TLDR:
- Crypto equities outperform altcoins as institutional capital favors ETFs and exchange stocks.
- Stablecoin volumes surpass PayPal and Visa, reaching $304 billion in total supply.
- App-layer services capture value as infrastructure commoditizes and fees flow to apps.
- Self-custodied wallets replace brokerages, holding crypto, stocks, FX, and commodities.
Crypto markets are undergoing a structural shift as investor behavior changes and liquidity returns. For years, crypto was the default destination for speculative capital, but other technologies now compete aggressively.
Data shows crypto equities outperform altcoins as institutions favor spot ETFs and exchange stocks. Meanwhile, stablecoins and app-layer services are driving real economic activity across chains.
Crypto Liquidity and Market Maturation
According to a report by Delphi Diital, the dominance of speculative capital in crypto has weakened.
Generative AI and robotics startups now capture more investment, diverting liquidity from altcoins. Private funding in AI reached $35 billion in 2024, while robotics secured $2 billion in early 2025, according to recent data.
Crypto equities have seen stronger returns than most altcoins over the past 24 months.
Stocks like Coinbase, Robinhood, and Galaxy attract institutional capital that would have flowed into tokens. This shift effectively redistributes demand from pure crypto assets to equities on crypto infrastructure.
Infrastructure-level tokens are also losing relative value.
The fat protocol thesis that infrastructure captures most market value is fading. Decentralized apps now retain execution value, while fees from blockspace diminish across rollups and appchains.
Real economic value (REV) is becoming the primary metric. Fees paid directly by users and returned to token holders without dilution now indicate sustainable performance. Tokens capturing REV outperform narrative-driven counterparts.
Stablecoins and App-Layer Value Capture
Stablecoins have emerged as the leading use case for crypto.
Monthly adjusted volumes surpass PayPal and Visa, while supply grew 33% to $304 billion last year. Reserves now hold $133 billion in U.S. Treasuries, ranking them as the 19th largest holder.
The shift simplifies settlement and reduces intermediaries. Onchain programmable payments compress the stack, offering compliance and reconciliation natively.
Users can now execute transactions without traditional banks or settlement delays.
Value is increasingly flowing to apps owning the user relationship. Superapps integrate lending, perps, and tokenized equities, generating fees instead of acquiring third-party services.
Platforms like Hyperliquid, Ostium, and VestExchange provide leveraged exposure across stocks, crypto, FX, and commodities.
Self-custodied wallets are replacing brokerage accounts. Tokenized stocks and equity perpetuals scale rapidly, allowing users to manage multiple asset classes onchain.
Onchain settlement and margin functions remove intermediaries entirely.
BTC is decoupling as a macro asset. It responds less to speculative narratives and more to macro-driven flows. As stablecoin infrastructure strengthens, crypto apps and REV-capturing protocols dominate performance metrics, redefining market focus.
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Source: https://blockonomi.com/crypto-shifts-focus-as-stablecoins-and-apps-dominate-market-flow/