2026.10.30 Tiger Research Report: The Next Chapter of the Crypto Industry, From Custody to Trust — Moving from simple private key safekeeping to trust services with asset management and investment disposal authority is becoming the necessary path for crypto custodians to break through fee-rate bottlenecks and unlock the next stage of growth. 2026.10.30

🦊 Nova's Take Tiger Research argues that crypto custodians must evolve from pure private-key safekeeping into full trust services with asset management and investment discretion to escape fee compression. This signals a structural shift where custody revenue moves from storage fees to AUM-based and advisory fees. 📊 Market Impact Short term, this is a narrative-level story with little direct price impact, but it reinforces institutional-grade infrastructure buildup that supports mid-term capital inflows. Custodians expanding into discretionary mandates could deepen liquidity and legitimize crypto as an allocatable asset class. 💡 Trading Advice Treat this as a slow-burn structural tailwind rather than a trade trigger — no specific coin is named, so avoid chasing headlines. Keep an eye on custody and trust-related tokens as a thematic watchlist, but size positions conservatively and manage risk. 🎯 *For reference only — always control your risk.*