![[Research Brief] Apr 22 | Institutional Capital Returns as Regulatory Reshaping Accelerates… Web3 Security and Stablecoin Structural Shifts Come to the Fore](https://advertise.tokenpost.kr/images/covers/research_en.jpg)
■ Tiger Research
“People get breached, not code”—Tiger Research highlights social engineering as the key Web3 hacking risk
Tiger Research reported that 12 Web3 hacks were recorded in April 2026 alone, and that 74.7% of total losses in Q1 stemmed from social engineering. As the average recovery rate for funds lost to DeFi hacks since 2020 has remained below 10%, the report underscored that only players with robust response capabilities—such as the $1.5B Bybit case—have been able to survive. The implication is that for Web3 to expand into its next phase, it must pair technological advancement with incident-response structures and investor protection mechanisms.
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Will Bitcoin rise again after the pullback?—Tiger Research sets a 12-month target of $143,000
Tiger Research set a 12-month BTC target price of $143,000, citing global money supply (M2) hitting a record $134.4T and spot Bitcoin ETF flows turning back to net inflows. Near-term headwinds remain, including the gap between the current price ($70,500) and the long-term holder average entry price ($78,000), and a 74% decline in Bitcoin Layer 2 total value locked (TVL). Still, as on-chain indicators have moved out of the undervalued zone and into an early-equilibrium range, the recent correction may be part of a repricing phase rather than a bear-market signal.
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■ Kaiko Research
KRW trading accounts for 30% of global spot crypto—Kaiko Research: “Korea is the world’s No. 2 crypto hub”
Kaiko Research estimated that KRW-based trading accounts for 30% of global spot crypto volume, with Upbit (50.59%) and Bithumb (40.57%) controlling most of the market. Since 2024, weekly average trading volume across Korean exchanges has been $26.22B, with altcoins making up 85% of the total; however, market depth was relatively thin at $2.0M–$2.5M, shallower than Japan’s. The findings suggest Korea has grown into the world’s second-largest spot hub, but that improving liquidity quality and risk-management systems will be crucial for long-term sustainability.
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USD/USDC order book consolidation gathered liquidity—but stablecoin dominance increased further: Kaiko Research
Kaiko Research noted that, following USD/USDC order book consolidation at Coinbase, OKX, and Gemini, there was no sharp drop in trading volume; meanwhile, the share of dollar-backed stablecoins across the overall market rose from 79.04% (Jan 2021) to 86.51% (Mar 2026). While the consolidation improved liquidity efficiency at the individual-exchange level, it strengthened stablecoin dominance at the market level—particularly around USDT (Tether) and PYUSD (PayPal USD). The report argues this signals that in crypto markets the meaning of “dollars” is being redefined beyond fiat into stablecoin-based synthetic liquidity.
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■ Alea Research
Can Jumper become a multichain gateway beyond bridging?—Alea Research highlights the evolution of an “intent layer”
Alea Research assessed that Jumper is evolving beyond a simple bridge into an intent-based multichain gateway where swaps, deposits, yield strategies, and governance can be handled from a single interface. However, it cautioned that the cross-chain market is highly fee-competitive, and that backend bridge costs and tokenomics alignment still need validation—meaning platform value is not guaranteed automatically. Ultimately, Jumper’s competitiveness will likely be proven by whether it can drive repeat usage through user experience and expand its partner network.
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“Short squeezes remain, DAO premium is gone”—Alea Research on the reshaping of crypto and AI markets
Alea Research argued that while BTC reclaimed $70,000 after a two-week U.S.–Iran ceasefire, the bounce looks more like a short squeeze than structural strength given March U.S. CPI at 3.3% and lingering Hormuz Strait geopolitical risk. It also observed that many token-sale assets (e.g., FRAG, ALMANAK) fell 97–98%, and that as DAO-centric narratives have been discounted, the market’s valuation framework is shifting from governance toward control rights and cash flows. Combined with tighter access controls on AI models, the report expects future market premiums to concentrate in assets with clearer, more enforceable value accrual.
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■ Crypto.com
“Futures cooled while ETFs drew inflows”—Crypto.com on diverging Bitcoin sentiment
Crypto.com Research found that Bitcoin futures’ 7-day average funding rate fell to -0.008%, the lowest level since 2023, while spot Bitcoin ETFs recorded $997M in net inflows last week and spot Ethereum ETFs saw $276M in net inflows. Although March U.S. PPI rose by just 0.5%, easing inflation concerns somewhat, derivatives-market sentiment remained cautious. This divergence suggests a widening gap between short-term traders and long-term institutional investors, with the market sitting on a foundation of cautious optimism.
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■ MEXC Ventures
Tether adds 951 BTC—MEXC Ventures: “Strengthening an always-on accumulation treasury strategy”
MEXC Ventures reported that Tether purchased an additional 951 BTC (about $70M), bringing total holdings to 97,141 BTC. Tether has maintained a policy since 2023 of allocating up to 15% of realized operating profits to Bitcoin and is reinforcing its always-on accumulation approach backed by over $10B in net profit in 2025 and excess reserves above $6.3B. The report frames this as a representative case of a stablecoin issuer using core-business cash flow to add BTC as a long-term treasury asset—signaling increased structural buy-side pressure.
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DeFi regulation must be rules, not interpretations—MEXC Ventures spotlights joint industry pressure on the SEC
MEXC Ventures noted that more than 30 organizations, including the DeFi Education Fund, submitted a joint letter to the U.S. SEC calling for broker rules that affect non-custodial tools and blockchain infrastructure participants to be codified as formal rulemaking. The industry argued that interpretation-driven guidance lacks legal certainty and can swing with changes in administration. This indicates the DeFi sector has entered a phase where regulatory clarity must be secured at the institutional level to balance innovation with investor protection.
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■ Exilist
With rate-cut expectations fading, Bitcoin, tokenization, and stablecoins move into the mainstream—Exilist on financial-infrastructure reshaping
Exilist observed that as the IMF projected global growth of 3.1% and inflation of 4.4% under an assumption of a 19% rise in energy prices in 2026, central banks’ room to ease is narrowing; yet institutional adoption of BTC, tokenization, and stablecoins is accelerating. U.S. spot Bitcoin ETFs recorded $1.1145B in inflows over four trading days, and Hong Kong approved secondary trading for tokenized funds, intensifying competition around distribution infrastructure. This suggests that even amid macro uncertainty, digital assets are being reconfigured from peripheral speculative instruments into components of financial infrastructure.