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