Is This the Final Stage of the Crypto Bear Market?

💸 Circle backs Tazapay expansion
Payments firm Tazapay raised its total Series B funding to $36M, led by Circle, as it scales cross-border payment infrastructure. The move highlights continued institutional focus on global payment rails powered by stablecoins.

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📉 Bitcoin nearing late bear phase
Bitcoin is down 44% from its $126K all-time high, with on-chain and technical indicators suggesting the market may be entering the final stages of a bear cycle. Historically, this phase precedes accumulation but not without volatility.

⚖️ Nvidia lawsuit moves forward
A U.S. judge has advanced a class-action lawsuit against Nvidia over alleged misreporting of crypto mining-related GPU revenue. The case now heads toward potential trial, keeping crypto’s 2021 mining boom under scrutiny.

🌍 Recession fears hit crypto narrative
With U.S. recession odds nearing 50%, Larry Fink warned of a potential global slowdown. Bitcoin remains correlated with equities, raising the question:
👉 Can BTC replicate its post-2020 crash rally?

⛏️ Mining pressure builds
According to CoinShares, up to 20% of Bitcoin miners are now unprofitable, especially those with older hardware or higher electricity costs a potential precursor to hash rate shakeouts.

🕵️ $42M hack recovery effort continues
A co-founder of Fenbushi Capital has offered a bounty to recover funds lost in a 2022 wallet breach. So far, $1.2M has been frozen, tied to a compromised seed phrase.

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🧠 Takeaway:
Altcoins are slightly outperforming BTC short-term — a subtle sign of risk appetite returning, despite macro uncertainty.

Tokenized real-world assets (RWAs) are booming — but here’s the catch:

👉 Owning the tokens ≠ capturing the value

Protocols issuing RWAs generate value for:

…but not necessarily token holders.

A clear example:
Kamino saw 80% deposit growth, while its token dropped 16%.

1. The leverage bottleneck
RWA systems have slow settlement (up to 122 days) - making DeFi-style looping strategies impossible.

This creates a structural gap for new infra layers.

2. The contenders

The RWA trade isn’t about buying tokenized assets — it’s about:

👉 Owning the infrastructure that makes them usable