Crypto markets have struggled in recent months, with bitcoin falling more than 50% from its late-2025 peak after a sharp sell-off in June driven by persistent exchange-traded fund (ETF) outflows, elevated interest rates and lower risk appetite.
Ether (ETH) and most major altcoins have underperformed bitcoin during the recession, although a handful of sectors, including decentralized finance (DeFi) and tokenization, have shown relative resilience.
While cryptocurrency adoption is expanding through stablecoins, real-world tokenized assets, on-chain credit, and DeFi, the bank argued that usage alone does not drive the value of the tokens. Instead, long-term winners will convert activity into sustainable cash flow or lasting monetary demand.
Singer identified Hyperliquid as the clearest example of fee-based token economics through buybacks and HYPE burns, while bitcoin remains the go-to monetary asset and Ethereum the dominant collateral layer for on-chain finance.
Solana, Sui, XRP and Zcash have distinct strengths, according to the report, but they still need to demonstrate that they can translate ecosystem growth into lasting token demand.
The bank also highlighted digital asset treasury companies as an overlooked investment topic, arguing that the strongest companies are evolving beyond passive cryptocurrency holders into active operators that generate yield, build infrastructure and provide institutional access to digital assets.
Initiated coverage on digital asset treasury companies Forward Industries (FWDI) and Cypherpunk Technologies (CYPH) with Overweight ratings and price targets of $7.90 and $0.90, respectively.
