[10x Research: Capital Accumulation May Signal the Start of a New DeFi Cycle] 10x Research analysis indicates that the crypto market is undergoing a significant transformation. The regulatory environment in the United States is gradually becoming clearer, while billions of dollars in stablecoins are migrating to Ethereum. However, prices have yet to show notable changes. Data reveals that capital activity is primarily focused on accumulation rather than trading, which is typically an early stage of a genuine cycle. Since President Trump’s election, Ethereum’s stablecoin issuance has grown to $48 billion, far surpassing Tron’s $15.8 billion. User transaction volume and valuation models based on TVL provide clearer signals than price performance, suggesting the market may be entering a preparatory phase for a new stage in DeFi.