![[Research Brief] Apr 22 | DeFi Execution Layers and Privacy Infrastructure Rise Amid Buyer Stagnation and Tightening Risks](https://advertise.tokenpost.kr/images/covers/research_en.webp)
This week’s crypto research focused on macro tightening risks and stagnant Bitcoin (BTC) demand, the need for execution layers to drive DeFi mass adoption, and the expansion of real-world assets (RWA), stablecoins, and privacy computing infrastructure. Kaiko Research and Crypto.com assessed that the interest-rate path and ETF fund flows are limiting market momentum. Additional coverage included Tiger Research’s analysis of DeFi user experience, and Messari Research’s evaluations of the XRP Ledger (XRPL) and Octra’s privacy infrastructure.
■ Kaiko Research
Bitcoin: Not the End With a Rate Hold? Kaiko Research Warns of Further Fed Tightening Risk
Kaiko Research analyzed that as U.S. inflation rebounded to 3.8% and a Kevin Warsh-led Federal Reserve (Fed) took shape, Bitcoin (BTC) has again become highly sensitive to shifts in the rate outlook. According to the report, following the Warsh nomination announcement and the decision to halt rate cuts, Bitcoin fell 18%, Ethereum (ETH) about 27%, and Ripple (XRP) about 21%. Bitcoin perpetual futures open interest also declined 32%, from roughly $23 billion to $16 billion. If upcoming CPI and labor data increase the likelihood of further tightening, crypto markets may face renewed pressure from shrinking liquidity.
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■ Crypto.com
“Why Isn’t Bitcoin Rising?” Crypto.com Says Buyer Stagnation Persists Despite Record Long-Term Holdings
Crypto.com noted that long-term holder supply of Bitcoin (BTC) has surpassed 15.8 million BTC, reaching an all-time high, but said this reflects subdued trading driven by a lack of new demand rather than aggressive accumulation. Over the week, U.S. spot Bitcoin ETFs saw net outflows of about $1.4 billion, while spot Ethereum (ETH) ETFs lost $241 million, with both assets falling 4.4% and 4.5%, respectively. With supply contraction alone unlikely to spark a strong rebound, the near-term recovery will hinge on renewed ETF inflows and the return of incremental buyers.
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■ Tiger Research
Is the Key to DeFi Mass Adoption in the Execution Layer? Tiger Research Analyzes Growth Conditions for defi.app
Tiger Research argued that while DeFi has built core infrastructure—swaps, lending, yield products, and derivatives—it still lacks consumer apps and an execution layer that can retain mainstream users. Since launching in February 2025, defi.app has recorded $44 billion in cumulative trading volume and 1.06 million total sign-ups, with daily active users up about 3,000% from early levels. As gas abstraction and chain abstraction have demonstrated onboarding impact, the platform’s success may depend on repeat-use products like Rocket Perps and on ensuring transparency through on-chain buybacks.
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■ Messari Research
XRP Holds No. 4 Market Cap… Messari Says RLUSD, RWA, and ETFs Are Driving Institutional Expansion on XRPL
Messari Research reported that XRP maintained its position as the No. 4 cryptoasset excluding stablecoins, with a market cap of $82.21 billion at the end of Q1 2026, and that institutional usage of the XRP Ledger (XRPL) is expanding. Average daily transactions on XRPL rose to 2.48 million, up 35.3% quarter over quarter. RLUSD market cap increased 44.9% to $340.30 million, while real-world asset (RWA) market cap climbed 124.1% to $2.25 billion. With the convergence of spot XRP ETFs and compliance-oriented DeFi features, XRPL may be increasingly re-rated from a payments network to an institutional tokenization infrastructure.
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“More Than a Privacy Coin?” Messari Highlights Octra’s FHE Blockchain Experiment
Messari Research assessed Octra as a Layer 1 blockchain built on fully homomorphic encryption (FHE), aiming to go beyond private transfers by enabling computation and application execution directly on encrypted data. The report noted that total private value (TPV) across major privacy protocols rose 34% over the past year, from $8.31 billion to $11.17 billion, while Octra (OCT), with a total supply of 1 billion tokens, is up roughly 450% from its launch reference price. If FHE-based on-chain AI inference and private DeFi secure real demand, privacy could evolve from an optional feature into foundational infrastructure for blockchain applications.