Crypto Research
Free, evergreen analysis of the crypto market — where the momentum is, which sectors are expanding, and where capital is rotating. Educational, not financial advice.
Research
State of the Market
as of 2026-09-07Institutional narratives (RWA, L1) led 2025 while AI, memes and DePIN unwound. Capital is concentrating (BTC dominance ~57%, total mcap −47% off ATH). Live rotations with positive 3-month acceleration: on-chain perps, privacy/ZK, and RWA. The most asymmetric niches are small: yield-bearing stables (~$4.6B), private credit (~$3.2B), BTC-LST (~$1.5B).
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