The TVL of the largest LRTs has once again approached its historical maximum.

ether.fi has become one of the leaders, reaching nearly $10 billion.

The supply of Ethena has doubled since mid-October this year.

The total amount of USDe now exceeds $5 billion. It is now the third-largest stablecoin in the entire market.

Is a major stablecoin rally on the horizon?

Must-Add List of Great Telegram Channels

I've curated a list of 15 channels that I personally follow, each adding significant value to your current reading list.

Make sure to follow them all; these are some of the best channels you'll find on Crypto Telegram.

Follow the list here.

NFT sales volume increased by 34.2% over the past week.

The top collections by market capitalization recently were:
– CryptoPunks: +47.8%
– Pudgy Penguins: +155.4%
– BAYC: +76.8%
– Infinex Patrons: +15.1%
– Azuki: +43%

Pudgy Penguins is drawing special attention as the developers announced the launch of the $PENGU token. Following the news, sales of these NFTs exceeded $26 million this week, taking the top spot. The collection's floor price surpassed 21 ETH, marking a 44% increase in just one week.

The $MOVE FDV exceeded $10 billion.

Currently, the circulating supply market cap stands at $2.3 billion.

Google Trends as a Retail Barometer: Key Insights

The metas of Crypto Twitter, the trending narratives we follow, and our market perceptions differ significantly from the global retail market's view of Web3.

Just how different are they? I've delved into Google Trends to understand how people discover their path to crypto.

Read it here.

Time for a new research dive! Enjoy the read ↓

General
➖ Glassnode: Weekly Top Stories - 12/06
➖ Glassnode: Ethereum All Core Developers Consensus Call #146 Writeup
➖ Glassnode: Ethereum All Core Developers Execution Call #201 Writeup

Market
➖ Coinbase: Weekly: $100,000

DeFi
➖ 4pillars: Huma Finance: Unlocking the Future of Payment Finance
➖ 4pillars: How Can You Not Love Hyperliquid?

Blockchains & networks
➖ Crypto.com: Ethereum Pectra Upgrade

Tokens & currencies
➖ Galaxy: The Rise of Altcoins

Altcoins, especially those that saw significant growth during the past two-month bull rally, experienced sharp declines recently.

If retail traders react fearfully and start selling off their holdings, a rapid price recovery can be expected for assets like TRX, AVAX, DOT, ICP, POL, FIL, and TIA.

Bitcoin's activity peaks during U.S. and European business hours, while Ethereum's transaction volume is more evenly distributed globally, with significant activity during Asian market hours.

Most exchanges overindex towards U.S. trading hours. Coinbase, Gemini, and Crypto.com show the largest bias towards U.S. hours at 36.1%, 57.3%, and 37.1% respectively.

Ethereum is likely to reach a new ATH in this cycle.

There are several reasons for rapid growth:

– A significant net inflow into ETFs: over $305M entered exchanges this week.
– A high probability of an altseason could push Ethereum above $4,500.
– Charts' technical analysis indicates positive price recovery and asset growth.

We've seen many "ultra-hot" narratives: AI agents, memecoins, SocialFi, DeSci, Telegram bots, ERC-404...

What do they all have in common?

The way they evolve—and the way they decay.

Don't get caught up in the "big buzz" craze.
Here’s how ↓

All hot narratives follow a predictable pattern: a new concept gains traction (thanks to marketing, novelty, and the snowball effect of rising prices).

Naturally, this new idea trends across social media, creating a wave of excitement that pushes prices even higher.

Teams notice the community is hyped and rush to launch copycat products, often deploying them on new chains or adding a couple of minor features. Speed becomes the priority, as they bank on the hype outweighing substance.

Content creators join the frenzy, farming the trending topic for engagement by highlighting these copy-paste protocols.

The first few clones might gain some momentum, but most subsequent attempts fail to take off.

This is when disillusionment sets in, and the narrative begins to fade.

The original "big thing" usually experiences a sharp price decline.

For example, Unibot’s golden era lasted just two months—now it’s trading at $8 compared to its $200 ATH.

How long will the golden days of Virtuals last?

We’re in a bull market now, so the narrative might hold up longer. But eventually, all narratives exhaust themselves.

My advice?
Be cautious with new, early-stage AI agent plays—the disillusionment phase might be closer than you think.

In November 2024, DeFi TVL surpassed the $100 billion mark for the first time in 2.5 years, currently reaching $126.3 billion.

There’s less than 30% left to surpass the previous ATH of $179 billion, achieved in November 2021.

CryptoRank shared a list of top perpetual tokens by FDV on a chart.

Their current circulating market caps are:

$HYPE – $3.87B
$JUP – $1.5B
$DYDX – $1.3B
$APEX – $89.5M
$DRIFT – $334M
$APX – $64.3M
$WOO – $536.8M
$F – $87.7M
$GMX – $377.6M
$AEVO – $431.7M

Old coins launched more than 4-7 years ago have experienced a significant YTD surge:

• $XRP +296.4%
• $XLM +244.4%
• $TRX +171.5%
• $ADA +95.3%

This trend was likely driven by strong demand in East Asia and reduced pressure from the SEC, allowing trading of coins that were previously under strict oversight.

Bridge netflows are a perfect litmus test for user migration.

• Arbitrum, Base, and Solana – where money goes
• Noble and Mantle – healthy inflows
• Optimism, Fantom, ZKsync – parity levels
• Linea, Avalanche, Sui, Polygon, Blast – outflows
• Ethereum – the money departure hub

Quite illustrative, imo.

Despite high liquidity flowing into the Coinbase platform, it is not leading in this cycle.

Binance is now considered a more critical source of liquidity.