Disclaimer: This is not financial advice. Anything stated in this article is for informational purposes only and should not be relied upon as a basis for investment decisions. Triton may maintain positions in any of the assets or projects discussed on this website.
TL;DR
We are in a moment of quiet opportunity
The Federal Reserve just delivered an October rate cut while signaling that a December cut is not guaranteed. Meanwhile, data flow is disrupted by the US government shutdown - leaving the Fed driving in the fog. In this environment many investors are frozen. They are waiting for clarity or for everything to look safe.
At Triton, our job is to underwrite projects with strong fundamentals, wait until macro forces drive those assets into a reasonable valuation range, and bid when that occurs. Simply put, we act while the crowd hesitates.
Here’s why now is the best time to bid:
We believe the current consolidation is not the signal of failure, but rather the pause before the next leg.
Below is a short list of key metrics we monitor as well as top conviction holdings.
Sentiment has cycled back into fear. Historically, every major uptrend in digital assets began from these exact zones - where conviction fades and liquidity builds. Current fear levels suggest we have approached attractive entry points.
Volumes have collapsed to multi year lows. Historically, low volume regimes mark accumulation phases. When participation returns, it comes in waves.
Just like an IPO where early holders distribute, we are also observing a change of hands as institutional investors step into the space. This ownership fragmentation improves structural integrity and leads to lower volatility for the asset class.
Core Conviction Holdings
In every consolidation, fundamentals separate signal from noise. Below are the positions that define Triton’s book: real revenue, real users, and sustained on chain activity. These are companies building through the cycle.
Below you will find a few examples that comprise a substantial portion of our book (note: this list is NOT comprehensive of our fund’s top holdings, just a sample):
To highlight a few of these companies, we have included a few points from the projects we are excited about below.
Hyperliquid
Solana — Infrastructure, Throughput, and Real Economic Gravity
Every consolidation filters noise from signal. SOL continues to define that separation. In January 2025 alone, SOL generated $550 million in Real Economic Value, the highest of any blockchain by a wide margin. The network now processes more successful transactions per day than every other major chain combined, with throughput exceeding 40 million daily transactions.
Total Value Locked has expanded to roughly $8.7 billion, a six-fold rise since late 2023, while on-chain revenue continues to print tens of millions monthly in protocol fees.
Developer activity remains among the top three ecosystems globally, with hundreds of live dApps and enterprise integrations emerging from the Solana Foundation’s grants program. This is infrastructure already functioning at global scale. When liquidity returns, it returns first to the rails that never stopped moving.
For us, Solana is that rail.
Maple Finance — Yield Infrastructure for Institutions
The next credit cycle won’t be underwritten by banks; it will be executed by smart contracts. Maple Finance proves that thesis every month. As of October 2025, Maple’s AUM exceeds $4.19 billion, more than doubling from the start of the year. Monthly protocol revenue has climbed to $2.16 million, with cumulative originations now above $6 billion since inception. These are real cash flows from real borrowers, real repayments, and a growing institutional base.
Credit pools continue to expand, with utilization above 85 percent and delinquency rates near historic lows. Maple has transitioned from a DeFi experiment to a capital-efficient lending desk in code form. This is the architecture of yield for a world where liquidity prefers transparency.
Highlights:
Euler Finance — Lending Protocol, Velocity, and User Expansion
Euler embodies the progression from disruption to discipline. Once tested by a $197 million exploit in 2023, the protocol rebuilt from first principles and is now one of the industry leaders. By mid-2025, active loans surpassed $1 billion, with TVL at $670 million and monthly users exceeding 30,000, up from roughly 3,000 in January.
Governance, audits, and risk management frameworks have been re-engineered, transforming Euler into one of the top three lending platforms in decentralized finance.
Protocol revenue continues to rise in tandem with utilization, supported by algorithmic rate models that adjust to liquidity and demand in real time.
What’s next after the “Silent IPO” phase?
The market is quietly completing its distribution cycle with regard to its dominant asset - BTC.
Early whales are exiting, ETFs and institutional buyers are absorbing what remains and the structural overhang is fading. As supply clears, demand begins to outweigh it for the first time in months. The narrative shifts from “why isn’t Bitcoin moving?” to “Bitcoin is breaking out again.”
Volatility compresses, drawdowns shrink and the asset starts behaving less like a casino and more like a macro instrument. Correlation with liquidity, equities, and technology returns as Bitcoin takes on the profile of “liquid tech meets digital gold.”
This is the transition into the institutional phase, where pension funds, sovereign wealth vehicles and corporate treasuries can allocate with lower tail risk and Bitcoin evolves from speculation into infrastructure.
A window of opportunity is emerging as markets reset, institutions accumulate, and fundamentals quietly strengthen beneath the noise.
Triton expanded its UAE presence this quarter, joining panels in Abu Dhabi and Dubai to show how digital assets fit inside regulated portfolios. From tokenization to allocator standards and macro-driven entries, the focus was on structure, controls, and institutional execution.
Stablecoin supply climbed from $239B to nearly $300B, led by USDT and USDC, while Tether, Circle, Stripe, and Cloudflare launched new projects accelerating global adoption.