In 2025, decentralized physical infrastructure networks (DePIN) reached an estimated $10 billion market capitalization while generating $72 million in on-chain revenue, according to Messari's State of DePIN 2025 report. Despite this measurable growth and roughly $1 billion in private funding for early-stage startups, many leading DePIN tokens traded at significantly lower revenue multiples than during the 2021 cycle. The report notes that some networks continued to grow usage-based revenue even as token prices fell across much of the sector.

U.S. spot Bitcoin ETFs were approved in January 2024, and since then Bitcoin hasn't tested Binance's $62,000 Reserve Realized Price. On January 28, 2026, CryptoQuant warned that fading retail participation and tighter liquidity could threaten the near-term market structure as BTC approaches that key on-chain level.

Artemis's January 15, 2026 report finds crypto cards processing >$1.5 billion per month, translating to an annualized $18 billion market. The sector grew from ~$100 million monthly in early 2023, with Visa accounting for over 90% of on-chain volume and data tracked through August 2025.

Bitwise's CLNK spot ETF launched on NYSE Arca on January 14 with about $2.59 million in first‑day inflows, while on‑chain whales moved LINK off exchanges. Despite accumulation, LINK eased from $14.36 to $13.90 on January 15, hovering below $14 as technicians watched $13.0–$13.2 support and the $14.20 pivot.

Analysts @TheRealPlanC and @TechDev_52 argue Bitcoin's bull phase is tracking prior cycles but is 12–18 months delayed. A business-cycle momentum signal flipped in October 2025, a setup last seen before rallies in 2016 and 2020, pointing to a potential cycle peak in 2026–2027.

U.S. spot Bitcoin ETFs logged $457 million in net inflows in one day, with Fidelity and BlackRock products driving most of the demand as total ETF assets climbed above $112 billion. At the same time, options data shows implied volatility around 44% and persistent put skew ahead of Bitcoin's largest-ever options expiry, signaling traders are hedging for downside and more contained near-term price swings.

Blockchain gaming's pledge of "true ownership" has largely failed to materialize as game shutdowns expose regulatory gaps. Magnus Söderberg, CEO of Triolith Games, warns that Web3 studios face steep compliance costs when in-game assets become tradeable for fiat currency. This triggers financial service regulations that many developers cannot afford, forcing platforms to choose between multi-million dollar compliance infrastructure or unregulated operations that carry significant legal risks.

Ethereum exchange-traded funds attracted $8.68 billion in net inflows during the third quarter of 2025, exceeding Bitcoin ETF inflows of $7.53 billion, according to Messari. Total Ethereum ETF assets under management reached $27.43 billion, marking a 170% quarter-over-quarter increase. ETH price gained 77% in the same period.