4 Undervalued Crypto Protocols Generating Real Fees (3x+ Bull Market Potential)
PLUS: Inflows to Bitcoin ETFs hit a 30-day high
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📈 Signal
Inflows to Bitcoin ETFs hit a 30-day high
U.S. spot Bitcoin ETFs saw significant inflows of $368.25 million, the highest in a month, reversing recent outflows and signaling renewed institutional conviction.
Institutional buying is linked to investor positioning ahead of key macroeconomic reports this week and the Federal Reserve's upcoming rate decision.
Fidelity's FBTC led the inflows with a net inflow of $156.50 million, followed by Ark Invest and 21 Shares’ ARKB with $89.47 million
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4 Undervalued Crypto Protocols Generating Real Fees (With 3x+ Bull Market Potential)
In crypto, protocol revenue is becoming an increasingly important metric for investors, particularly in a market where speculation is giving way to fundamentals.
In the next bull market, fundamentals will matter again.
While memecoins and hype tokens may deliver short-term gains, smart capital is increasingly flowing toward protocols that generate real revenue.
But revenue alone doesn’t tell the full story. The real question is:
How expensive is this protocol relative to the fees it earns?
In traditional finance, investors use the Price-to-Sales (P/S) ratio to compare a company’s valuation to its annual revenue. In this report, we apply a similar logic to crypto: comparing each protocol’s fully diluted valuation (FDV) to its annual and annualized fees.
In this report, we filtered cashflow protocols using 2 strict criteria:
✅ Fully Diluted Market Cap between $1B and $10B — large enough to be relevant, small enough for asymmetric upside
📊 Valuation multiple (FDV / protocol fees) under 6x — using a blend of annualized + past data
Then we analyzed each token’s current price vs. all-time high (ATH) to estimate both:
🎯 A fundamentals-based bull case target
🚀 An upside scenario and return to ATH