On-Chain Signals That Will Define Crypto Markets in 2026

Core Insights - In 2025, the crypto market transitioned into a data-defined era, with significant shifts in trading volumes and the emergence of new metrics to gauge market direction [1][2] Group 1: Market Trends - Centralized exchange (CEX) spot volumes decreased by 27.7%, while decentralized exchange (DEX) activity increased by 25.3% [1] - The number of crypto millionaires worldwide surpassed 240,000, indicating a growing wealth concentration in the crypto space [1] Group 2: Stablecoins - The total supply of stablecoins grew from approximately $200 billion to $305 billion in 2025, highlighting a shift towards deeper on-chain utility [3] - A Dune–Artemis report noted that total stablecoin supply rose 63% to $225 billion by February, processing $35 trillion in transfers [4] - USDC supply doubled to $56 billion, while USDT maintained $146 billion, and Ethena's USDe increased to $6.2 billion, reflecting a preference for yield-backed tokens [4][6] - Analysts recommend monitoring stablecoin velocity as a key metric for 2026, distinguishing between active usage and hoarding behavior [6] Group 3: Tokenized Real-World Assets (RWAs) - Tokenized RWAs saw a 224% increase year-to-date, driven by demand for US Treasuries and bonds [7] - BlackRock's BUIDL reached $2.2 billion, and private credit rose by 61% to $15.9 billion, indicating strong institutional interest in tokenized assets [7]