![[Research Brief] Apr 22 | ETF Flow Reshuffle and the Race for On-Chain Infrastructure… Stablecoins and AI Payments Emerge as the Next Frontier](https://advertise.tokenpost.kr/images/covers/research_en.webp)
This week’s crypto research focused on institutional ETF reallocation, risk-asset volatility driven by macro and regulatory variables, and the rise of on-chain infrastructure centered on stablecoins, real-world assets (RWA), and AI-based payments. CoinFeed and Crypto.com interpreted the flow rotation from Bitcoin (BTC) toward Ethereum (ETH) and select altcoins as a signal of differentiated demand. Additional angles included a reshaping of Solana’s (SOL) staking economics, competition in perpetual futures distribution, and regulatory blind spots around prediction markets.
■ CoinFeed
After Bitcoin, is Ethereum and Cardano next? CoinFeed flags the start of an altcoin rotation
CoinFeed noted that after easing Middle East tensions, Bitcoin (BTC) rose 1.37% while Ethereum (ETH) gained 2.59% and Cardano (ADA) surged 8.64%, highlighting clear performance dispersion by asset. In July, U.S. spot Ethereum ETFs saw inflows of $365.17 million—more than double the inflows into Bitcoin ETFs over the same period. The broadening of institutional allocations into ETH and altcoins suggests a potential transition from a single-leader BTC market to a selective rotation regime.
Read the research | Read the article
Stocks rallied—so why did Bitcoin stall? CoinFeed points to ETF outflows and the yen carry trade
CoinFeed attributed Bitcoin’s (BTC) stagnation around the $62,000 level—even as the Nasdaq rose 1.77%—to a deterioration in spot ETF flows. Bitcoin ETFs flipped from a $233.10 million net inflow to a $265.40 million net outflow in a single day, a total swing of $498.50 million. With equities alone proving insufficient to lift BTC, near-term price action is likely to remain sensitive to ETF flows and concerns over potential yen carry trade unwinds.
Read the research | Read the article
Bitcoin rose despite a Coldcard hack—CoinFeed says it was an external-liquidity-linked relief rally, not a trend reversal
CoinFeed said that although over $100 million worth of Bitcoin (BTC) was stolen in a Coldcard hardware wallet hack, BTC’s rebound to $64,214 was largely driven by strength in U.S. equities. At the time, the correlation between BTC and the S&P 500 reached 89%, while the Fear & Greed Index remained at 25—deep in “extreme fear.” The move appears more consistent with a relief rally dependent on external liquidity than with a meaningful internal demand shift, warranting caution in calling a trend change.
Read the research | Read the article
Bitcoin plunges to $62.14K on Trump’s proposed 100% semiconductor tariff; $500M liquidated in a day
CoinFeed reported that Bitcoin (BTC) fell to $62,140 following President Trump’s proposal of a 100% tariff on semiconductors and a plan to raise tariffs on India to 50%. Roughly $500 million in leveraged positions were liquidated over 24 hours, and the Fear & Greed Index dropped to 23. Macro policy variables such as tariffs and interest rates are expected to remain key constraints on risk appetite in crypto markets.
Read the research | Read the article
■ Crypto.com
Bitcoin difficulty down 15% and ETF flows diverge—Crypto.com says regulation and real-world usage will decide the market’s path
Crypto.com noted that Bitcoin (BTC) mining difficulty fell to 126.23T, down 15% from its year-to-date peak, while U.S. spot Bitcoin ETFs recorded $62 million in net outflows. By contrast, spot Ethereum (ETH) ETFs saw $10 million in net inflows, and July DEX spot volume reached 24% of CEX spot volume—the highest level since 2019. As weaker mining economics intersects with deeper institutional adoption, market direction may increasingly hinge on regulatory clarity and the pace of real-world usage expansion.
Read the research | Read the article
■ Messari Research
Solana staking shifts from issuance rewards to fee competition—Messari diagnoses delegation-market restructuring
Messari reported that with roughly 68% of all Solana (SOL) staked, validator revenue is shifting from issuance rewards toward priority fees. Over the past 30 days, priority fees accounted for 73% of validator-operator revenue, while issuance-related fees made up 25%. Going forward, staker yields are likely to diverge less by simple participation rates and more by validator selection and fee-sharing structures.
Read the research | Read the article
■ Alea Research
Will Robinhood scale U.S. perpetuals via Lighter? Alea on winning on-chain retail distribution
Alea Research analyzed that Robinhood, via Lighter (LIT), is seeking to connect $377 billion in assets and 27.7 million accounts to the on-chain perpetual futures market. Lighter posted roughly $40 billion in volume over the past 30 days, representing about 7% of DEX perpetuals volume, and LIT has rebounded about 170% from its April low. CFTC licensing outcomes and user retention after fee-subsidy programs end are expected to be key determinants of Robinhood’s on-chain strategy.
Read the research | Read the article
AI investing shifts from growth to cash realization—Alea says Bitcoin and Ethereum face the same test
Alea Research argued that the AI investment cycle is moving from growth expectations to a phase that tests fundraising capacity and cash realization. Major AI-related firms issued $182 billion of investment-grade bonds in the first half alone, and 2026 capex for Alphabet, Amazon, Meta, and Microsoft is estimated to approach $700 billion. Risk assets—including Bitcoin (BTC) and Ethereum (ETH)—may increasingly be judged by cash flows and balance-sheet resilience rather than by growth narratives.
Read the research | Read the article
■ Tiger Research
How will blockchain become everyday life by 2036? Tiger Research looks ahead to money, assets, and AI-agent payments
Tiger Research identified stablecoins, real-world asset tokenization (RWA), chain unification, and AI-agent payments as key transformations for the blockchain industry by 2036. As of May 2026, stablecoin market cap stood at roughly $320 billion and annual transaction volume at $28 trillion, but the share used for actual payments remained below 6%. Over the next decade, winners are more likely to be determined not by technology alone but by projects that secure distribution at the intersections of money, markets, infrastructure, and content.
Read the research | Read the article
Asia’s prediction-market regulatory analysis: leaving KRW 60 billion on the table
Tiger Research argued that Asian regulators are missing an opportunity to capture roughly KRW 60 billion in new market activity and tax revenue due to the lack of a clear classification framework for prediction markets. While the U.S. and the U.K. provide operator guidance through derivatives regulation and betting law respectively, Asia still lacks consensus on whether to treat prediction markets as financial products, gambling, or a third category. Since it is difficult to fully block user access, regulatory inaction could widen consumer-protection gaps and weaken regional competitiveness.
Read the research | Read the article
■ Kaiko Research
Coinbase struggles to break free from crypto beta
Kaiko Research found that in 2026, crypto-linked equities such as Coinbase (COIN) and Circle (CRCL) tracked Bitcoin (BTC) more tightly even as U.S. equities rallied. Gemini (GEMI) fell about 60%, Bullish (BLSH) about 40%, and Coinbase (COIN) about 36%, confirming broad weakness across exchange-related stocks. To move beyond pure market beta, exchange operators may need to strengthen liquidity, diversify revenue streams, and bolster institutional service competitiveness.