Layer 2 blockchains were meant to improve scalability on the Ethereum network, but Coinbase's Base has reduced ether's market cap by $50 billion, the report said.
The Bitcoin network is evolving into a wider DeFi ecosystem, the report said.
The SBR will elevate bitcoin's institutional standing, the report said.
Bitcoin is the real winner as it is exclusively being treated as a reserve asset, the report said.
A number of U.S. states have rejected the idea of using bitcoin as a reserve asset due to its volatility, the report said.
The final reserve will be almost entirely bitcoin and will be larger than people think, the report said.
The total market cap of the 14 publicly-listed U.S. bitcoin miners that the bank tracks dropped 22% last month, the report said.
The President announced that XRP, SOL, BTC, ETH and ADA would be included in the strategic reserve.
Institutional crypto futures positioning suggests a weakness in demand, the report said.
Institutional use of these cryptocurrencies will increase once rules are in place, the report said.
Mining economics came under pressure as the network hashrate rose while the bitcoin price fell, the report said.
The SOL price has slumped against both the dollar and ether.
These companies grew their share of the Bitcoin network to about 29% in January from around 20% a year ago, the report said.
The Federal Reserve could issue debt or sell some of its gold reserves to fund purchases of BTC, the report said.
The broker raised its Coinbase price target to $475 from $400 while maintaining its market outperform rating on the stock.
Company data suggests that Tether's reserves are 66% compliant under the STABLE Act and 83% under the GENIUS Act, the report said.
Robinhoood shares jumped 13% in early trading Thursday after fourth-quarter earnings beat estimates.
Total crypto market cap increased 8% to about $3.4 trillion last month, the report said.
Ether has dropped over 20% this year, but fundamentals are improving, the report said.
The blockchain's native token ether has underperformed bitcoin and other altcoins in recent months, the report noted.
The correlation between bitcoin and the stock market is expected to weaken as the adoption of digital assets grows, the report said.
Mining difficulty fell 2% from the previous month, which is relatively uncommon, the report said.
Digital asset projects are increasingly turning to community-driven platforms to raise money, the report said.
Ongoing presidential backing for digital assets is a key determinant for the continuation of 'crypto's golden era,' the report said.
Mining fundamentals are strong with the cost to mine around $27,000 per bitcoin for larger participants, the report said.
Multi-asset investment portfolios with allocations to bitcoin are consistently outperforming those that don't hold the cryptocurrency, the report said.
The token introduction is a big positive for crypto builders in the U.S. following the Biden administration's crackdown on digital assets, the report said.
VC activity has been subdued for the last two years despite the rally in digital assets, the report said.
The combined hashrate of miners tracked by the bank has doubled in the last year to roughly 30% of the global network, the report said.
There is a danger that forced or panic selling could lead to further bitcoin weakness and a break below $90K could lead to a 10% retracement, the report said.