Five Financial Sectors Set to Drive Next Crypto Rally, Researchers Say

The total cryptocurrency market capitalisation rose by almost 7% in September 2026. Several top digital assets reached their highest levels in months. That raises the question of whether a full bull market has begun and which tokens are poised to benefit most.

This cycle carries extra weight because numerous headwinds have emerged. The US Federal Reserve raised interest rates, and the CLARITY Act failed to advance in the Senate. Despite those pressures, bitcoin climbed to its strongest price since January.

According to BloFin Research analysts, the next upward cycle may differ sharply from previous ones. They contend that no single category of tokens or applications will dominate this time.

Rather, five distinct layers will shape the market.

🚀 90% of altcoins outperformed Bitcoin last week. But the more interesting signal is that this is no longer just a one-week move.

> Altseason Index has surged to 90%, near the top of its historical range
> 65% are still outperforming over 1 month
> Ex-ETH altcoin ETPs saw… pic.twitter.com/szeCSYyV5p

— BloFin Research (@BloFin_Academy) September 24, 2026

Next Bull Market Won’t Keep the Money Inside Crypto

Every crypto bull run to date has been defined by a single dominant theme. Those narratives have ranged from bitcoin as digital money to smart-contract platforms, DeFi and NFTs.

BloFin Research points out that the activity in those cycles largely remained within crypto. New capital entered, shifted from one token to another, and generated fresh avenues for speculation. That remained the case even when the underlying technology was aimed at a broader audience.

But a different dynamic may now be emerging. Several of the fastest-growing crypto sectors share a common direction. Collectively, they suggest crypto is evolving into a parallel marketplace for the global financial system.

• Stablecoins
• Tokenization
• RWA perps
• Prediction markets
• Token value accrual

These sectors are frequently treated as separate stories, but BloFin Research sees them as components of a single stack.

1. Stablecoins

Stablecoins serve as the cash element of the stack. BloFin Research notes they are expanding beyond crypto trading into real-world payments.

That shift can be seen in adoption figures. Visa's stablecoin settlement volume has reached an annualised run rate exceeding $20 billion, more than 15 times the level from a year earlier.

A future development could involve AI agents using stablecoins to pay for data and computing power. BlackRock made a similar argument in a recent report, describing stablecoins as a prime candidate for "machine-native money."

2. Tokenization

Tokenization provides the asset layer by putting real-world ownership onto blockchains. BloFin Research says commodities and equities are among the fastest-growing tokenised assets.

Tokenised commodities had a market size of $5.55 billion at the end of Q1, led primarily by gold. That represents a 289% increase since the start of 2025.

Tokenised equities grew even more rapidly, rising 390% this year to $4.43 billion by mid-September. Still, only about 0.0029% of the $151.9 trillion global listed-equity market has been tokenised. That leaves considerable room for expansion as access improves and on-chain usage increases.

3. RWA Perps

RWA perps form the leverage layer. These contracts enable traders to take leveraged positions in stocks, commodities, or indices without holding the underlying assets.

An RWA perp mainly requires a dependable price feed, liquidity, collateral and a liquidation system. Tokenising an asset, by contrast, involves legal structuring, custody and investor-eligibility rules.

BloFin Research analysts believe this difference explains why synthetic exposure can grow faster than tokenised ownership.

Data from DefiLlama shows that RWA-perps volume jumped from $122 billion in Q1 to $2.2 trillion in Q3. Open interest now stands at more than $15.3 billion.

4. Prediction Markets

Prediction markets function as the information layer. They convert news and expectations into probabilities backed by traders' capital. That has made prediction markets one of crypto's top performers this year.

On-chain prediction market volume reached roughly $5.24 billion so far in September, based on a Dune dashboard. That is more than triple the approximately $1.56 billion recorded in September 2025.

Before the 2026 FOMC meetings, odds on Kalshi and Polymarket shifted in reaction to incoming economic data. Those odds then converged toward the CME FedWatch as each decision approached.

BloFin Research adds that these probability feeds are becoming machine-readable, enabling AI agents to use them as real-time signals.

5. Token Value Accrual

Value accrual represents the ultimate test of the bull market. Put simply, value accrual describes how a crypto protocol's success translates into value for its token holders.

Analysts argue that usage needs a credible mechanism to convert it into value for token holders. That mechanism could involve buybacks, burns, distributions or treasury growth.

Consider a DEX that processes $10 billion in trading volume and generates $20 million in real fees. If none of that $20 million is linked to its token, the token has weak value accrual.

The current token-emissions model has lost credibility. Traditional investors, who focus on revenue and cash flow, also require a measurable connection to token value, the report adds.

BloFin Research cites three major DeFi protocols as examples, each using a different approach. Hyperliquid burns HYPE purchased with trading fees. Uniswap ties protocol fees to UNI burns. Aave directs revenue to its DAO, which can fund AAVE buybacks.

Buyback spending has also set a record this year. Crypto projects repurchased $638 million of their own tokens by late August, according to data from Allium Labs. Hyperliquid and Pump.fun accounted for nearly 90% of that total.

How the Layers Feed Each Other

These five layers reinforce one another. Stablecoins act as collateral for perps and as the settlement asset for tokenised securities. Tokenised stocks and RWA perps both source their prices from traditional markets, but they fulfil different purposes. Tokenisation conveys ownership, while perps provide leveraged price exposure.

Data from perps and prediction markets then becomes input for traders, models and AI agents. Fees from all this activity feed the value layer.

Two potential challenges exist, however. Infrastructure for AI agent payments is arriving before the volume materialises. Additionally, the value of equity perps as a pricing signal depends on liquidity, since thin markets can produce noisy or manipulated readings.