![[Research Brief] Apr 22 | DeFi Regulation and AI Agent Payments Rise…Market Restructuring Accelerates Amid Macro Uncertainty](https://advertise.tokenpost.kr/images/covers/research_en.webp)
This week’s digital-asset research focused on DeFi regulation and the institutionalization of real-world assets (RWA), payment infrastructure for artificial intelligence (AI) agents, and macro uncertainty alongside exchange-sector restructuring. Tiger Research and CoinFeed assessed that U.S. regulation and the Federal Reserve (Fed)’s stance are constraining market risk appetite. Additional analysis covered tokenized stocks, on-chain finance, cash-flow-based valuation approaches, and more.
■ Tiger Research
The era of AI agents making payments is coming…Tiger Research highlights wallet providers’ land-grab
Tiger Research argues that crypto wallets are emerging as core payment infrastructure in an environment where AI agents execute thousands of micro-payments as small as $0.001 or $0.00001. Under an aggressive scenario based on Coinbase’s 9.2 million monthly transacting users (MTU), it estimates potential incremental annual revenue of $50.37 billion. This suggests that, in an agent-driven economy, wallet providers can capture payment flows and data sovereignty.
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“DeFi regulation targets discretion, not code”…Tiger Research on the impact of the SEC statement
Tiger Research notes that the SEC is viewing curators—who exercise discretionary allocation decisions in on-chain vaults and lending strategies—rather than the code itself, as potential regulatory targets. If the Howey Test applies, roughly $25.9 billion in the on-chain asset-management market could fall within the scope of impact, and the Morpho token briefly dropped by about 5% following the statement. This indicates that DeFi competitiveness is shifting from pure technology to disclosure, accountability, and regulatory readiness.
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■ Crypto.com
Bitcoin selling, tighter regulation, and expanding real-world usage by Samsung and KB…Crypto.com sees mainstreaming accelerating
Crypto.com observes simultaneous developments including corporate treasury adjustments in Bitcoin (BTC), intensifying U.S. regulation, and expanding real-world adoption led by Samsung Electronics and KB Kookmin Bank. Strategy has sold roughly 3,620 BTC since June, yet total BTC holdings by corporations and institutions worldwide reached 1.26 million—exceeding 6% of total supply. This suggests that despite price pullbacks, institutional integration and payment-infrastructure adoption remain key medium-to-long-term growth drivers.
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■ CoinFeed
Bitcoin gives up $65,000…CoinFeed warns of ETF outflows ahead of FOMC and PCE
CoinFeed reports that Bitcoin fell 2.40% over 24 hours to $63,791, slipping below $65,000. U.S. spot Bitcoin ETFs saw net outflows of $465 million over two days, with BlackRock’s IBIT accounting for $415 million of the total. This suggests upcoming Federal Open Market Committee (FOMC) and Personal Consumption Expenditures (PCE) inflation data could strongly influence near-term direction.
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Bitcoin and Ethereum plunge despite a rate hold…CoinFeed warns of a “hawkish FOMC” and overheated leverage
CoinFeed notes that while the Fed held rates at 3.50%–3.75%, three dissenting votes all favored a hike, leading markets to interpret the decision as a hawkish hold. Bitcoin open interest, measured by 30-day change, reached about 750,000 contracts—its highest level in the past two months—while aggregate leverage was estimated at $47.9 billion. This implies that, more than the hold itself, derivatives overheating and renewed tightening concerns are amplifying volatility.
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Bitcoin holds $64,000 despite stacked headwinds…CoinFeed cites ETF slowdown, weak earnings, and legislative risk
CoinFeed says Bitcoin held the $64,000 level, rising from $63,959 to $64,806 despite a hawkish Fed, Middle East risks, and weak corporate earnings. However, July net inflows into spot Bitcoin ETFs slowed to $205 million, and Strategy posted a $8.22 billion net loss in Q2. This indicates that even with a short-term rebound, the market remains in a test phase that requires confirmation across institutional flows, corporate results, and legislative variables.
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■ Alea Research
Can AI agents become a core layer of the digital economy? Alea Research highlights the next growth axis
Alea Research defines AI agents as intelligent software that perceives external environments and acts autonomously to achieve goals. The report projects the AI agent market will expand from $5.1 billion in 2024 to $47.1 billion in 2030, implying a 44.8% CAGR. This suggests that an execution layer combining crypto and AI could become a major growth driver in the next digital economy.
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Growth alone isn’t enough…Alea Research explains why markets are betting on “cash-convertible growth”
Alea Research notes that with the S&P 500 down 0.6% and the Nasdaq down 2.1% on the week, markets are increasingly prioritizing the ability to convert growth into cash and the cost of financing over headline growth rates. Spot Bitcoin ETFs saw $999.3 million of inflows over seven trading days, followed by $465.2 million of outflows in just two days. This suggests crypto markets, too, are moving beyond narrative-driven rallies and demanding proof of flows, real profitability, and exit liquidity.
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■ Exilist
“Beyond wallets to on-chain finance”…Exilist spotlights MEW’s tokenized-stock expansion strategy
Exilist analyzes how MyEtherWallet (MEW)—which began in 2015 as an early Ethereum (ETH) wallet interface—has expanded into an asset-management interface supporting tokenized stocks and on-chain finance. After launching the multi-chain browser wallet Enkrypt in early 2022, MEW broadened functionality to include Bitcoin (BTC), Solana (SOL), real-world assets (RWA), and perpetual futures. This indicates wallets are evolving from simple custody tools into integrated interfaces bridging traditional and blockchain-based finance.
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■ Kaiko Research
Are exchange shutdowns only the beginning? Kaiko Research diagnoses “consolidation” in crypto exchanges
Kaiko Research argues that closures involving BitMEX, Bit.com, and BitMart are signals of restructuring across the crypto exchange industry. Among 44 exchanges in Kaiko’s rankings, the top six platforms account for over 60% of trading volume by trading pairs, with Binance alone at roughly 37% share. This suggests the exchange market may reorganize around a small number of large platforms with scale, liquidity, trust, and regulatory capabilities.