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Binance Research: Binance Full-Year 2025 & Themes for 2026 — Key Insights & Market Outlook

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3 months ago

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Binance

Binance Research (www.Binance.com) has published a full-year report summarizing what defined crypto markets in 2025 and outlining themes for 2026. The report outlines the most decision-useful takeaways, with emphasis on the structural signals: clearer regulatory frameworks, expanding institutional access, stablecoins scaling as settlement infrastructure, DeFi maturing into a cash-flow sector, and tokenization moving from pilot programs to production workflows. Read the full report here (https://apo-opa.co/3YHOUUg).

2025: Structural Progress, Macro-driven Markets

2025 delivered milestone achievements alongside a choppy market. Total crypto market capitalization surpassed $4 trillion for the first time, and Bitcoin reached a new all-time high of $126,000. At the same time, macro uncertainty – monetary policy, trade tensions, and geopolitical risk – dominated market behavior. Binance Research describes a year defined by “data fog,” including a new U.S. administration, the Liberation Day tariff shock, and a government shutdown that obscured economic signals. Crypto traded in a wide range, with total market value swinging between about $2.4 trillion and $4.2 trillion, and ended the year down about 7.9%.

The optimistic reading is that structural progress continued even when price action did not cooperate – and that is one of the clearest maturity signals in the report. Access, settlement rails, and regulation moved forward, and many of the strongest growth areas were tied to practical usage rather than speculation.

Crypto is Industrializing

A useful theme for 2025 is industrialization: the market increasingly rewarded infrastructure and credible access routes. Regulatory clarity, particularly around stablecoins, as well as the expansion of regulated investment products increased the number of ways institutions and sophisticated investors could participate. At the same time, the ecosystem’s economic center of gravity continued shifting toward compliance-friendly building blocks: stablecoins for settlement, tokenized treasuries for on-chain cash management, and applications that can monetize recurring flows rather than one-off hype cycles.

This is one reason “activity” alone became a weaker signal. The report repeatedly distinguishes between raw usage metrics and economic relevance: what matters is whether a network or protocol can capture recurring value, produce durable fees or revenue, and support reliable settlement and trading.

Bitcoin as a Macro Asset

Bitcoin in 2025 showed a divergence between market demand and base-layer activity. BTC maintained roughly 58% to 60% market dominance and a capitalization near $1.8 trillion, while liquidity and demand increasingly flowed through off-chain financial channels.

Two numbers in the report anchor that shift:

  • U.S. spot BTC ETFs accumulated over $21 billion in net inflows.
  • Corporate holdings surpassed 1.1 million BTC, equivalent to about 5.5% of total supply.

 

At the same time, active addresses declined about 16% year over year, and transaction counts stayed below prior cycle peaks. The point is not that the base layer is irrelevant, but that Bitcoin’s market role is increasingly defined by how it trades and is held within macro portfolios and regulated channels. Network security continued strengthening – hash rate exceeded 1 zettahash per second and mining difficulty rose about 36% year over year – reinforcing the idea of sustained investment into Bitcoin’s security budget even as usage metrics normalized.

In sum, Bitcoin is moving toward the status of a liquid, institutional-grade macro asset rather than a purely transaction-led network.

DeFi’s “Blue Chip” Moment

DeFi in 2025 moved further away from incentives-first growth and closer to capital efficiency and compliance. Total value locked stabilized at about $124.4 billion, but the composition of capital shifted meaningfully toward stablecoins and yield-bearing assets rather than inflationary tokens. In parallel, DeFi’s economic output strengthened: protocol revenue reached $16.2 billion, which the report frames as comparable to major traditional financial institutions.

A major trend was tokenization’s move from narrative to collateral. RWA total value locked reached $17 billion and surpassed DEXs, driven by tokenized treasuries and equities. This dynamic essentially changes what backs on-chain finance. When collateral shifts toward yield-bearing, real-world instruments, it makes DeFi more tied to repeatable financial demand.

The report also notes that on-chain execution continued gaining relevance, with DEX-to-CEX spot trading ratios peaking near 20%. While ratios fluctuate, the broader trend is that decentralized execution is becoming a meaningful venue for certain flows, especially as stablecoins grow and RWA collateral becomes more liquid and usable.

Stablecoins Enter the “Internet Fiat” Era

If one part of crypto clearly went mainstream in 2025, it was stablecoins, which have reliably become settlement infrastructure.

Key stablecoin takeaways from the report include:

  • Total stablecoin market capitalization rose nearly 50% to over $305 billion.
  • Daily transaction volumes averaged about $3.54 trillion.
  • Annual transaction volume reached $33 trillion, compared to Visa’s approximately $16 trillion.
  • Regulatory clarity accelerated, led by the U.S. GENIUS Act.

 

New competition expanded beyond a duopoly: BUIDL, PYUSD, RLUSD, USD1, USDf, and USDtB each crossed $1 billion market cap.

The optimistic narrative is straightforward: stablecoins are increasingly a default medium of exchange inside crypto markets and an increasingly practical rail for cross-border settlement, payments, and fintech applications. In many cases, stablecoins allow users and businesses to access crypto rails while abstracting the volatility that makes newcomers hesitant.

Layer-1s: Monetization is King

Across layer-1 networks, 2025 reinforced that transaction counts are not enough. Many networks failed to convert activity into fees, value capture, or sustained token performance. Meanwhile, differentiation increasingly came from recurring monetizable flows such as trading, payments, and institutional settlement.

  • Ethereum remained dominant by developer activity, DeFi liquidity, and aggregate value, but fee compression from rollup execution weighed on ETH relative performance versus BTC.
  • Solana maintained high usage, expanded stablecoin supply, generated meaningful protocol revenue even after speculative waves faded, and secured U.S. spot ETF approval, improving institutional accessibility.
  • BNB Chain benefited from strong retail transaction demand and market narratives, supporting large stablecoin settlement flows and RWA deployments. The report also frames BNB as the best-performing major crypto asset in 2025.

 

Layer-2 networks accounted for more than 90% of Ethereum-related execution in 2025, supported by upgrades that lowered data availability costs. Activity and fees concentrated among a small number of rollups such as Base and Arbitrum, while many others faded as incentives declined. Fragmentation across more than 100 rollups and uneven sequencer decentralization remain constraints, reinforcing another 2026 theme: value capture may move “upstream” to the application layer that owns the user relationship rather than remaining at the blockspace layer.

2026 Outlook: Risk Reboot and Adoption-led Growth

The report’s 2026 outlook is framed around a more constructive policy environment and a shift toward adoption-led growth.

On macro, a “policy triumvirate” could support a reset in risk appetite: monetary easing, fiscal stimulus via cash and tax refunds, and deregulation. When financial conditions ease, risk assets often benefit, and crypto has historically been highly sensitive to global liquidity impulses. The report also notes the potential for a U.S. Strategic BTC Reserve as a policy catalyst.

On product and market structure, the themes are less about a single narrative and more about where durable usage may concentrate:

  • PayFi: neobanks and wallets converging, with yield-bearing stablecoins supporting new consumer financial apps.
  • Institutionalization: on-chain money markets, treasuries, and RWA settlement embedded into workflows.
  • Value capture: as blockspace becomes cheaper, applications such as wallets, aggregators, DEXs, and prediction markets may capture more value.
  • Intelligent and agentic finance: AI-driven execution, automated workflows, and trust tooling.
  • Prediction markets: information pricing as an alternative to opinion-driven narratives.

 

In other words, 2026 is likely to reward systems that are verifiable, compliant, and built around recurring utility.

Final takeaways

In 2025, crypto kept progressing even against macro headwinds. Bitcoin’s demand increasingly flowed through regulated channels, stablecoins scaled as settlement infrastructure, DeFi matured into a revenue-generating sector, and tokenization moved closer to production-grade finance. The 2026 outlook in the Binance Research report builds on those foundations: more institutional integration, more application-layer adoption, and a macro setup that may become less restrictive. For the detailed charts, methodology, and the full list of 2026 themes, read the complete report here (https://apo-opa.co/3YHOUUg).

Disclaimer: Digital asset prices can be volatile. The value of your investment may go down or up, and you may not get back the amount invested. This content is for general information only and should not be construed as financial or investment advice. For more information, see our Terms of Use and Risk Warning.

Distributed by APO Group on behalf of Binance.

 

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Africa’s Lithium Pipeline Gains Momentum as Global Supply Deficits Loom

Published

7 hours ago

on

April 9, 2026

By

Energy Capital

The upcoming African Mining Week 2026 – taking place from October 14-16 in Cape Town – will connect global investors with prospects within the lithium industry amidst an anticipated resource supply deficit by 2028

CAPE TOWN, South Africa, April 9, 2026/APO Group/ –Rising demand for lithium is positioning Africa to attract foreign investment, accelerate local beneficiation and strengthen its role in securing the global battery supply chain. A recent forecast by Wood Mackenzie projects that global lithium demand could exceed 13 million tons by 2050 under an accelerated energy transition scenario. This surge is expected to place significant pressure on supply, with deficits emerging as early as 2028. Without substantial new investments, existing lithium projects will struggle to meet demand beyond the mid-2030s.

 

Against this backdrop, Africa’s growing pipeline of greenfield and development-stage lithium projects positions the continent as an increasingly important contributor to global supply security. In 2025, Africa ranked as the largest source of new lithium supply globally, with new output from the region exceeding that of the rest of the world combined. This milestone underscores the continent’s potential to scale production and strengthen its role in the global battery minerals market.

Emerging Lithium Producers Strengthen Africa’s Supply Pipeline

Even under a slower energy transition scenario, Wood Mackenzie projects that lithium markets will remain adequately supplied until 2037, before entering deficit. This outlook reinforces Africa’s strategic role as new projects across Mali, Zimbabwe, Ghana and Namibia advance toward production.

In the Democratic Republic of the Congo (DRC), Zijin Mining, AVZ Minerals and KoBold Metals are expected to begin operations at the Manono lithium project in mid-to-late 2026, marking the country’s first lithium output. Ranked among the world’s largest hard-rock lithium deposits, Manono is expected to begin exports shortly after commissioning, diversifying DRC’s mineral output while strengthening the continent`s contribution to the global electric vehicles and battery supply chain.

Mali Emerges as a Regional Lithium Hub

Mali is also rapidly positioning itself as a key lithium producer. The Bougouni Lithium Project, commissioned in 2025, currently produces approximately 125,000 tons per annum of concentrate, with Phase Two expansion plans underway that could nearly double production capacity.

Meanwhile, the Goulamina Lithium Project, one of the largest spodumene deposits globally, is producing around 506,000 tons of spodumene concentrate annually, with expansion plans targeting one million tons per year. Together, these projects are expected to significantly strengthen Mali and Africa’s position within the global lithium market.

Ghana and Zimbabwe Expand Lithium Production and Value Addition

In Ghana, the Ewoyaa Lithium Project, developed by Atlantic Lithium, is set to become the country’s first lithium-producing mine, with production targeted for late 2027. The project is expected to produce 3.58 million tons of spodumene concentrate grading 6% and 5.5%, alongside approximately 4.7 million tons of secondary product, further strengthening Africa’s contribution to global lithium supply.

Meanwhile, Zimbabwe – currently Africa’s largest lithium producer – is accelerating efforts to move up the value chain. Government policies restricting the export of raw lithium are encouraging investment in local processing and beneficiation facilities, supporting the production of higher-value lithium products and positioning the country as a key supplier to the global battery materials market.

Investment Momentum Builds Ahead of African Mining Week

With an estimated $276 billion in new investment required to avoid the forecast supply deficits beginning in 2028, Africa’s lithium-rich countries are well positioned to attract the capital needed to expand production and downstream processing.

In this context, African Mining Week 2026 – scheduled for October 14–16 in Cape Town – will serve as a key platform for global investors, project developers and policymakers to engage on opportunities within Africa’s lithium sector. As the continent’s premier mining investment event, the conference will feature high-level discussions, project showcases and strategic networking sessions aimed at accelerating partnerships across the lithium value chain.

Distributed by APO Group on behalf of Energy Capital & Power.

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Business

Afreximbank delivers strong FY2025 results; with a total assets and contingencies base of US$48.5 billion

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7 hours ago

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April 9, 2026

By

Afreximbank

Total assets and contingencies rose by 21% to US$48.5 billion, up from US$40.1 billion as at 31 December 2024, underscoring the Bank’s consistent growth trajectory

The Group’s balance sheet is at its strongest level ever, with liquidity levels and capitalisation well above target and good asset quality

CAIRO, Egypt, April 9, 2026/APO Group/ –African Export-Import Bank (“Afreximbank” or the “Bank”) (www.Afreximbank.com) and its subsidiaries (the “Group”) has announced strong results for the year ended 31 December 2025, underscoring sustained financial resilience, increased market confidence and strategic execution.

 

Total assets and contingencies rose by 21% to US$48.5 billion, up from US$40.1 billion as at 31 December 2024, underscoring the Bank’s consistent growth trajectory.

Net loans and advances for the Group closed the year at US$33.5 billion (FY’2024: US$29.0 billion), an increase of 16%, supported by continued disbursements across the continent and the Caribbean through various product offerings. The Group funded strategic priorities areas such as manufacturing, infrastructure, food security and climate adaptation.

The Group’s non-performing loan (NPL) ratio remained stable at 2.43% (FY’2024: 2.33%), demonstrating consistent portfolio quality.

The Group’s liquidity position remained robust, with cash and cash equivalents at US$6.0 billion (FY’2024: US$4.6 billion). Liquid assets accounted for 14% of total assets, above the Bank’s strategic minimum level of 10%. Shareholders’ funds grew by 17% to US$8.4 billion as at 31 December 2025, driven by net income of US$1.2 billion, and new equity inflows of US$299.4 million raised under the General Capital Increase II.

Gross Income increased by 6.06% reaching US$3.5 billion in FY’2025 from US$3.3 billion achieved in FY’2024.

Operating expenses increased to US$459.2 million (FY’2024: US$367.7 million), reflecting strategic staff expansion, and inflationary pressures with the Group maintained strong cost efficiency resulting in a cost-to-income ratio of 21% (FY’2024: 18%) well below the strategic ceiling of 30%.

Contrary to concerns raised by some rating agencies during the year, the Bank accessed international bond markets by successfully raising over US$800 million from Japan and China, courtesy of the Samurai and Panda bonds in 2025. This demonstrated the Group’s fund-raising capabilities and the solid nature of the Bank’s DNA as a pan-African multilateral financial institution committed to ensuring that Africa’s full and sustainable self-reliance remain firm.

Net income increased by 19% to US$1.2 billion in 2025, up from US$973.5 million in the prior year. These results were achieved through the expanded delivery of tailored financial and advisory solutions that supported trade, fostered industrialisation and enhanced economic self-reliance.

Highlights of the results for Afreximbank Group are shown below:

Financial Performance Metrics

FY’2025

FY’2024
Gross Income (US$ billion)

3.5

3.3
Net Income (US$ million)

1,156.8

973.5
Return on average equity (ROAE)

15%

15%
Return on average assets (ROAA)

3.04%

2.96%
Cost-to-income ratio

21%

18%

 

Financial Position Metrics

FY’2025

9M’2024
Total Assets (US$ billion)

42.3

35.3
Total Liabilities (US$ billion)

33.9

28.1
Shareholders’ Funds (US$ billion)

8.4

7.2
Non-performing loans ratio (NPL)

  2.43%

2.33%
Cash/Total assets

14%

13%
Capital Adequacy ratio (Basel II)                                                                         23%

24%

 

Mr. Denys Denya, Afreximbank’s Senior Executive Vice President, commented:

 

“Despite continuing global geopolitical challenges and disruptions caused by some rating actions, the Group delivered excellent financial performance in 2025, a fitting tribute to a decade of consequential leadership under Professor Oramah, with total assets and contingencies reaching $49 billion. Pleasingly, the Group is way ahead on most of it targets in delivery on its 6th Strategic plan that ends on 31 December 2026. With recently established subsidiaries such as FEDA and AfrexInsure becoming profitable, Net income grew by 19% to stand at US$1.2 billion, underpinned by a strong capital base of US$8.4 billion. The Group’s balance sheet is at its strongest level ever, with liquidity levels and capitalisation well above target and good asset quality. These results are a testament to the unwavering execution by the Group’s hard working human capital. We entered 2026 financial year with significant momentum, ready to scale the Group’s impact, accelerate trade integration and value addition across Global Africa, and deliver greater value to our shareholders.”

Distributed by APO Group on behalf of Afreximbank.

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Events

Chinese Mainland’s Largest Conference on Chest Pain Centres Goes Global in Hong Kong

Published

11 hours ago

on

April 9, 2026

By

Hong Kong

With robust lineup of medical conventions in 2026

HONG KONG SAR – Media OutReach Newswire – 9 April 2026 – Marking yet another milestone as the World’s Meeting Place, Hong Kong became the first city outside Chinese Mainland to host the nation’s largest conference on chest pain centres – the 15th China Chest Pain Centers Congress (CCPCC 2026), thanks to the effort of Hong Kong Convention Ambassador (HKCA) appointed by the Hong Kong Tourism Board (HKTB).
Together with two other high-profile and hugely successful medical congresses – the 41st Asia Pacific Academy of Ophthalmology Congress in February and the 17th Asian Congress of Oral & Maxillofacial Surgery in March, Hong Kong’s medical science events space was off to a strong start in 2026.

Ms Marilyn Tham, General Manager of Mega Events, MICE & Cruise of the HKTB said, “Hong Kong’s leading edge in medical sciences coupled with the city’s world-class venues and destination appeal have enabled notable success for internationally significant medical events. CCPCC 2026 is one of the large-scale medical conventions confirmed for 2026. Such robust lineup reflects event organisers’ confidence in Hong Kong as a premier hub for advancing global exchanges on medical sciences.”

Over 10 medical conventions have secured a spot in Hong Kong this year, spanning diverse disciplines, from cytology to oncology, antimicrobial resistance and more (see full list below). The breadth and depth of the events reflects Hong Kong’s growing appeal as the premier convention hub where global medical minds meet.

Globalising Chest Pain Leadership from Hong Kong

Held on 3-4 April 2026 at the Hong Kong Convention and Exhibition Centre with a concurrent venue in Shenzhen, CCPCC 2026 converged 3,000 healthcare leaders, physicians, nurses, researchers, policymakers and industry experts from Hong Kong, Chinese Mainland, the Belt and Road countries and beyond. The rich topics explored across two days encompassed cutting-edge healthcare innovations, AI-assisted clinical decision-making, intelligent emergency response systems and international accreditation standards.

Co-organised by Hospital Authority (HA) of Hong Kong, the National Clinical Research Center for Interventional Medicine, the Guangdong Chest Pain Centers Association, the Chinese Cardiovascular Association (CCA) and Oriental Huaxia Cardiovascular Health Research Institute (OHCHRI), Suzhou Industrial Park, CCPCC 2026 showcased conducive partnership.

Mr. Wenming Zeng, Secretary-General of OHCHRI, remarked, “The global influence of CCPCC has been growing over the years. Thanks to Hong Kong’s strategic location, leading medical standing and its unique role bridging Chinese Mainland and the world, this year’s congress has drawn even wider global participation, giving the event greater international significance. Hong Kong has helped showcase our event to the world, taking cardiovascular emergency intervention to a new height globally.”

A Launchpad for Mainland-spearheaded International Standards

Capitalising on Hong Kong’s strengths as a super-connector for fostering globalisation, CCPCC 2026 released for the first time the “International Standards on Chest Pain Center Construction and Accreditation”, marking Mainland’s global leadership in cutting-edge cardiovascular emergency intervention. Leveraging Hong Kong’s internationalisation, the efforts to foster global policy support and implementation of the standards will contribute to fair, accessible and timely intervention for cardiovascular emergencies around the world.

Another Significant Win for HKCA Programme on its 5th Anniversary

As a HKTB-appointed HKCA, Prof Lu Shi-Juan, who is a Member of Hainan Medical Association Cardiovascular Professional Committee, played an instrumental role in bringing CCPCC 2026 to Hong Kong. This marked the latest success story of the HKCA programme, as HKTB celebrated the programme’s milestone 5th anniversary with a HKCA Networking Cocktail Event on 31 March, 2026.

Prof Lu noted, “As a Hong Kong International Convention Ambassador, I have worked closely with the HKTB to bring CCPCC to Hong Kong, which is a gateway to the global stage. Hosting the conference here showcases how Hong Kong can elevate Mainland conferences internationally, foster cross‑border knowledge exchange and help shape the future development of the broader medical and professional community.”
The HKCA programme bands together over 170 local and mainland sector leaders of 13 industries and academics to champion Hong Kong as the World’s Meeting Place. Their initiative and connections have helped Hong Kong secure 50 convention wins that have brought in nearly 100,000 high-value overnight MICE visitors.

Strong Medical Events Lineup in 2026

Over 10 medical conventions will be held in 2026 across various disciplines, including ophthalmology, oncology, antimicrobial resistance and cytology.

Event

(*first-ever in Hong Kong)

 Date / Venue Highlights
The 41st Asia-Pacific Academy of Ophthalmology Congress 2026 5-8 Feb,

HKCEC

 The largest and most authoritative ophthalmology congress in APAC, returning to HK for the fifth time, with record-breakingattendance of 11,000+ participants from 111 countries and regions.
The 17th Asian Congress on Oral and Maxillofacial Surgery 2026 27-29 Mar,

HKCEC

 Held in Hong Kong for the second time, bringing together internationally acclaimed speakers, globally renowned experts and young surgeons to foster academic exchange and professional development.
The 15th China Chest Pain Centers Congress 3-4 Apr,

HKCEC

 Chinese Mainland’s largest conference on chest pain centres, hosted for the first time outside Chinese Mainland.
*Asian Federation of Cytology Societies Conference 2026 8-10 May,

Postgraduate Education Centre, Prince of Wales Hospital

 First edition in Hong Kong, bringing together regional and international cytology experts for academic exchange and collaboration.
International Symposium on Antimicrobial Agents and Resistance 2026 12-14 Jun,

HKCEC

 A key international platform for academic exchange on infectious diseases and antimicrobial resistance.
European Society of Medical Oncology Targeted Anticancer Therapies Asia 2026 12-14 Jun,

Kerry Hotel

 A key Asia-Pacific platform for showcasing the latest advances in early-phase oncology drug development, targeted therapies and precision oncology.
Federation of Asian and Oceanian Biochemists and Molecular Biologists Conference 2026 10-13 Aug,

Cheung Kung Hai Conference Centre, The University of Hong Kong

 A major regional scientific meeting in biochemistry and molecular biology, bringing together researchers, educators and professionals from across Asia and Oceania for academic exchange and collaboration.
* 2026 World Cancer Congress 24-26 Sep,

HKCEC

 A leading global forum advancing cancer control and research.
2026 Asia-Pacific Longevity Medicine International Summit 1-4 Oct,

TBC

 A leading international platform and regional collaborative hub dedicated to longevity medicine and innovation, attracting top longevity scientists, medical experts, cross-industry entrepreneurs and investors from over 50 countries.
10th Asia Cornea Society Scientific Meeting 2026 11-13 Dec,

TBC

 A key regional forum for cornea specialists to exchange the latest clinical insights, diagnostics and treatments, and to strengthen collaboration across the Asia-Pacific ophthalmology community.
Association of Pacific Rim Universities (APRU) Global Health Conference 2026 7-9 Dec,

Henry Cheng International Conference Centre, CUHK

 Third time in Hong Kong, convening leading academics, policymakers and practitioners to address critical global health challenges through interdisciplinary collaboration and innovation.

 

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