On-Chain Data

Ethereum network activity reaches 1.1 million, hitting a new high, but history warns of risks. After the 2018 ICO peak, it dropped from 1,400 to 100; after the 2021 DeFi boom, it fell from 4,000 to 2,000. Exchange inflow volume surged to 1.3 million on February 3, setting a new high, but two days later, it dropped from 2,230 to below 2,100. CryptoQuant states it is in a high-risk zone.

Gate Research Institute: By 2025–2026, PayFi is evolving from a crypto payment tool into a new generation of payment financial engine. Stablecoins are achieving large-scale application in high-frequency and cross-border payments, with settlement efficiency and cost structures significantly better than traditional systems. Web2 and Web3 continue to merge, with Visa, PayPal, and Neobanks becoming key connection nodes; at the same time, stablecoins, RWA, and AI are jointly shaping the fundamental form of PayFi, driving automation and 24/7 operation in settlement, asset flow, and risk management. Looking ahead to 2026, regulatory clarity, on-chain capabilities of real assets, and maturity of AI applications will determine the competitive landscape and long-term barriers for PayFi.

Tether acquires a 12% stake in Gold.com for \$150 million, strategically expanding the distribution of its gold-backed token XAUT and bridging physical bullion with digital finance. This partnership signals a major push into the booming \$5.5 billion tokenized gold market.

BNB Chain has launched the ERC-8004 infrastructure on both Mainnet and Testnet, enabling autonomous and trustless AI agents on blockchain. This standard provides identity and reputation, allowing for independent yet verifiable AI with unique on-chain identities as ERC-721 tokens. Key components include Identity Registry, Reputation Registry, and Validation Registry. Additionally, BNB Chain introduced BAP-578, Non-Fungible Agents (NFA), allowing AI to manage assets and transact efficiently, reinforcing its ideal platform for AI-to-AI economy.

Author: Citrini Research Translation: Felix, PANews The chances for retail investors to achieve high returns in the stock market are becoming increasingly slim. The underlying reason may be related to companies delaying their IPOs. Research firm Citrini has published an article exploring the issue of modern capital markets where companies tend to remain private for extended periods, leading to growth value being primarily captured by VC institutions, and public markets have largely become liquidity exit tools. Below are the details. It is simply nonsense for companies to remain private for the long term. While I personally understand the motivations behind this and do not blame founders for doing so, such actions undermine the system that originally created these companies. Fundamentally, it is a breach of the promise that allows capitalism to operate. The social contract in the United States has always worked quite well for capital markets. That's right, you might be working at a dull small business, or have a job that is not...

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.