![[Research Brief] Apr 22 | Bitcoin Institutionalization and the Reshaping of On-Chain Credit…RWA, AI, and the Internet Capital Markets Race Goes Full Swing](https://advertise.tokenpost.kr/images/covers/research_en.webp)
This week’s digital-asset research focused on Bitcoin’s institutional integration, the restructuring of on-chain credit around real-world assets (RWA), and AI- and macro-driven volatility as the core themes. Tiger Research and Kaiko Research assessed U.S. reserve-asset discussions and shifts in DeFi lending markets through the lenses of institutionalization and competition in risk management, respectively. Additional analyses spanned high-performance Layer 1s (L1s), tokenized equities, internet capital markets, and AI crowding (concentration).
■ Tiger Research
“The U.S. Won’t Buy Bitcoin Right Away”…Tiger Research’s Reality Check on the ARMA Strategic Reserve Bill
Tiger Research analyzed that the U.S. executive order issued in March 2025 was less about new Bitcoin (BTC) purchases and more akin to a commitment not to sell existing BTC obtained through seizures and forfeitures. The bill viewed as most likely to pass—the America’s Reserve Modernization Act (ARMA)—would prohibit the sale of roughly 320,000 BTC held by the government for at least 20 years, but it does not include a mandatory purchase provision. While the near-term price impact may be limited, it could mark a turning point in establishing Bitcoin’s legal status within the U.S. national asset framework.
Can Institutional Capital Reshape DeFi Lending?…Tiger Research Highlights a “Risk Segregation”–Driven Overhaul
Tiger Research pointed to the 2008 Reserve Primary Fund episode—when losses on Lehman Brothers paper that accounted for only 1.2% of total assets caused the NAV to break the buck—to illustrate the fragility of single-pool structures. Morpho, Aave, and Euler are expanding the on-chain curation vault market, now around $7.4B, by separating risk by asset and specializing the management layer. Going forward, the winners in on-chain credit are likely to be those with the most sophisticated risk management, rather than those simply amassing the largest liquidity.
Who Will Set the Standard for Internet Capital Markets?…Tiger Research: “Solana Emerging as a Core Pillar of U.S.-Style Financial Infrastructure”
Tiger Research reported that the RWA tokenization market grew about 257%, from $5.4B in early 2025 to $19.3B by late March 2026, signaling that competition for internet capital markets is accelerating. Solana (SOL) is positioning itself as an institutional-grade issuance, trading, and settlement stack, backed by ~0.5-second transaction finality, low average fees of about $0.0013 per transaction, and its Token-2022 standard. As the U.S. accumulates both regulation and real-world transaction precedents, Asian institutions may find opportunity in early pilots and a fast-follower strategy.
■ Crypto.com
Can Tokenized Equities Bridge TradFi and On-Chain Markets?…Crypto.com Reviews Structure, Opportunities, and Risks
Crypto.com explained that tokenized equities convert shares of traditional companies into blockchain-based digital tokens, improving market access and settlement efficiency. As of early 2026, the value of tokenized RWAs on public blockchains reached $29B, with fractional investing and 24/7 global trading highlighted as key benefits. However, legal rights, custody structures, and smart-contract risks must be addressed for tokenized equities to become trusted infrastructure bridging traditional finance and on-chain markets.
■ Messari Research
Galxe Gravity Launches a High-Performance L1 for AI Agents…Messari Highlights Native Oracle
Messari Research evaluated Gravity, built by Galxe, as an EVM-compatible Layer 1 (L1) featuring a 200ms block time, sub-1-second finality, and performance exceeding 12,000 TPS (ERC-20 기준). Gravity’s alpha mainnet processed more than 61.1M transactions across 28.5M wallets over about 22 months, demonstrating real-world load. If combined with a native oracle and an AI-agent-friendly developer environment, Gravity could be viewed as integrated execution infrastructure rather than just another chain.
Prices and DeFi Softened, but Institutional Infrastructure Advanced…Messari Spotlights Cardano’s “Regulation-Friendly L1” Strategy
Messari Research noted that in Q1 2026, Cardano (ADA) fell 27.4% QoQ and DeFi TVL declined to $133.1M, yet institutional infrastructure progressed. USDCx ended the quarter with $17.5M in supply and a 36.0% share of the stablecoin market on the network, while developments such as the Midnight mainnet and a net change limit of 350M ADA were also highlighted. Cardano is increasingly prioritizing a regulation-friendly L1 strategy that combines payments, auditability, privacy, and interoperability over short-term metric recovery.
■ Kaiko Research
DeFi Lending Reshuffles as TVL Drops Sharply…Kaiko: “Aave’s Dominance Fades, Morpho Rises”
Kaiko Research analyzed that DeFi lending protocol TVL fell from a peak of about $55B in 2025 to around $22B today. While Aave still holds roughly $12.3B in TVL and a 55.9% market share, Morpho has grown its share to 30.4% and is being re-rated thanks to its modular curation model. Competition in digital-asset lending is expected to shift from TVL scale to design choices that reduce reliance on volatile collateral and integrate stablecoins and RWAs.
■ Alea Research
“Bitcoin and AI Stocks Are Tied to the Same Trade”…Alea Warns of Joint Drawdowns if Rates Diverge
Alea Research argued that Bitcoin (BTC), AI beneficiary equities, and long-duration assets are bundled into a single trade driven by expectations of lower discount rates and AI capex. U.S. headline PCE rose 3.8% YoY and core PCE increased 3.3%, which does not guarantee a rate path favorable to risk assets. If rates and oil prices deviate from market expectations, correlations between crypto and AI beta assets could rise, amplifying the risk of synchronized pullbacks.
“Why Is Bitcoin Lagging the AI Rally?”…Alea Warns of Concentration Risk in Nasdaq and Crypto
Alea Research noted that technology now accounts for over 39% of the S&P 500, and the top 10 names represent nearly 40% of the index, narrowing the market’s breadth. While Bitcoin (BTC) slipped from around $72,000 to below $65,000, the Nasdaq remained resilient on the back of an AI mega-cap rally. As investors assign a premium primarily to AI earnings and infrastructure beneficiaries, the market’s key risk may be positioning concentration rather than valuation alone.
Hyperliquid’s HIP-4 Shakes Up Prediction Markets…Alea Highlights HYPE’s New Growth Engine
Alea Research assessed that Hyperliquid’s HIP-4 natively lists outcome contracts on its L1 central limit order book (CLOB), reducing the boundary between prediction markets and derivatives. Monthly notional volume in prediction markets has exceeded $30B, and 3.3% of Polymarket users are already Hyperliquid users—accounting for 12% of Polymarket volume, according to the analysis. If fees normalize, annualized revenue contribution could reach roughly $48M, supporting a re-rating of HYPE as integrated trading infrastructure rather than merely an exchange token.
Oil, ETFs, and DeFi Security All Rocked the Market…Alea: What Matters Is Ultimately the “Quality of Buyers”
Alea Research observed that May CPI rose 4.2% YoY and PPI climbed 6.5%, putting oil and inflation back at the center of rate-path uncertainty. Bitcoin (BTC) spot ETFs saw 13 consecutive trading days of outflows before registering only $3.05M in net inflows, while losses tied to a Humanity (H) private-key leak exceeded $32M. In thinner-liquidity conditions, long-term buyer quality and real cash flows—more than simple risk-on sentiment—are likely to drive asset differentiation.