10x Research: The DeFi cycle may have quietly begun in 2026, and capital is being repositioned.

According to 10x Research, the crypto market is currently undergoing a significant shift. US regulations are becoming clearer, and billions of dollars worth of stablecoins are migrating to Ethereum, but prices have not yet reflected this significantly. Data shows that capital is accumulating rather than trading, which is typically the early stage of a real cycle. Ethereum stablecoin issuance has surged by $48 billion since Trump's election, far exceeding Tron's $15.8 billion, indicating that capital may be positioning itself for the future. Furthermore, user trading volume and TVL-based valuation models are sending clearer signals than prices, suggesting the market may have entered a preparatory phase for a new DeFi phase.