BTCfi is booming on Sui Network – with over 1,000 BTC bridged and Bitcoin-backed assets making up 10% of the network’s TVL as of April 2025.

A return to critical price zones triggered profit-taking across the board.

With $1.54B in ETF inflows and shorts squeezed, the mood is clearly turning.

ICYMI: Stobox, a company developing infrastructure for the next wave of regulated digital assets, has begun its expansion into the US market.

They now have regulatory access, positioning them as a potential key driver of real adoption in Web3. This is particularly significant given Stobox's proven experience in Qatar and Europe.

By 2025, the tokenization machine is expected to truly take off.

Bitcoin is gradually decoupling from major stock indices.

Its correlation with the S&P 500 and Nasdaq has declined noticeably since early 2024, hinting at a more independent market cycle.

Aave’s GHO is feeling the heat as PayPal’s PYUSD and Robinhood’s USDG step up as serious contenders in the Ethereum stablecoin race.

Fees on HyperCore are split between the HLP and an assistance fund – the latter has bought back $96M in HYPE tokens since February.

That’s approximately $1.4M in daily buybacks. A rare case of sustained on-chain buy pressure.

Base continues to build momentum even in a shaky market.

Its share of L2 activity has surged to 82%, and it's now crossing 1M daily users and 4M transactions. With $6.3B+ in TVL and fresh innovations like Basenames, the ecosystem is heating up.

Bitcoin’s road to $100K won’t be easy – a major wall of supply looms near $97K.

Around 392,000 BTC were bought at that price, meaning many holders could sell at break-even. This cluster marks a critical resistance zone that the market must overcome.

More tools to supercharge your research.

Full list

Bitcoin gained +3.6%, while Ethereum dipped -3.7% over the past week.

Among the week’s top movers were POL (+9.1%), BCH (+6.7%), and SOL (+6.6%).

Hemi Network is now the top Bitcoin Layer-2 by TVL.

Here are the most active protocols shaping its rapid growth.

Raydium remains the top DEX on Solana by USD trading volume, hitting $1.7B.

It continues to be the network’s key liquidity hub.

pump.fun’s daily revenue plunged over 89% since the start of 2025, down to $1.4M by mid-April.

Yet, the number of new tokens created daily is still climbing – up 3.25%.

Hyperliquid has once again claimed the crown for daily fee revenue – pulling ahead of both Tron and Ethereum in network earnings.

Happy to share with you new weekly insights ✨

General
➖ CoinGecko: 1 in 7 Willing to Trust AI With Entire Crypto Portfolio
➖ Galaxy: Weekly Top Stories - 4/18

Market
➖ CoinShares: Market Update - April 18th 2025
➖ CoinShares: Digital Asset Fund Flows | April 22nd 2025
➖ Coinbase: Weekly: Under Pressure
➖ Glassnode: BTC Market Pulse: Week 16
➖ Galaxy: Rally Fades: Funding, Basis & No Fed Cut Signals a Hedged/Risk-Off Market
➖ Galaxy: When Gold Shines and the Dollar Slips

Blockchains & networks
➖ 4pillars: The ALL MIGHTY Sui Full Stack
➖ 4pillars: Initia: Entering the Multichain Garden of Eden
➖ CoinMarketCap: What Is iExec: The Trust Layer for DePIN and AI

Ethereum’s new adoption rate neared 40% last week.

The influx of first-timers shows rising interest that goes beyond pure speculation.

$BTC futures open interest jumped from $36.2B to $38.6B in under 36 hours – a $2.4B surge.

It’s the highest level since late March, signaling a strong uptick in derivatives activity.

The recent price pullback is more in line with a typical correction than a full-blown bear cycle.

The prior rally lacked extreme overheating, suggesting the downside risk may be relatively contained.

Post-hype status for former Web3 Superstars:

• FriendTech: Peaked at 200K users; now ~500 monthly users

• BananaGun: $700M peak volume; now at 1/5 of that

• Virtuals: $7.8M in fees ATH; now at $32K

• Blast: 900K monthly active users in July 2024; now ~120K

• Scroll: 1.2M MAU at peak; now at 111K

• Starknet: $1.6B ATH bridge deposits; now ~$390M

• Pumpdotfun: 150K daily wallets at peak; now ~30K

• Farcaster: All-time high of 60K daily users; now ~30K

• DeBank: 25K active users at peak; now ~12K

• Karak: $107M bridge deposits ATH; now ~$9.7M

• Renzo: 155K MAU at peak; now 18.7K

• Sushiswap: $11.3B in trading volume ATH; now ~$200M

Here's my article on how ex Web3 Superstars feel now.

🏆 The Largest Funding Rounds of 2025. Link.

Interest in financial innovation is only accelerating. Large sums, new models, and blockchain integration into traditional businesses are shaping the financial reality of 2025.

Author: Green But Red

#fundraising


📱 X (Twitter) | 📱 Telegram | 🔖Substack

Out of the top lending platforms, only EUL and SYRUP have positive returns so far this year:

• EUL: +46.19%
• SYRUP: +0.99%

A clear sign of capital concentration in highly selective DeFi opportunities.

According to Nansen, Solana flipped Ethereum in total staking market cap.

A major milestone for SOL as it continues to dominate in staking participation.

10 protocols from Moni Discover to add to your watchlist

USDC has overtaken ETH in trading volume on Ethereum.

The last time this happened was during the previous bear market – stablecoins are back in the spotlight.

USDT leads April with $80B in real USD transfers – double USDC’s $40B.

While ETH and Solana move ~$15B each, stablecoins clearly dominate as crypto’s core liquidity rails.

The current bull cycle shows the shallowest median drawdown in history – just 7%.

This suggests stronger investor conviction and a higher tolerance for volatility.

$sUSD has structurally depegged this time

Sounds like brilliant plan to use the TGE of another project (and its funds) to save the degeg of the $sUSD.

But I don't see how the structural problems will (or not) be resolved.

It has in fact depegged on several occasions and it seems strange to me that no one is picking it up at $0.7

The stablecoin peg stabilizer broke and this might be one of the worse depegs after LUNA🧵👇

Twitter: https://x.com/arndxt_xo/status/1913439867809530216

FULL Article: https://threadingontheedge.substack.com/p/susd-has-structurally-depegged-heres

Ethereum gas fees hit a 5-year low — $0.168 per transaction.

It's the cheapest ETH transfers have been since May 2, 2020.

Maple’s TVL has skyrocketed 10x over the past year, now topping $1B.

The protocol has firmly joined the ranks of DeFi heavyweights.

After plunging 80% from $48.4B to $9.6B (Q4 2021-2022), the crypto lending market is bouncing back.

By end of 2024, it reached $30.2B – a 214% recovery, largely driven by DeFi lending growth.

TRON surpassed 130 million addresses with a balance – a major milestone in its ecosystem’s continued growth.

Since February 2025, futures sentiment has been steadily declining, signaling rising caution in the market.

Abstract Chain is on fire: unique active wallets jumped 130% to 110K, and transactions are up 42% to 1.38M in just 7 days.

BigCoin alone accounts for ~60% of all UAW.

Whale activity is ramping up: the number of addresses holding 1K-10K $BTC rose from 1,944 to 2,014 since March 5.

The last time we saw this pace was in April 2024.

Ethereum-based dApps generated over $1B in fees in Q1 2025.

Base came in strong at second place, pulling in ~$193M.

30-day DEX volume growth leaderboard: despite recent incident involving a market maker, Movement remains on top.

PumpSwap by PumpFun processed a massive $2.5B in trading volume last week.

Weekly updates at your service 🛎️

General
➖ Crypto.com: Crypto Card Consumer Spending Insights 2024
➖ CoinGecko: 2025 Q1 Crypto Industry Report
➖ CoinGecko: Crypto KOL Trust: 27% Highly Trust AI Agents vs 21% Humans
➖ CoinGecko: 1 in 10 Want to Know Who’s AI, But Reject Proof of Personhood
➖ Galaxy: Weekly Top Stories - 4/11

Market
➖ CoinShares: Bitcoin Miners vs Gold Miners
➖ CoinShares: Market Update - April 11th 2025
➖ Coinbase: Weekly: Tit for Tat
➖ Glassnode: Supply Mapping: Unlocking On-chain Market Behaviors
➖ Galaxy: Tariffs, Treasuries, and the Search for Stability

Blockchains & networks
➖ Cryptorank: Follow The Money: Sonic Ecosystem

Tokens & currencies
➖ 4pillars: Accelerate Asia Stablecoins with Interoperability
➖ 4pillars: Animeconomy 2030
➖ The Defiant: Stablecoins Are a Matter of US National Security

OpenEden’s stablecoin just hit a major milestone, crossing the $100M market cap mark.

Here’s my new X article on the roration of on-chain volumes – and the insights this data hides.

Read it here!

There was a sharp decline in revenue on Optimism from over $6M to $2M after the Dencun upgrade – the L2 now sits at $3.17B total on-chain value.

zkSync raised their last round at $1.25 billion.
Now at $1 billion, with all metrics slowly going to zero.

VCs do also cry.

Base keeps soaking in liquidity – net flows have surged past $474M in the last 30 days.

The hype around Virtuals cooled off – tokens dropped, and activity went quiet.

But since April, transaction volumes have started to climb again.

Bitcoin ETF momentum is fading fast: year-to-date inflows sit at a modest $225M and could flip negative amid Trump-driven trade uncertainty.

As 10x Research predicted, early flows were mostly arbitrage, not real conviction.

Why did $OM really crash by over 90%? A few theories:

– According to the official statement from CEO JP Mullin, it was due to "a massive forced liquidation from a large OM investor on a CEX." Binance also cites this as the main cause.

– However, on-chain analysts reported potential insider selling of 43.6 million $OM just a day before the crash. Some of the wallets involved were linked to project investor Laser Digital.

– Prior to this, Mantra doubled its token circulation from 888M to 1.77B and introduced an annual inflation rate of ~3%, which may have shaken investor confidence.

– There's also a major imbalance between the project’s TVL ($3.2M at the time of writing) and its FDV of $1.3B.

This crash is a reminder that it's not just memecoins that are vulnerable. Don’t put all your eggs in one basket, and monitor the projects you invest in closely. Always take suspicious moves or transactions seriously.

Over 60% of memecoin traders score between 0 and 4, mostly clustered at 0-1.

This means they're not ecosystem users – just hype chasers jumping from token to token, reinvesting their gains straight back into the crypto casino.

Bitcoin dominance ↑
Ethereum dominance ↓

The sentiment barometer we deserve.

Bitcoin slide from $109K to $80K, but the network isn’t flinching – both hashrate and mining difficulty are hitting all-time highs.

This isn’t pressure, it’s power: a signal of rising security and underlying value. According to CryptoQuant, hashrate models suggest Bitcoin’s market cap could reach $5 trillion.

Bitcoin is drifting below crucial thresholds – the 111DMA at $93K and the 200DMA at $87K – recently brushing the 365DMA at $76K.

These zones once served as bull market anchors, but slipping through them could hint at a broader shift in sentiment.

Bitcoin Bull Score has now reached levels last seen in 2022–2023.

Eight out of ten Cryptoquant bull score indicators are now in the red zone.

The bottom might not be in yet.

Nearly 60% of crypto users already consider themselves early adopters of AI in crypto.

Only 6.1% remain skeptical – the rest are diving into the AI wave.

We're not witnessing a classic risk-off.

We’re seeing the slow erosion of market depth. Price action is being amplified by impaired liquidity.

Liquidity, not sentiment, is the real fragility in this market.

Retail hasn't capitulated yet. ETF inflows remain strong.

But once the buy-the-dip reflex fails a few more times and excess wealth expectations from the 2019–2024 cycle are challenged, real deleveraging begins—and that’s when retail will hit the wall.

And Bessent understands this better than most.

He helped orchestrate the legendary short of the British pound in 1992, ran Soros Fund Management as CIO during one of its most active periods, and later built Key Square into a $5B global macro powerhouse. Now at the helm of U.S. economic policy.

We’re heading into a phase where market moves will increasingly be policy-shaped, not just data-driven. Watch for language like "smooth functioning," "temporary," and "facility" from the Fed.

How are we are right in the most oversold conditions 👇🧵

Twitter: https://x.com/arndxt_xo/status/1911059009635045704

FULL Article: https://threadingontheedge.substack.com/p/liquidity-cracks-tariff-traps-and

Polygon PoS hit 2.61M active senders in March – 44% more than Solana.

Virtuals’ daily revenue dropped to $500, while its token has lost 90% of its peak value.

Solana’s liquid staking ratio doubled in a year, reaching 12.8%.

Jito leads the race with 38% market share, leaving Binance's bnSOL and Marinade’s mSOL far behind.

Daily unique traders on Ethereum DEXs dropped to just 40,000 – the lowest in the past 12 months.

The State of Yield-Bearing Stablecoins in 2025 (Part 2)

This time:
— $deUSD
— $mkUSD
— $DUSD
— $USDP
— $USDA / $EURA

Yield flows, breakdowns & risks 🧵👇

Twitter: https://x.com/arndxt_xo/status/1909579297578467393

FULL Article: https://threadingontheedge.substack.com/p/the-state-of-yb-stablecoins-part-898

A fully red week: according to Artemis, not a single sector posted gains.

Dune Analytics: Master Class

This is your Dune user master guide—one of the most comprehensive resources available. It covers everything from top dashboards to advanced search queries.

Read it here!

Stablecoins are back in motion: 300K+ daily active addresses and $72B in volume – the highest since February.

Over 5.1M BTC – 25.8% of the supply – is currently underwater.

Alarming? Maybe. But we've seen worse in 2024.

These projects saw the steepest market cap drops, according to Santiment.

The past week was full of different events, and I suggest you learn more about them in the new research! 🔎

General
➖ Cryptorank: State of Venture Capital in Crypto, Q1 2025
➖ 4pillars: What the F*CK is a "Community"? Pt.1 (Breaking It Down with BARD)
➖ 4pillars: What the F*CK is a Community? Pt.2 (Applying BARD to Major Alts)
➖ CoinShares: Digital Asset Fund Flows | April 7th 2025
➖ Crypto.com: Alpha Navigator: Quest for Alpha [March 2025]
➖ CoinGecko: Survey Finds Crypto AI Adoption Still in Early Stages
➖ The Defiant: 55 Million Americans Use Crypto — And Construction Workers Are Big Fans: Report
➖ Galaxy: Weekly Top Stories - 4/4

Market
➖ 4pillars: Stablecoin Markets: Korea’s Strategic Imperative
➖ CoinShares: Market Update - April 4th 2025
➖ Coinbase: Weekly: Rules of Origin
➖ Binance: Monthly Market Insights - April 2025
➖ Binance: Tariff Escalation and Crypto Markets: Impact Analysis
➖ Glassnode: BTC Market Pulse: Week 14
➖ Galaxy: Tariffs, Recession Risks, and a Cautious Consumer Outlook

DeFi
➖ Crypto.com: Wall Street On-Chain Part 2 – RWA Tokenisation
➖ CoinGecko: Bobby’s Crypto Aggregate (Mar 2025): Hyperliquid Under Attack from CEXes & Trump’s SBR

Blockchains & networks
➖ 4pillars: Story: Finding Blockchain’s PMF in IP

Tokens & currencies
➖ 4pillars: Legislative Framework For Korean Stablecoin
➖ Galaxy: Backing Rain & RedotPay: Expanding the Frontiers of Stablecoin Payments

Stablecoin balances on exchanges dropped to a 3-month low – levels last seen in January.

Celestia’s real economic value is on the rise, with nearly 90% driven by blob fees.

In fact, this image perfectly answers all major questions on the $ETH underperformance.

• 32% supply in profit for $ETH vs. 85% for $BTC
• Same holding pattern (holders time share) as in the case of $BTC
• And 55% of the supply in the hands of large holders (lots of Web3 companies here) → higher supply centralization vs. BTC.

The average ETH entry price is $2.2K, meaning most holders are underwater.

The next key support lies around $1.29K – where whale entries begin. Even during the Luna crash, ETH bounced back from $870.

USDtb supply rose by $1.3B in a month, marking the second-biggest increase after USDC.

Survive the bloodbath days better next time.

Take note: Q2 2025 has a lot of events you can't miss ✍️

Since January 1, Ethereum and Solana have dominated Jumper inflows, while major L2s and alt-L1s saw steady outflows to emerging networks.

Over 80% of $SHIB supply is held by long-term investors – a sign of strong conviction even in a shaky memecoin market.

Low usage, record-low fees, and a declining burn rate are dragging Ethereum down – activity has steadily dropped since January.

Ethereum overtook Solana in March to lead DEX volume again, handling 26.3% of $245.8B – its first time ahead since September.

The AI sector saw a 29% rise this quarter, reaching 2.6M daily users, while Social dApps followed closely with 2.8M and 10% growth.

This week saw a notable spike in $100K+ whale transactions across several leading projects – highlighting a surge in big-player interest.

Q1 2025 was marked by cautious investor sentiment, as economic uncertainty weighed on both crypto and traditional markets.

Safe-haven assets came into focus – gold emerged as the top performer, returning 18% year-to-date and outpacing all other asset classes.

Whale accumulation keeps gaining momentum – addresses holding over 10K BTC are approaching a score of 0.6.

Meanwhile, retail holders with less than 1 BTC have dropped below 0.2, deepening the divide. The gap between small and large holders is becoming increasingly clear.

Up to 10% of transactions in major remittance corridors now run on stablecoins.

This shift shows how digital assets are becoming a practical solution for fast, low-cost cross-border payments.

Ethereum’s MVRV ratio has fallen below 1.5 – a level often viewed as a historical buying zone.

It could be a green light for investors watching for value entry points.

The top 5 projects by commission volume over the past month include the following L1s:

Tron – $1.1M
Solana – $882.8K
BNB Chain – $801.8K
Ethereum – $398.6K
Bitcoin – 257.4K

A short list of the upcoming TGEs, primary listings, product releases you should know about.

USDC hit a new record with $60.3B in supply, while the total stablecoin market cap topped $230B.

Ethereum holds the lion’s share at 60%, followed by Solana at 16%.

Latest events in the world of crypto in new research ↓

General
➖ CoinShares: Digital Asset Fund Flows | March 31st 2025
➖ Binance: Navigating Crypto: Industry Map
➖ Galaxy: Ethereum All Core Developers Execution Call #208 Writeup
➖ Galaxy: Weekly Top Stories - 3/28

Market
➖ 4pillars: Long Live Utility: Evaluating Crypto Protocols as Business
➖ CoinShares: Market Update - March 28th 2025
➖ Coinbase: Weekly: Business as Usual?
➖ Galaxy: A Closer Look at Recent Shifts in Market Dynamics

DeFi
➖ 4pillars: Liquidity Availability, Where Liquidity Meets Innovation
➖ CoinMarketCap: The Creative Economy Meets DePIN: How Sogni AI is Bringing Artists into Web3

Blockchains & networks
➖ Cryptorank: Activity on Solana is Fading. Will it Reach New ATH?
➖ CoinShares: Solana: CoinShares’ outlook – short, medium, and long term
➖ CoinMarketCap: What is Particle Network? The Universal Chain Abstraction Layer

Tokens & currencies
➖ CoinGecko: Top Public Companies Holding Bitcoin

GameFi & NFTs
➖ CoinMarketCap: GAIMIN: The Future of Gaming Without Changing Gaming

Binance is once again leading in BTC spot volume – a pattern last seen before Bitcoin's jump from $42K to $73K.

Historically, this shift often precedes a bullish market trend.

Top coins & tokens with the best price performance in the last 30 days.

ETH reached its weakest level against BTC in nearly five years, dropping to 0.02193 — a ratio not seen since May 2020.

The decline reflects a growing divergence in market sentiment between the two leading assets.

Rising inflation expectations – now at 5.0% – have shaken risk markets and pushed us to exit our short-term bullish outlook.

With growing macro uncertainty, we anticipate Bitcoin slipping below $80,000 this week as pressure mounts across traditional and crypto assets.

Top 15 coins by search popularity on Binance.

$GUN has shot to the top after a recent round on Binance Launchpool.

After major crypto rallies, tokenized treasuries often see inflows as investors seek lower-risk, yield-generating assets.

While stablecoins mirror short-term liquidity needs, tokenized bonds reflect a longer-term shift toward more defensive positioning.

Most digital assets lost value in the first quarter of 2025, with the market cap-weighted Crypto Sectors index dropping by 18%.

The Consumer & Culture sector was hit hardest due to falling memecoin prices, while Bitcoin and a few major currencies held relatively steady or gained slightly.

According to Blockworks, the memecoin era is slowly fading.

Compared to early 2025, the market cap of the top coins is no more than $4B, which is almost 3 times less than it was in January. Also, the number of new memecoins being created has also decreased threefold.

Small Bitcoin transactions (under $100) now make up around 60% of all activity, peaking at 80% in parts of 2024.

While high-value transfers ($100K–$1M) are growing in count, they represent a smaller share than before.