Latest On-Chain Signals That Will Define Crypto Markets in 2026 in Cryptocurrency

Cryptocurrency Analysts identified stablecoin velocity, the ratio of transaction volume to market cap, as the clearest signal of real on-chain activity for 2026. Institutional liquidity now anchors in tokenized assets, marking a structural bridge between DeFi and traditional markets. DePIN and DeSci advanced from hype to real-world adoption, solidifying crypto’s integration with traditional finance and infrastructure. In 2025, crypto markets entered a data-defined era. For years, investors relied on halving cycles, on-chain, and TVL charts to read sentiment. But the framework reshuffled. This year, CEX spot volumes fell 27.7% while DEX activity grew 25.3%, and Henley counted over 240,000 crypto millionaires worldwide. With digital treasuries and institutions pouring billions, the question for 2026 is no longer where capital flows—but which on-chain metrics most reliably reveal the market’s next direction. To unpack these shifts, BeInCrypto spoke with the Dune leadership team, whose analytics platform processes billions of blockchain events daily. Stablecoins: Winners, Structural Adoption, and Velocity as 2026’s Key Metric Stablecoins expanded from roughly $200 billion to $305 billion in 2025, reflecting deeper on-chain utility rather than short-term speculation. The leading issuers reveal where institutional liquidity has moved. A Dune–Artemis report said total stablecoin supply rose 63% to $225 billion by February, processing $35 trillion in transfers. USDC doubled to $56 billion as USDT held $146 billion, while Ethena’s USDe hit $6.2 billion — proof that investors favor yield-backed tokens over speculation. In an exclusive BeInCrypto interview, experts rejected Standard Chartered’s claim that stablecoins could drain $1 trillion from emerging-market banks. Sponsored Sponsored Lisk’s Dominic Schwenter called the shift “evolution, not crisis,” while Cork Protocol’s Robert Schmitt described it as a “second Bretton Woods” expanding digital-dollar rails instead of threatening local banking systems. The State of Stablecoins 2025: Dune “USDC doubled year over year to almost $80 billion in supply. Ethena’s USDe rose from about $2.4 billion to $14.8 billion, while Plasma—launched less than a month ago—has already reached $8 billion, ranking fifth by on-chain stablecoin supply. The growth is primarily structural in treasuries, DeFi lending, and RWA settlements rather than speculative demand.” Dune analysts recommend tracking stablecoin velocity—the ratio of transaction volume to market capitalization—as the clearest metric in 2026. It separates active usage from hoarding behavior. Tokenized RWAs: Treasuries Dominate, Bonds Catch Up Tokenized real-world assets (RWAs) solidified their role in 2025 as institutions sought higher yields and diversification. Treasury and bond products drove the expansion, supported by deeper DeFi integration. A Dune–RWA.xyz report found tokenized assets up 224% year to date, driven by US Treasuries and bonds. BlackRock’s BUIDL reached $2.2 billion, while private credit rose 61% to $15.9 billion. Analysts said RWAs now anchor institutional liquidity and serve as a bridge between DeFi and traditional markets. Dune RWA Report 2025: Dune “U.S. Treasuries grew 224% year over year in TVL, bonds rose 171%, and private credit expanded 61% year to date to $15.9 billion. These categories are becoming the backbone of capital market restructuring. Interoperability and composable finance are driving participation.” Dune’s 2025 RWA report highlights that year-over-year TVL growth and the number of unique holders remain the best indicators of institutional traction.  » …

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Carla Contass

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