Core Insights - The Schwab report categorizes the crypto market into three sectors, highlighting that most value is concentrated in foundational blockchains like Bitcoin and Ethereum [1][2] Group 1: Market Structure - The crypto market is divided into three layers: foundational networks (Bitcoin and Ethereum), infrastructure (software connecting blockchains), and products (exchanges and lending platforms) [2][3][4] - Foundational networks account for nearly 80% of the total crypto market cap, which is $3.2 trillion as of the end of 2025 [2] - Infrastructure software faces challenges due to low user interaction and ease of switching to competitors, impacting their business models [3] Group 2: Product Dynamics - Products in the crypto space, such as exchanges and lending platforms, have more loyal users and higher switching costs, making them more likely to become industry standards [4] - Examples of successful products include Aave for crypto lending and Lido for staking, although specific investment recommendations are not provided [4] Group 3: Comparative Analysis - The report draws parallels between the crypto market and the traditional software industry, likening foundational networks to cloud computing platforms like AWS and Microsoft Azure [5] - Products are compared to user-interactive software like Salesforce or Netflix, while infrastructure software is seen as less capable of commanding loyalty and pricing power [6] Group 4: Investment Framework - Schwab introduces a framework for evaluating cryptocurrencies based on four criteria: network effects, market share, scalability, and tokenomics [7] - Ethereum is highlighted as a case study, leading the smart contract sector with over 10 times the market share of its closest competitor, but facing concerns over transaction speeds and ownership concentration [8]

Group 1 - A significant surge of capital into digital asset investment products occurred last week, with inflows totaling $2.17 billion, marking the highest weekly total since October 2025 [1] - U.S. spot Bitcoin exchange-traded funds (ETFs) contributed the most to the inflows, with a net flow of approximately $1.42 billion, led by BlackRock's IBIT with $1.03 billion [2] - Bitcoin dominated the inflows with $1.55 billion, while Ethereum and Solana also saw inflows of $496 million and $45.5 million, respectively [3] Group 2 - The current market environment is influenced by macro factors and global tensions, which have a short-term impact on the crypto market, despite recent inflows [4] - Bitcoin's recent price drop has potential for recovery, with a prediction market indicating an 83.7% chance of Bitcoin reaching the $100,000 level [5]

Core Insights - Digital asset investment products experienced $2.17 billion in net inflows last week, marking the strongest weekly performance since October 2025 [1] Inflows by Asset - Bitcoin led the inflows with $1.55 billion, followed by Ether with $496 million and Solana with $45.5 million, indicating a broad interest in major tokens beyond Bitcoin [2] Outflows and Market Sentiment - On Friday, the market saw a reversal with $378 million in outflows due to geopolitical tensions and tariff threats, particularly related to Greenland, alongside policy uncertainty regarding the U.S. Federal Reserve [3] Regional Inflows - The U.S. was the primary contributor, accounting for $2.05 billion of the inflows, while Germany, Switzerland, Canada, and the Netherlands recorded positive inflows of $63.9 million, $41.6 million, $12.3 million, and $6 million respectively [4] Blockchain Equities - Outside of token funds, blockchain equities attracted $72.6 million, suggesting that investors are still interested in crypto exposure through public-market proxies despite the return of headline risks [5]

Core Insights - Digital asset investment products experienced inflows of $2.17 billion last week, marking the strongest weekly inflows since October 2025 [1] - Despite geopolitical tensions and uncertainty in US monetary policy, the inflows indicate a resilient interest in digital assets [1][2] Inflows and Market Dynamics - Inflows were concentrated earlier in the week, with a reversal on Friday resulting in $378 million in outflows due to diplomatic escalations and trade policy concerns [2] - Bitcoin attracted $1.55 billion in inflows, reinforcing its position as the primary institutional gateway into digital assets [3] - Ethereum and Solana also showed resilience, with inflows of $496 million and $45.5 million respectively, despite potential regulatory challenges [4] Altcoin Performance - A variety of altcoins saw positive inflows, indicating an improving risk appetite, with XRP leading at $69.5 million [5] - Investors are selectively re-engaging with altcoins, favoring those with established liquidity and clear narratives [6] Regional Trends - The US led regional inflows with $2.05 billion, followed by Germany ($63.9 million), Switzerland ($41.6 million), Canada ($12.3 million), and the Netherlands ($6.0 million) [7] - Blockchain equities attracted $72.6 million in inflows, reflecting sustained investor interest in companies linked to blockchain infrastructure and services [8]

Core Insights - Cryptocurrency is rapidly evolving, with 2026 expected to be a pivotal year due to increased institutional adoption, regulatory clarity, and the rise of decentralized finance (DeFi) [1] Group 1: Passive Income Strategies - There are multiple ways to generate passive income with cryptocurrency, including staking, trading, and using AI tools [3] - Crypto trading, especially with AI-powered trading bots, remains a popular method for earning income [4] - Staking allows users to earn crypto by locking their assets in an exchange or staking pool, with liquid staking gaining traction in 2026 [5][7] Group 2: Trading Methods - Day trading and swing trading can yield fast returns but come with high risks [6] - Utilizing platforms with low trading fees and real-time analytics is recommended for effective trading [6] - AI crypto trading platforms like Kryll or 3Commas can help automate trading processes [6] Group 3: Staking Details - Popular staking coins include Ethereum (ETH), Solana (SOL), and Polkadot (DOT) [7] - Platforms such as Lido, Rocket Pool, or Binance Earn are recommended for staking [7] - Restaking allows users to earn multiple yields from the same asset, enhancing potential returns [7]

Network GDP Comparison - Ethereum's Q3 Network GDP reached $23 billion, showing a 32% increase [1] - Solana's Q3 Network GDP was $909 million, a decrease of 68% [1] Ethereum Growth Drivers - Aave contributed significantly to Ethereum's growth with a 1205% increase [1] - Lido also drove Ethereum's growth, experiencing a 62% increase [1] - Uniswap contributed to Ethereum's growth with a 45% increase [1] Solana Performance Drivers - Photon experienced a 41% decrease, impacting Solana's overall performance [1] - Jito saw a 34% decrease, contributing to Solana's decline [1] - Pump decreased by 28%, affecting Solana's GDP [1] - Raydium showed positive growth with an 83% increase due to the launchpad release in Q3 [1]

Core Insights - The total capital locked in decentralized finance (DeFi) protocols has reached $170 billion, recovering from the losses incurred during the 2022 Terra/LUNA collapse and subsequent bear market [1] - Ethereum maintains a dominant position with 59% of the total value locked (TVL), while newer networks like Base, HyperLiquid, and Sui have collectively gained over $10 billion, representing around 6% of the market [2] - Institutional adoption of ether has shifted investor trends, leading to outflows from traditional staking products to institutional ones, with Solana and BNB Chain also experiencing growth due to increased memecoin activity [3] DeFi Market Dynamics - The DeFi ecosystem has matured since the previous bull market, with TVL increasing from $42 billion in October 2022 to $170 billion in September 2025, indicating a more cautious approach from investors [4] - The Terra incident resulted in a significant loss of $100 billion in TVL, highlighting the risks associated with unsustainable yield products [5] - Current yields are more sustainable, with Aave offering 5.2% on stablecoins and Ether.fi offering 11.1%, compared to the unsustainable 20% offered by Terra [6] Future Outlook - The DeFi sector has returned to pre-Terra levels with more sustainable yields, but questions remain about how to surpass the 2021 record high in TVL [7] - Institutional adoption and inflows into assets like ether and Solana are expected to drive growth, although the industry still faces challenges from hacks, scams, and rug pulls associated with memecoins [7]

Project Updates - Pumpfun 建立基金 [1] - Lido 和其他 Liquid Staking 项目获得官方豁免 [1] - WLFI 将启动忠诚度积分计划 [1] - Coinbase 启用 Base 网络上代币的直接交易 [1]

Regulatory Landscape - SEC exempts liquid stakers like Ethereum's Lido and Solana's Jito from securities laws [1]