Savings Rate (SSR) currently offers a 4% yield that tracks the U.S. Treasury Notes, effectively establishing USDS as the on-chain equivalent of a risk-free dollar instrument.</li>
<li>With over 86% of the legacy supply successfully migrated, Sky represents a fairly defensive investment that offers diversifying returns. </li>
</ul>


Sky operates a synergistic model comprising the SKY governance token and USDS stablecoin, functioning as a decentralised central bank that captures value from a portfolio of RWAs and on-chain lending.
The protocol’s flagship Sky Savings Rate (SSR) currently offers a 4% yield that tracks the U.S. Treasury Notes, effectively establishing USDS as the on-chain equivalent of a risk-free dollar instrument.
With over 86% of the legacy supply successfully migrated, Sky represents a fairly defensive investment that offers diversifying returns. 


Sky (SKY): Building Resilient Infrastructure for DeFi Income

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

<ul><li>4Q for the last two years has seen strong performance for cryptocurrencies. BTC was up more than 45% in 4Q23 and more than 65% in 4Q24.</li><li>Given the strong institutional interest in crypto after the US passed the GENIUS Actand the amount of capital going into digital asset treasury (DAT) companies, we could see a similar strong performance in 4Q25.</li><li>There has been significant interest in DAT companies, particularly those focusing on coins other than Bitcoin and those adding return enhancers to their models, DAT++ companies.</li></ul>

4Q for the last two years has seen strong performance for cryptocurrencies. BTC was up more than 45% in 4Q23 and more than 65% in 4Q24.Given the strong institutional interest in crypto after the US passed the GENIUS Actand the amount of capital going into digital asset treasury (DAT) companies, we could see a similar strong performance in 4Q25.There has been significant interest in DAT companies, particularly those focusing on coins other than Bitcoin and those adding return enhancers to their models, DAT++ companies.

Crypto Down, but 4Q Historically Good : Strong Performance for Cryptocurrencies in 4Q23 and 4Q24

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">Fully Diluted Valuation (FDV) and Market Capitalisation (MC), while subject to various externalities, are often used as reference points for token valuation. However, this approach is ambiguous for early-stage tokens: Small circulating floats and speculative momentum often inflate FDV, creating uncertainty over whether to benchmark against peers’ FDV or to adjust for differences in circulating supply.</li><li aria-level="1">We analysed over 800 tokens, regressing circulating supply (%CS) against both Fully Diluted Valuation (FDV) and Market Capitalisation (MC), with results segmented by project maturity and time.</li><li aria-level="1">Main finding: Throughout most of a token’s life, MC explains valuation behaviour more reliably than FDV. The market anchors on circulating supply rather than total theoretical value.</li></ul>

Fully Diluted Valuation (FDV) and Market Capitalisation (MC), while subject to various externalities, are often used as reference points for token valuation. However, this approach is ambiguous for early-stage tokens: Small circulating floats and speculative momentum often inflate FDV, creating uncertainty over whether to benchmark against peers’ FDV or to adjust for differences in circulating supply.We analysed over 800 tokens, regressing circulating supply (%CS) against both Fully Diluted Valuation (FDV) and Market Capitalisation (MC), with results segmented by project maturity and time.Main finding: Throughout most of a token’s life, MC explains valuation behaviour more reliably than FDV. The market anchors on circulating supply rather than total theoretical value.

Interpreting Circulating Supply Effects on Token Valuation: MC Vs FDV

<ul>
<li>Maple is establishing itself one of the largest on-chain credit venues, with deposits locked in at $2.1 bn and US$1.24 bn lent.</li>
<li>Pool delegates have skin in the game and underwriting lets pre-qualified trading firms borrow at 30-80 % lower collateral ratios than market while keeping lenders senior and over-collateralised.</li>
<li>Pool delegates in a ramp phase to build client books. Structured credit structures are planned.</li>
</ul>


Maple is establishing itself one of the largest on-chain credit venues, with deposits locked in at $2.1 bn and US$1.24 bn lent.
Pool delegates have skin in the game and underwriting lets pre-qualified trading firms borrow at 30-80 % lower collateral ratios than market while keeping lenders senior and over-collateralised.
Pool delegates in a ramp phase to build client books. Structured credit structures are planned.


Maple Finance (SYRUP) – Underwritten and Collateralised DeFi Lending on Ethereum.

United States

Ethereum is an open-source, public, blockchain-based distributed computing platform featuring smart contract (scripting) functionality. It provides a decentralized Turing-complete virtual machine, the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes. Ethereum also provides a cryptocurrency token called "ether", which can be transferred between accounts and used to compensate participant nodes for computations performed. "Gas", an internal transaction pricing mechanism, is used to mitigate spam and allocate resources on the network.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Ethereum (XETUSD CURNCY)

Whale's Tracking - Gold Over "Digital Gold"

The first week of 2026 offered investors a distinctly unromantic reminder: when the macro narrative shifts from "growth and inflation" to...

BloFin Research

Sky (SKY): Building Resilient Infrastructure for DeFi Income

Sky DeFi ecosystems aims to offer a blue-chip, risk-free rate instrument; USDS stablecoin governed by the SKY DAO governance token.

Tatja Karkkainen

Crypto Down, but 4Q Historically Good : Strong Performance for Cryptocurrencies in 4Q23 and 4Q24

4Q for the last two years has seen strong performance for cryptocurrencies. BTC was up more than 45% in 4Q23 and more than 65% in 4Q24.

Water Tower Research

Interpreting Circulating Supply Effects on Token Valuation: MC Vs FDV

Fully Diluted Valuation (FDV) and Market Capitalisation (MC), while subject to various externalities, are often used as reference points for token...

Animoca Brands Research

Maple Finance (SYRUP) – Underwritten and Collateralised DeFi Lending on Ethereum.

Maple is becoming a major on-chain credit venue with $2.1 bn in deposits and $1.24 bn lent, offering lower collateral ratios for pre-qualified...

Tatja Karkkainen

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Whale's Tracking - Gold Over "Digital Gold"

The first week of 2026 offered investors a distinctly unromantic reminder: when the macro narrative shifts from "growth and inflation" to...

BloFin Research

Sky (SKY): Building Resilient Infrastructure for DeFi Income

Sky DeFi ecosystems aims to offer a blue-chip, risk-free rate instrument; USDS stablecoin governed by the SKY DAO governance token.

Tatja Karkkainen

Crypto Down, but 4Q Historically Good : Strong Performance for Cryptocurrencies in 4Q23 and 4Q24

4Q for the last two years has seen strong performance for cryptocurrencies. BTC was up more than 45% in 4Q23 and more than 65% in 4Q24.

Water Tower Research

Interpreting Circulating Supply Effects on Token Valuation: MC Vs FDV

Fully Diluted Valuation (FDV) and Market Capitalisation (MC), while subject to various externalities, are often used as reference points for token...

Animoca Brands Research

Maple Finance (SYRUP) – Underwritten and Collateralised DeFi Lending on Ethereum.

​Maple is becoming a major on-chain credit venue with $2.1 bn in deposits and $1.24 bn lent, offering lower collateral ratios for pre-qualified...

Tatja Karkkainen

Maple is becoming a major on-chain credit venue with $2.1 bn in deposits and $1.24 bn lent, offering lower collateral ratios for pre-qualified...