Is this the end of the cycle?

Bitcoin has entered the downside scenario we flagged earlier, breaking below $100K amid thin liquidity, forced liquidations, and macro stress. Despite rising fear, structural demand remains intact. We outline the drivers behind the drawdown, key price levels, and what must happen for a recovery into 2026.

Why Canton solves DeFi’s institutional privacy gap

Financial institutions are finally moving on-chain, driven by advances that solve long-standing privacy and compliance barriers. Canton offers a secure, interoperable environment with selective data visibility, regulatory alignment, and robust economic incentives, unlocking large-scale adoption and positioning itself at the center of the tokenization wave.

Could Uniswap’s fee switch be DeFi’s defining signal?

Decentralized finance is entering a new stage in its development: leading financial applications replace speculative token models with sustainable, revenue-driven designs. Buybacks, burns, and fee sharing now anchor token value to real cash flow. With Uniswap’s proposed UNIfication leading the shift, DeFi is evolving into a more mature, economically grounded financial ecosystem.

Research Newsletter

Each week the 21Shares Research team will publish our data-driven insights into the crypto asset world through this newsletter. Please direct any comments, questions, and words of feedback to research@21shares.com

Disclaimer

The information provided does not constitute a prospectus or other offering material and does not contain or constitute an offer to sell or a solicitation of any offer to buy securities in any jurisdiction. Some of the information published herein may contain forward-looking statements. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those in the forward-looking statements as a result of various factors. The information contained herein may not be considered as economic, legal, tax or other advice and users are cautioned to base investment decisions or other decisions solely on the content hereof.