MARKETS DAILY HOLIDAYS: Hot Wallets and Cold Storage?
On today’s holiday episode, we’ll define and demystify the blockchain concepts of “Hot Wallets” and “Cold Storage.”

On today’s holiday episode, we’ll define and demystify the blockchain concepts of “Hot Wallets” and “Cold Storage.”
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State of the Blockchain 2025

L1 tokens broadly underperformed in 2025 despite a backdrop of regulatory and institutional wins. Explore the key trends defining ten major blockchains below.
What to know:
2025 was defined by a stark divergence: structural progress collided with stagnant price action. Institutional milestones were reached and TVL increased across most major ecosystems, yet the majority of large-cap Layer-1 tokens finished the year with negative or flat returns.
This report analyzes the structural decoupling between network usage and token performance. We examine 10 major blockchain ecosystems, exploring protocol versus application revenues, key ecosystem narratives, mechanics driving institutional adoption, and the trends to watch as we head into 2026.
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Bitcoin's market got calmer in 2025 thanks to yield-hungry institutional investors

The BTC market has experienced a steady decline in implied volatility as institutions embraced derivatives to generate extra income.
What to know:
- In 2025, the bitcoin market experienced reduced volatility as institutions increasingly used derivatives to generate yield from idle holdings.
- The annualized 30-day implied volatility for bitcoin decreased from around 70% to 45% due to institutions selling covered calls.
- Preference for hedging strategies have led to a persistent premium on bearish put options over calls.










