As Bitcoin held steady and Ether began to play catch-up, expectations for capital rotating from majors into higher-beta altcoins have picked up again.
In a market analysis published by TechFlowPost, Biteye argues that this cycle is unlikely to deliver a broad rally across every altcoin. The report says projects more likely to receive spillover flows from BTC and ETH are those with real users, stable protocol revenue, clearer token value capture, and relatively healthy holder structures.
The article also says the crypto market regained momentum after Trump posted 「Buy All Crypto Assests」. Over three days, Bitcoin pushed toward $77,000 and moved above EMA200 and other indicators cited in the piece. Ether, meanwhile, rose 20% in a single day and came close to $2,400.
High-performance blockchains: SOL and SUI
The report names SOL as the leading asset in the high-performance blockchain segment.
- Circulating market cap/FDV: about $51.88 billion/$56.28 billion
- Past three days: +18.48%
- On-chain data: TVL of about $5.31 billion, stablecoins of about $15.86 billion, and roughly $2.8 billion in 24-hour DEX volume
- Unlock profile: 583 million tokens in circulation, about 92.2% of the current total supply; no clear large cliff unlocks, with long-term PoS inflation described as the main risk
- Holder concentration: top 10 addresses account for 6.58%
Biteye says SOL is effectively already a major crypto asset, making it one of the higher-conviction names in the public-chain segment, though the piece also notes its volatility and relative weakness versus BTC and ETH at current levels.
The report lists SUI as a higher-beta candidate:
- Circulating market cap/FDV: about $3.03 billion/$7.44 billion
- Past three days: +14.82%
- On-chain data: TVL of about $427 million, stablecoins of about $466 million, and about $39 million in 24-hour DEX volume
- Unlock profile: 40.75% released so far; around 13.5 million tokens worth about $9.93 million are expected to unlock on Sept. 1, 2026, with releases extending beyond 2030
- Holder concentration: the top 10 addresses hold about 13.55%
The article says SUI performed strongly in the previous bull market and carries greater volatility, but its lower circulating ratio remains a risk because of future unlock events.
For the sector overall, the report describes SOL as the steadier pick and SUI as the more elastic one. It also says ETH already accounts for a large share of the public-chain allocation framework, leading the author to suggest a medium-sized position in SOL and a smaller one in SUI.
DeFi lending: UNI, AAVE and MORPHO
In DeFi lending, the analysis first highlights UNI.
- Circulating market cap/FDV: about $2.384 billion/$3.406 billion
- Past three days: +16.98%
- On-chain data: combined TVL across Uniswap V2, V3 and V4 of about $3.1 billion; 30-day fees of about $79.2 million and protocol revenue of about $6.12 million
- Unlock profile: the original vesting plan is 100% complete, with no clearly defined large unlock ahead; about 62.4% of supply is in circulation, with the rest mainly in the community treasury, burn addresses and protocol contracts
- Holder concentration: the top 10 addresses account for about 52.03%, including 26.72% in the governance Timelock contract, 10.91% in burn addresses, about 6.69% across major exchange addresses, and 1.25% in the Token Distributor
The report says UNI is one of the tokens backed by Standard Chartered. It adds that, after the fee switch and buyback-and-burn mechanism took effect, UNI began moving from a pure governance token toward an asset with protocol value capture. The article also says its 30-day fee tally is clearly above AAVE’s.
AAVE is the second leading name in the segment:
- Circulating market cap/FDV: about $1.535 billion/$1.592 billion
- Past three days: +13.08%
- On-chain data: Aave V3 TVL of about $16.47 billion; 30-day fees of about $30.01 million and protocol revenue of about $4.08 million
- Unlock profile: about 97% released
- Holder concentration: the top 10 addresses hold about 43.07%, including 15.32% in the staking pool, 5.24% in the V3 contract and 3.61% in ecosystem reserves
The article also lists AAVE among the tokens promoted by Standard Chartered. It describes AAVE’s circulation structure and revenue profile as balanced, while noting that the rebound from the bottom has already been substantial.
MORPHO appears as the sector’s potential bet:
- Circulating market cap/FDV: about $1.50 billion/$2.284 billion
- Past three days: +8.65%
- On-chain data: Morpho Blue TVL of about $8.93 billion; 30-day fees of about $16.34 million, while protocol-layer revenue is currently close to zero
- Unlock profile: supply statistics differ noticeably by source, with CoinGecko showing about 65.7% circulating and Tokenomist showing about 34% under a tradable/released methodology; no clearly defined next cliff unlock is listed
- Holder concentration: the top 10 addresses account for about 64.4%, including 39.13% in the wrapper contract and 9.01% in seed-round addresses
Biteye says the protocol is growing quickly, but token value capture is weaker than AAVE’s and supply transparency is not strong enough.
For the broader segment, the report says DeFi remains one of the few areas in crypto with real revenue and a longer record of market validation, and it suggests keeping some allocation to DeFi assets.
Perp DEX: HYPE remains the benchmark
The Perp DEX section centers on HYPE.
- Circulating market cap/FDV: about $16.41 billion/$73.75 billion
- Past three days: +24.89%
- On-chain data: Hyperliquid L1 TVL of about $1.45 billion, stablecoins of about $6.57 billion, Bridge TVL of about $6.27 billion; 30-day fees of about $48.39 million and revenue of about $34.52 million
- Unlock profile: reported circulating supply of about 222 million tokens, or roughly 23% of total supply; the white-paper model points to about 9.92 million tokens unlocking on Sept. 5-6, though the article says actual team claims have historically come in below the model
- Holder concentration: future incentives account for 26.3%, core contributors 25.4%, and the foundation 6.4%, for a combined 58.1%
The report says HYPE is still the clear leader in Perp DEX. At the same time, it warns that the recent price move after Trump’s post, together with the token’s unlock structure, does not make it suitable for blind chasing.
The article describes Perp DEX as one of the hottest sectors in the current cycle. It also says HYPE leads by a wide margin in revenue and buybacks, but adds that both its token price and market cap are already elevated, which calls for caution in position sizing.
RWA and on-chain financial infrastructure: LINK and ONDO
In the RWA and on-chain financial infrastructure category, the report names LINK as the leading asset.
- Circulating market cap/FDV: about $8.09 billion/$10.81 billion
- Past three days: +15.78%
- On-chain data: community staking pool of about 40.88 million LINK; Ondo’s tokenized stocks and ETFs already use Chainlink data feeds
- Unlock profile: CoinGecko shows a circulating ratio of about 74.8%, while Tokenomist shows tradable float of about 58.8%; no fixed date for a major unlock is listed
- Holder concentration: the top 10 addresses account for about 30.5%, including about 20.2% in non-circulating official wallets and 4.09% in the community staking pool
Biteye says LINK can benefit at the same time from RWA, stablecoins, cross-chain activity and institutions moving financial activity on-chain, giving it more certainty than a single-theme RWA project.
ONDO is presented as the higher-risk, event-driven name in the same segment:
- Circulating market cap/FDV: about $1.767 billion/$3.629 billion
- Past three days: +10.19%
- On-chain data: Ondo Yield Assets TVL of about $2.51 billion and Global Markets at about $971 million
- Unlock profile: about 49% to 53% released so far; 1.94 billion tokens are expected to unlock on Jan. 18, 2027
- Holder concentration: the top 10 addresses account for about 70.41%, with a single official multisig address holding 54.79%
The article says ONDO’s business growth is strong, but token value capture, concentration risk and the large 2027 unlock stand out as clear issues.
For the sector, the report says LINK is better suited as a core RWA position. ONDO, by contrast, is framed as a smaller, event-driven trade that may be better considered after the 2027 unlock has been more fully priced by the market.
