On-Chain Data

This report is authored by Tiger Research. What if bridging assets could be utilized? We conducted an in-depth analysis of Katana, a never-sleeping blockchain. It reinvests 100% of on-chain and off-chain yields and transaction fees into DeFi. Key Highlights Most Layer 2 solutions lock bridging assets without utilizing them. Katana deploys these assets into Ethereum lending protocols to generate yields, then redistributes the yields as incentives for DeFi protocols. Storing assets in a vault does not generate any returns. Users must deploy capital into Katana's DeFi protocols to earn additional rewards. As of Q3 2025, over 95% of Katana's TVL is actively deployed in DeFi protocols. This contrasts with most chains, where utilization rates range from 50% to 70%.

This report forecasts a target price of $185,500 for Bitcoin in Q1 2026, indicating that the macro environment remains stable but institutional capital outflows are impacting demand. On-chain indicators show the market turning neutral, with $84,000 as an important support level and $98,000 as a resistance level. Despite lowering some forecasts, it still believes Bitcoin has approximately 100% upside potential, and the medium to long-term bullish outlook remains unchanged.

_This article is jointly published by K1 Research & Klein Labs_ 2025 Monthly Event Review Calendar. source: Klein Labs Looking back at 2025, this year was not simply a bull or bear market, but a re-positioning of the crypto industry within the multiple coordinates of politics, finance, and technology—laying the foundation for a more mature and institutionalized cycle in 2026. At the beginning of the year, Trump’s inauguration and the digital asset strategy executive order significantly changed regulatory expectations. Meanwhile, $TRUMP token issuance brought cryptocurrencies into the mainstream, and market risk appetite rapidly increased. Bitcoin achieved a historic breakthrough of $100,000, marking the first transition from a "speculative asset" to a "political and macro asset." Subsequently, the market quickly faced the backlash of real-world constraints. The celebrity coin decline, the Ethereum needle event, and Bybit experiencing an epic hacker attack

Tiger Research based on the interest rate cut cycle, M2 growth, and the CLARITY Act, sets Bitcoin's Q1 target price at $185,500, representing a 100% upside from the current $96,000. Despite ETF outflows of $4.57 billion, the record high M2 indicates ample liquidity.

Tiger Research指出，privacy technology is the decisive narrative for 2026. Monero is fully anonymous and cannot disclose information, and it is rejected by regulators for not supporting KYC or AML. Zcash offers optional privacy but can only be fully disclosed or fully hidden, with no tiered disclosure. Canton Network achieves granular permissions through Daml, allowing the provision of specific data independently, and has been adopted by DTCC.