Despite lacklustre price performance in 2025, with total crypto market capitalisation down roughly 13% year-to-date, we’ve seen unprecedented improvements in underlying fundamentals.Founders are thinking long-term, building real infrastructure, and focusing on what actually gets used. That’s usually when things start to stick, and we’re investing in the teams that show up to build with five- to 10-year visions.Taken together, 2026 feels less like hype and more like maturity.When clear rules are set, capital ...

Group 1: Market Growth and Projections - Decentralised finance (DeFi) transaction volume is expected to exceed $3 trillion by next year, with total value locked across blockchain networks projected to reach $500 billion by 2026 [1][2] - Fundraising for DeFi-linked projects is anticipated to rise to $40 billion next year, doubling from approximately $20 billion in 2025, driven by capital injections from token sales and venture capital [2] Group 2: Hybrid Finance and Adoption - A hybrid finance model is expected to emerge, where traditional banks utilize DeFi smart contracts for settlement and yield, with the number of hybrid projects involving major banks projected to at least double by 2026 as regulatory clarity improves [3] - Real-world asset tokenisation is forecasted to grow from $1.1 trillion currently to $2 trillion next year, indicating a convergence of traditional markets with blockchain finance [4] Group 3: Leading Sectors and Market Structure - Key sectors leading the growth in tokenisation include tokenised funds, stocks, real estate, corporate debt, and money market funds, which will bridge traditional finance and DeFi, enhancing liquidity for both institutional and retail participants [5] - By mid-2026, DeFi wallets are expected to reach 12 million, although only 25-35% are projected to be unique active users, indicating a market stabilising in a more data-driven and utility-focused manner [6]

Core Insights - Crypto investors are increasingly turning to tokenised gold as its price surpasses $4,000, marking its best year-to-date performance in over 45 years [1] - The total value of tokenised gold in circulation exceeds $3 billion, with a 53% increase in the number of crypto wallets holding tokenised gold since the beginning of the year [1] - The supply of Tether Gold has increased by 52% and Paxos Gold by 50% since January [2] Market Performance - Gold has surged 54% since the start of the year, outperforming Bitcoin's 31% gain, positioning it for its strongest annual performance since 1979 [3] - The rise in gold prices is attributed to concerns over long-term debt sustainability and the erosion of fiat currencies due to excessive money printing and inflation [3] Investment Trends - Investors are gravitating towards gold and Bitcoin as reliable stores of value amid fears of currency debasement, a trend further fueled by Japan's new Prime Minister advocating for increased public spending and tax cuts [4] - The record rise in gold prices is prompting both traditional and crypto investors to reassess the asset, with tokenised gold gaining traction as a modern investment vehicle [5] Tokenised Gold Advantages - Tokenised gold allows holders to engage in decentralized finance applications on blockchains like Ethereum, transforming gold into an active asset for lending, borrowing, and wealth building without reliance on fiat currency [5][6]

Digital Asset Market Growth - Hong Kong's digital-hub ambitions are being supported by regulatory clarity and new licensing regimes aimed at attracting digital asset investments [1][7][15] - A significant increase in private wealth management firms' allocations to digital assets is expected, rising from 2% to 6-10% over the next five years [2] - Institutional investors are increasingly recognizing cryptocurrencies as a legitimate asset class, with nearly 60% planning to allocate more than 5% of their assets to digital currencies [4] Institutional Participation and Market Dynamics - Greater participation from institutional investors is anticipated to reduce cryptocurrency volatility and enhance market stability [5][20] - The number of public companies investing in Bitcoin has increased by over 135% in the past year, with these companies now holding approximately 4.6% of all Bitcoin [22] - The launch of cryptocurrency ETFs has provided a secure and convenient way for investors to access digital assets, contributing to market liquidity [10][11] Regulatory Developments and Infrastructure - Hong Kong's government is enhancing its regulatory framework to support digital asset products, including stablecoin legislation and licensing for virtual asset exchanges [15][31] - The introduction of a stablecoin ordinance in Hong Kong marks a significant step towards establishing a regulated environment for digital finance [31][32] - The city's infrastructure is being developed to connect custody, stablecoins, and virtual asset licenses, which is expected to drive greater participation in the digital asset market [31] Market Performance and Investor Sentiment - The performance of cryptocurrency ETFs has been strong, with some posting monthly gains exceeding 53% amid rising asset prices [14] - Wealth management firms are responding to client interest in digital assets, with some planning significant allocations to decentralized finance hedge funds [26][29] - There is a shift in investor sentiment from skepticism to a fear of missing out on digital asset opportunities, indicating growing acceptance [29][30]

Core Insights - Mutuum Finance (MUTM) has quickly gained traction in the decentralized finance (DeFi) space, raising over $15.8 million and attracting more than 16,300 holders in a short period [1] - The platform aims to provide a decentralized lending and borrowing solution, allowing users to earn yield on idle crypto or unlock liquidity without losing custody of their assets [2] Company Overview - Mutuum Finance is building a fully decentralized lending-and-borrowing platform, initially launching on Ethereum with plans for expansion to other blockchain networks [2] - The primary asset of the platform is the MUTM token, an ERC-20 token with a fixed supply of 4 billion, with up to 45% available in a multi-phase presale at tiered prices [3] Market Dynamics - The platform features two market designs: Peer-to-Contract (P2C) and Peer-to-Peer (P2P), catering to different user needs [5] - In the P2C model, assets are pooled in a shared smart contract, allowing for near-instant execution and dynamic rate adjustments based on utilization [6] - The P2P model allows for custom loan agreements, where lenders and borrowers negotiate terms, ensuring that each loan is isolated in its own vault [7] Investment Opportunity - The current price of MUTM in Phase 6 is $0.035, with early backers from Phase 1 having seen gains of approximately 250% [4] - The planned listing price for MUTM is set at $0.06, indicating potential for further price appreciation [4]