![[Research Brief] Apr 22 | Bitcoin Range-Bound as Institutional Flows and Real-World Assets Expand…Stablecoin Payments and Security Risks Come into Focus](https://advertise.tokenpost.kr/images/covers/research_en.webp)
This week’s crypto research covered three major themes: a reshaping of institutional supply and demand, accelerating adoption of real-world assets (RWA) and stablecoin payments, and evolving security and market-structure dynamics. Crypto.com and Alea Research highlighted growth drivers including expanding RWA total value locked (TVL) in DeFi and the rise of tokenized credit products. Additional perspectives included CertiK’s assessment of physical security threats, Tiger Research’s analysis of capital outflows from Korea to overseas markets, and Kaiko Research’s view that the altcoin market is entering a more selective phase.
■ CertiK
[CertiK Intel3D: H1 2026 Wrench Attack Report]
CertiK reported 52 verified wrench attacks in the first half of 2026, up 33.3% year over year. Confirmed losses and ransom demands totaled roughly $124.1 million, far exceeding the approximately $10.5 million recorded in the first half of 2025. This suggests physical threats are becoming a tangible security risk not only for high-net-worth holders but also for everyday crypto users.
■ CoinFeed
[Despite BTC Reclaiming $65,000, Upbit Liquidity Drought Persists; Strategy’s Potential $5B Selling Capacity Highlighted]
CoinFeed noted that while Bitcoin (BTC) rebounded to $65,224, a continued slump in trading value on Upbit—Korea’s largest exchange—signals an ongoing liquidity drought. It also pointed to Strategy’s potential additional selling capacity of up to $5 billion as a factor capping upside. With price rebounds occurring on weak trading foundations, the near-term market may continue searching for direction between technical resistance and the risk of corporate selling.
[Leveraged Liquidations and a Second Straight Week of Strategy Selling…BTC Breaks Below $64K, Total Market Cap at $2.19T]
CoinFeed reported that Bitcoin slipped below $64,000 as leveraged liquidations coincided with corporate sale disclosures. Strategy sold 1,690 BTC (about $109 million) from the 3rd to the 9th; its cumulative 2026 sales reached 6,948 BTC. If the narrative of continuous corporate accumulation weakens, a recovery in market sentiment may take more time.
[Companies Sold While Whales Bought…BTC Battles at $64K as ETFs See $144M Outflow]
CoinFeed found that wallets holding more than 10,000 BTC net-bought 46,420 BTC over the past 60 days, while U.S. spot Bitcoin ETFs recorded a one-day outflow of $144.67 million. With trading volume down roughly 45%, the market showed a mixed picture of whale accumulation alongside institutional outflows. If risk-off sentiment persists ahead of geopolitical uncertainty and U.S. CPI releases, the standoff near $64,000 could continue.
[BTC Unmoved Even as CPI Meets Expectations…Nasdaq Rises While Bitcoin Holds Around $63K]
CoinFeed noted that although the U.S. July CPI came in at 3.4% year over year—matching expectations—Bitcoin rose only about 0.3% immediately after the release. During the same period, the Nasdaq advanced 0.54%, highlighting increasing decoupling between equities and crypto. With disinflation expectations largely priced in, Bitcoin appears to lack fresh catalysts for new buying.
[PPI Cools to 4.7% but BTC Stays Around $63K; 1.79M BTC Supply Wall as UBS Boosts IBIT by 230%]
CoinFeed observed that Bitcoin remained in the $63,000 range despite U.S. PPI cooling to 4.7%. Meanwhile, UBS increased its iShares Bitcoin Trust (IBIT) holdings by 230% in six months, even as a sizable sell wall of 1.79 million BTC was cited in the market. With retail investors still cautious, attention is on whether expanding institutional positioning can provide medium- to long-term downside support.
■ a16z crypto research
[Five Charts Showing How Crypto Cards Are Driving Stablecoin Payments]
a16z crypto research reported that monthly payment volume on crypto cards now exceeds $750 million, helping push real-world stablecoin usage. Users can fund cards with stablecoins without a traditional bank account, including via self-custody setups. Because stablecoins are converted into local currency at the point of sale, merchant acceptance improves—potentially accelerating mainstream adoption of crypto payments.
■ Alea Research
[Re Protocol]
Alea Research explained that Re Protocol connects reinsurance to on-chain real-world assets (RWA), combining stablecoin capital with regulated reinsurance collateral. The protocol’s active market value has grown to about $413 million, and deposits have expanded roughly 14x since September 2025. Through reUSD and reUSDe, its risk-segmentation design could provide a pathway to extend insurance underwriting yields into DeFi collateral and lending markets.
[Axil Prime Credit 3M]
Alea Research evaluated Axil Prime Credit 3M as a permissionless tokenized credit product with a three-month maturity. Eligible investors deposit USD Coin (USDC) and receive APC3M, an on-chain receipt token representing vault shares. While tokenizing private credit broadens the universe of on-chain yield products, managing risks tied to underlying credit exposure and limited disclosures remains a key challenge.
■ Crypto.com
[RWA TVL Hits Record $3.9B…A Crypto Market on the Cusp—Who’s Next?]
Crypto.com reported that DeFi real-world asset (RWA) TVL reached an all-time high of $3.9 billion. Over the past week, U.S. spot Bitcoin ETFs saw net inflows of $865 million, while spot Ethereum ETFs drew $244 million. If risk appetite continues to recover alongside institutional inflows, RWAs and major ETF products could become the core drivers of the next phase of market expansion.
■ Tiger Research
[₩700 Trillion Moved Overseas: Korea’s Missed Digital Asset Market Opportunity]
Tiger Research, working with Chainalysis, analyzed about 120,000 wallets believed to belong to Korean investors and estimated that roughly ₩700 trillion left domestic exchanges between 2021 and 2026. As Korea’s market remained concentrated on spot trading, demand for derivatives, payments, and on-chain services migrated to overseas exchanges and blockchain networks. If domestic institutional infrastructure fails to absorb this demand, the overseas transfer of capital and data could become a structural, entrenched issue.
■ Kaiko Research
[Altcoin Market Shifts to a Stock-Picking Regime]
Kaiko Research argued that in 2026 the altcoin market has entered a more selective phase, characterized by declining volumes, shrinking market caps, and larger drawdowns in major assets. Since January 1, Solana (SOL) is down about 40% and Ripple (XRP) about 45%, showing high correlation with Bitcoin’s weakness. Only tokens with clear use cases, sufficient liquidity, and differentiated investment narratives are likely to attract sustained inflows going forward.