5 Financial Layers Could Power the Next Crypto Bull Market
In September 2026, the complete crypto market cap elevated practically 7%. Several main belongings hit multi-month highs. So are we in a definitive bull market? And which belongings will win huge?
The present cycle is essential as a result of loads has occurred in opposition to the market’s favor. US Fed increased interest rates, and the Senate did not advance the CLARITY Act. And but, Bitcoin value climbed to its highest degree since January.
Analysts at BloFin Research argue the subsequent bull market may look very totally different. In their view, a single class of tokens or purposes gained’t outline the cycle.
Instead, will probably be formed by 5 distinct layers.
Next Bull Market Won’t Keep the Money Inside Crypto
Every crypto bull market up to now has had a headline narrative. Those tales ranged from Bitcoin as digital cash to smart-contract platforms, DeFi, and NFTs.
BloFin Research notes that the majority of the exercise in these cycles stayed inside crypto. Fresh capital got here in, moved from token to token, and created new methods to invest. That held true even when the expertise behind a development aimed toward one thing wider.
However, a distinct sample may very well be taking form now. Several of crypto’s quickest-growing sectors lean the similar approach. Together, they level towards crypto appearing as a parallel marketplace for the broader monetary world.
- Stablecoins
- Tokenization
- RWA perps
- Prediction markets
- Token worth accrual
These sectors are often discussed as separate narratives, however BloFin Research views them as layers of 1 stack.
1. Stablecoins
Stablecoins kind the money leg of the stack. BloFin Research says they’re increasing from crypto buying and selling into real-world payments.
This is seen in adoption. Visa’s stablecoin settlement quantity handed a $20 billion annualized run charge. That is greater than 15 occasions the degree a 12 months earlier.
The subsequent step may possible be AI brokers paying for information and computing energy in stablecoins. BlackRock (*5*) current paper, naming stablecoins a key candidate for “machine-native cash.”
2. Tokenization
Tokenization provides the asset leg by bringing real-world possession on-chain. BloFin Research says commodities and shares now rank amongst the quickest-growing tokenized belongings.
Tokenized commodities reached $5.55 billion by the finish of Q1, led principally by gold. That marks a 289% rise since the begin of 2025.
Tokenized equities grew even quicker, up 390% this year to $4.43 billion by mid-September. Even so, solely about 0.0029% of the $151.9 trillion world listed-equity market is tokenized. That leaves ample room for development as entry widens and on-chain use deepens.
3. RWA Perps
RWA perps make up the leverage leg. These contracts enable merchants to take leveraged positions in shares, commodities, or indices with out proudly owning the underlying belongings.
An RWA perp primarily wants a dependable value feed, liquidity, collateral, and a liquidation system. Tokenizing an asset, in contrast, requires authorized structuring, custody, and investor-eligibility guidelines.
Analysts at BloFin Research assume the distinction helps clarify why artificial publicity can scale quicker than tokenized possession.
DefiLlama information exhibits that RWA-perps quantity rose from $122 billion in Q1 to $2.2 trillion in Q3. Open curiosity now tops $15.3 billion.
4. Prediction Markets
Prediction markets act as the data leg. They flip information and expectations into possibilities backed by merchants’ cash. That has made prediction markets certainly one of crypto’s standout sectors this 12 months.
On-chain prediction market quantity reached about $5.24 billion up to now in September, in accordance with a Dune dashboard. That is greater than triple the roughly $1.56 billion recorded in September 2025.
Ahead of the 2026 FOMC conferences, odds on Kalshi and Polymarket moved in response to incoming economic data. They then drifted towards CME FedWatch as every choice approached.
BloFin Research provides that these chance feeds have gotten machine-readable, so AI brokers can use them as stay alerts.
5. Token Value Accrual
Value accrual is the last check of the bull market. In easy phrases, worth accrual means how a crypto protocol’s success interprets into worth for its token holders.
Analysts argue that utilization requires a reputable mechanism to transform it into worth for token holders. That can take the type of buybacks, burns, distributions, or treasury development.
For instance, if a DEX does $10 billion in buying and selling quantity and earns $20 million in actual charges, however none of that $20 million has any connection to its token, the token has weak worth accrual.
The present token-emissions mannequin has misplaced credibility. Traditional traders, centered on income and money circulate, additionally desire a measurable hyperlink to token worth, it provides.
BloFin Research factors to a few main DeFi protocols as examples, every utilizing a distinct mechanism. Hyperliquid burns HYPE purchased with buying and selling charges, whereas Uniswap hyperlinks protocol charges to UNI burns. Aave sends income to its DAO, which may fund AAVE buybacks.
Buyback spending has additionally hit a report this 12 months. Crypto projects repurchased $638 million of their very own tokens by late August, in accordance with information from Allium Labs. Hyperliquid and Pump.enjoyable accounted for practically 90% of that complete.
How the Layers Feed Each Other
These 5 layers reinforce one another. Stablecoins function collateral for perps and as the settlement asset for tokenized securities. Tokenized shares and RWA perps each take their costs from conventional markets, however they serve totally different wants. Tokenization carries possession, whereas perps carry leveraged value publicity.
Data from perps and prediction markets then turns into a sign for merchants, fashions, and AI brokers. Fees from all of this exercise feed the worth leg.
But there are two potential challenges. Infrastructure for AI agent funds is arriving earlier than the quantity does. The worth of fairness perps as a pricing sign additionally will depend on liquidity, since skinny markets can produce noisy or manipulated readings.
The put up 5 Financial Layers Could Power the Next Crypto Bull Market appeared first on BeInCrypto.
