BTC is up ~11% since the dashboard flipped to Cooperation, ahead of the ~5.7% average at this stage but still inside historical ranges.
The rare part is getting here at all, only about a third of these regimes reach Day 21.
Once they do, the odds shift. More than half extend past 100 days, which changes how momentum tends to build.
For the market, this is early confirmation rather than a peak signal. The path from here depends on whether flows and positioning keep reinforcing the regime.
The rare part is getting here at all, only about a third of these regimes reach Day 21.
Once they do, the odds shift. More than half extend past 100 days, which changes how momentum tends to build.
For the market, this is early confirmation rather than a peak signal. The path from here depends on whether flows and positioning keep reinforcing the regime.
👍6
Scroll losing over $200M in two days after EtherFi moved out shows how dependent some L2s still are on a few large protocols.
When one anchor leaves, TVL can collapse almost instantly.
Five L2s showing up among the biggest decliners points to capital moving around rather than leaving the ecosystem. Liquidity is chasing incentives, yields, and distribution, not staying loyal to a specific chain.
Feels like the market is stress-testing L2 stickiness. If retention depends on a handful of apps, TVL will keep jumping between networks instead of compounding in one place.
When one anchor leaves, TVL can collapse almost instantly.
Five L2s showing up among the biggest decliners points to capital moving around rather than leaving the ecosystem. Liquidity is chasing incentives, yields, and distribution, not staying loyal to a specific chain.
Feels like the market is stress-testing L2 stickiness. If retention depends on a handful of apps, TVL will keep jumping between networks instead of compounding in one place.
👍2🤣1
Tron and Ethereum both pulled in over $6B in stablecoin supply YTD, almost neck and neck.
That split says a lot about how liquidity is actually used across chains.
Tron keeps winning on raw transfer volume and cheap settlement, while Ethereum still anchors deeper DeFi and institutional flows. Two different use cases, same scale of capital.
For the market, this is not a winner-take-all setup. Stablecoin liquidity is expanding across multiple rails, and capital moves depending on what it needs to do next.
That split says a lot about how liquidity is actually used across chains.
Tron keeps winning on raw transfer volume and cheap settlement, while Ethereum still anchors deeper DeFi and institutional flows. Two different use cases, same scale of capital.
For the market, this is not a winner-take-all setup. Stablecoin liquidity is expanding across multiple rails, and capital moves depending on what it needs to do next.
👏7👍2
The holder map shows how concentrated BTC supply is at the top.
Satoshi alone sits above 1.1M BTC, while exchanges like Coinbase (~998K) and ETFs like BlackRock’s IBIT (~800K) control massive pools of liquid supply.
What changed over time is who holds it. Early coins were static, now a large share sits inside custodians, ETFs, and CEXs, which means the same coins can move faster when flows shift.
Satoshi alone sits above 1.1M BTC, while exchanges like Coinbase (~998K) and ETFs like BlackRock’s IBIT (~800K) control massive pools of liquid supply.
What changed over time is who holds it. Early coins were static, now a large share sits inside custodians, ETFs, and CEXs, which means the same coins can move faster when flows shift.
👍6
Watching pre-token perp DEXs farm points is basically watching future token supply get priced in early.
GRVT, Extended, Hibachi, Ethereal are all pushing volume and OI without a live token, so the incentive layer is doing most of the work. Recent launches give a reference point. You can map volume and open interest to eventual FDV and see which ones held up after incentives cooled.
GRVT, Extended, Hibachi, Ethereal are all pushing volume and OI without a live token, so the incentive layer is doing most of the work. Recent launches give a reference point. You can map volume and open interest to eventual FDV and see which ones held up after incentives cooled.
👍4
About 76% of HYPE is staked, and almost all of it sits in direct protocol staking.
Liquid staking is still small in comparison, with ~22M HYPE, but even there concentration shows up fast. HyperLend alone holds close to half of that liquid staking supply, and a chunk is looped, users staking HYPE, wrapping it, then borrowing against it again. kHYPE dominates deposits, wHYPE shows up more on the borrow side.
This leaves a thin float relative to headline supply. When most tokens are locked, wrapped, or rehypothecated, price moves depend on a much smaller pool than it looks on paper.
Liquid staking is still small in comparison, with ~22M HYPE, but even there concentration shows up fast. HyperLend alone holds close to half of that liquid staking supply, and a chunk is looped, users staking HYPE, wrapping it, then borrowing against it again. kHYPE dominates deposits, wHYPE shows up more on the borrow side.
This leaves a thin float relative to headline supply. When most tokens are locked, wrapped, or rehypothecated, price moves depend on a much smaller pool than it looks on paper.
❤12
Hyperliquid is pulling in around $80M in fees per employee with a team of just 11, while Coinbase sits closer to $1.45M with nearly 5,000 people.
Even Ethereum and Tron cluster around $9-10M per employee, an order of magnitude below.
Crypto-native systems automate execution, custody, and settlement, so marginal output scales without adding headcount.
Even Ethereum and Tron cluster around $9-10M per employee, an order of magnitude below.
Crypto-native systems automate execution, custody, and settlement, so marginal output scales without adding headcount.
👍9❤4
TradFi perps are scaling fast, but the concentration is still obvious.
Binance + HIP-3 already cleared $103B MTD in April, with a $12.6B peak day, while the next tier (OKX, Lighter, Bybit) sits at ~$13B combined.
That gap is not just liquidity, it is where flow prefers to execute. Deep books attract more volume, and that feedback loop is already in place.
For the market, competition is real, but not equal yet. The early leaders are setting pricing and liquidity standards, and everyone else is still catching up.
Binance + HIP-3 already cleared $103B MTD in April, with a $12.6B peak day, while the next tier (OKX, Lighter, Bybit) sits at ~$13B combined.
That gap is not just liquidity, it is where flow prefers to execute. Deep books attract more volume, and that feedback loop is already in place.
For the market, competition is real, but not equal yet. The early leaders are setting pricing and liquidity standards, and everyone else is still catching up.
❤5
Hyperliquid OI looks very different from a few months ago.
Majors dropped from ~80% share in January to ~57% by April, with commodities, equities, and alts taking the rest.
That shift comes from new listings pulling fresh flow rather than existing pairs losing interest. Traders rotate into whatever offers better volatility or positioning opportunities.
For the market, this widens the trading surface. Hyperliquid is starting to behave less like a BTC/ETH venue and more like a multi-asset derivatives platform.
Majors dropped from ~80% share in January to ~57% by April, with commodities, equities, and alts taking the rest.
That shift comes from new listings pulling fresh flow rather than existing pairs losing interest. Traders rotate into whatever offers better volatility or positioning opportunities.
For the market, this widens the trading surface. Hyperliquid is starting to behave less like a BTC/ETH venue and more like a multi-asset derivatives platform.
👍9❤2
Strategy’s BTC stack swung from multi-billion unrealized losses to roughly $350M in profit. Same position, different mark.
Most holders on that chart still sit below cost basis. It shows how much supply is underwater and sensitive to price shifts.
Most holders on that chart still sit below cost basis. It shows how much supply is underwater and sensitive to price shifts.
👌5
BNB Chain still leads by a wide margin in agent count, sitting far ahead of Base and the rest.
That gap usually comes from distribution, cheap execution, and easier onboarding rather than deeper tech.
Base is catching up, but the long tail is fragmented across smaller ecosystems. Most chains have agents, just not enough density to matter yet.
That gap usually comes from distribution, cheap execution, and easier onboarding rather than deeper tech.
Base is catching up, but the long tail is fragmented across smaller ecosystems. Most chains have agents, just not enough density to matter yet.
❤7
About a third of traders are already cutting real-world spending to stay in the market, and 10% say it goes beyond small adjustments.
Another 37% delayed purchases, with 21% pushing back major expenses like housing or cars. That points to portfolios influencing personal balance sheets, not the other way around.
When people start reallocating like this, it usually means they are deep in and still committed. It can support prices short term, but it also raises the risk of sharper moves if conditions flip.
Another 37% delayed purchases, with 21% pushing back major expenses like housing or cars. That points to portfolios influencing personal balance sheets, not the other way around.
When people start reallocating like this, it usually means they are deep in and still committed. It can support prices short term, but it also raises the risk of sharper moves if conditions flip.
👍4
BTC is being pushed more by futures than spot right now.
Open interest keeps climbing, but on-chain demand is still negative even with ETF inflows and corporate buying.
In past cycles, stronger recoveries started when spot flows turned as well. Until then, moves tend to stay more fragile.
Open interest keeps climbing, but on-chain demand is still negative even with ETF inflows and corporate buying.
In past cycles, stronger recoveries started when spot flows turned as well. Until then, moves tend to stay more fragile.
👍8👀4
Hyperliquid is doing ~$78M revenue per employee with a team of 11, putting it far ahead of firms like Jane Street and even AI labs like Anthropic on a per-head basis.
🔥8
Say 'hi' to the latest April insights ↓
General
➖ Binance: Binance Ai Pro: Analysis Report
➖ Galaxy: Weekly Top Stories - 04/24/26
Market
➖ CoinShares: Hybrid finance Q1 2026 report
➖ CoinShares: Equities update | April 24th, 2026
➖ CoinShares: Market update | April 24th, 2026
➖ CoinShares: Digital asset fund flows | April 27th, 2026
➖ Binance: Weekly: Super Apps Expand Crypto’s Pie
➖ Glassnode: Strategy Watch #3
➖ Glassnode: BTC Market Pulse: Week 18
DeFi
➖ DL Research: The state of RWAfi
➖ 4pillars: Ethena Thesis: Coronation of the Synthetic Dollar
➖ Glassnode: Anatomy of a Liquidity Freeze
Tokens & currencies
➖ CoinShares: Attention, not panic: mapping Bitcoin's quantum horizon
➖ 4pillars: $KNTQ Thesis Revisited (April 2026)
➖ 4pillars: Hong Kong's Stablecoin Vision: Asia's Regulated Digital Asset Hub
General
➖ Binance: Binance Ai Pro: Analysis Report
➖ Galaxy: Weekly Top Stories - 04/24/26
Market
➖ CoinShares: Hybrid finance Q1 2026 report
➖ CoinShares: Equities update | April 24th, 2026
➖ CoinShares: Market update | April 24th, 2026
➖ CoinShares: Digital asset fund flows | April 27th, 2026
➖ Binance: Weekly: Super Apps Expand Crypto’s Pie
➖ Glassnode: Strategy Watch #3
➖ Glassnode: BTC Market Pulse: Week 18
DeFi
➖ DL Research: The state of RWAfi
➖ 4pillars: Ethena Thesis: Coronation of the Synthetic Dollar
➖ Glassnode: Anatomy of a Liquidity Freeze
Tokens & currencies
➖ CoinShares: Attention, not panic: mapping Bitcoin's quantum horizon
➖ 4pillars: $KNTQ Thesis Revisited (April 2026)
➖ 4pillars: Hong Kong's Stablecoin Vision: Asia's Regulated Digital Asset Hub
❤6
USDC borrow on Aave cooling to ~6% lines up with liquidity finally coming back in.
Mantle’s 30K ETH and Aave’s follow-up added breathing room, pushing utilisation off the extremes and triggering around $100M in USDC repayments, mostly from USDe loops unwinding.
The interesting part is what did not move. WETH borrowers are still pinned with utilisation at 100%, so the unwind is uneven across markets.
Mantle’s 30K ETH and Aave’s follow-up added breathing room, pushing utilisation off the extremes and triggering around $100M in USDC repayments, mostly from USDe loops unwinding.
The interesting part is what did not move. WETH borrowers are still pinned with utilisation at 100%, so the unwind is uneven across markets.
👍7
New Binance-listed alts are one of the few segments holding up, sitting around +5% while most older cohorts from 2020–2024 are down ~18–23% over the same period.
Across exchanges the pattern is similar, but Binance prices it fastest, which is why new supply performs better there first. Liquidity and visibility compress the cycle. Altcoins are competing for flow, not durability. Once that flow moves, the previous cycle gets left behind.
Across exchanges the pattern is similar, but Binance prices it fastest, which is why new supply performs better there first. Liquidity and visibility compress the cycle. Altcoins are competing for flow, not durability. Once that flow moves, the previous cycle gets left behind.
❤4
Crypto capital is moving into private tech, and the targets are clear.
Neuralink, Anthropic, SpaceX, ByteDance, OpenAI all rank among the most sought-after secondary assets, with tech development deals averaging ~$22M, the largest tickets in the data.
This flow comes from investors who started in tokens and now want earlier exposure to real companies. Same mindset, different assets.
Neuralink, Anthropic, SpaceX, ByteDance, OpenAI all rank among the most sought-after secondary assets, with tech development deals averaging ~$22M, the largest tickets in the data.
This flow comes from investors who started in tokens and now want earlier exposure to real companies. Same mindset, different assets.
Most DeFi yield dashboards show you only the APY and TVL.
They don't show how the strategy actually works, what can break it, or where liquidity sits. I think we all agree that transparency has been a major bottleneck so far.
The Smart Yield dashboard from Sentora addresses this directly.
It aggregates yield opportunities across chains, along with:
• Strategy breakdowns
• Risk metrics
• Liquidity depth
• Capital allocation
You can filter by asset, chain, strategy type, and risk level. It's essential in understanding what you're exposed to when you deposit.
The backend already powers $2B+ in institutional strategies for Kraken, PayPal, and Morpho.
It's about time we put transparency first for yield.
They don't show how the strategy actually works, what can break it, or where liquidity sits. I think we all agree that transparency has been a major bottleneck so far.
The Smart Yield dashboard from Sentora addresses this directly.
It aggregates yield opportunities across chains, along with:
• Strategy breakdowns
• Risk metrics
• Liquidity depth
• Capital allocation
You can filter by asset, chain, strategy type, and risk level. It's essential in understanding what you're exposed to when you deposit.
The backend already powers $2B+ in institutional strategies for Kraken, PayPal, and Morpho.
It's about time we put transparency first for yield.
👍3
Bridge activity has been fading for months, from ~30–35K daily users pre-October to ~13K now.
Across still leads, but even there usage dropped from ~25K to under 10K, so the slowdown is broad, not isolated. Bridging is one of the clearest signals of capital rotation. When users stop moving assets between chains, it usually means fewer new narratives, fewer incentives, and less urgency to reposition.
Right now capital looks parked rather than deployed. If that changes, it will show up first in bridge usage picking up again across multiple routes, not just one dominant player.
Across still leads, but even there usage dropped from ~25K to under 10K, so the slowdown is broad, not isolated. Bridging is one of the clearest signals of capital rotation. When users stop moving assets between chains, it usually means fewer new narratives, fewer incentives, and less urgency to reposition.
Right now capital looks parked rather than deployed. If that changes, it will show up first in bridge usage picking up again across multiple routes, not just one dominant player.
👍2