HORYONCrypto Market Intelligence
Citadel Securities invested $400M in Crypto.com at a $20B valuation, marking its first institutional funding round since 2016.
Jeff Booth- and Lyn Alden-backed firm closed a round to launch a permanent capital vehicle buying US businesses with a Bitcoin treasury strategy.
Dune/1inch research found $1.6B in concentrated liquidity deposits underutilized, with 29.5% out of range at any time.
Crypto brokerage firm Alpaca raises $135 million for tokenized stock infrastructure, expanding into tokenized markets and AI-native financial services.
Attacker drained $21.2M from the treasury via a governance proposal, buying just enough BONK to meet quorum, then dumping 1.19T tokens on Binance.
Cross-chain deposit infrastructure startup Glide is MoonPay’s 6th acquisition of 2026.
Aave V4 is live on Avalanche with a new incentive program, marking the protocol's first multi-chain expansion.
Multicoin Capital invested $1.75M in Trasia Labs, an Asia-focused perps platform built on Hyperliquid.
SBI Holdings partnered with Ondo Finance to tokenize Japanese equities, settling in SBI’s JPYSC stablecoin.
Saturn’s T-Bill-backed stablecoin goes live on Monad with 470K MON incentives for YTs starting July 23.
GSR's Andy Baehr analyzes whether the recent crypto rally is sustainable, tying macro factors (CPI, Fed policy) to on-chain signals like DeFi rates, ETF flows, and stablecoin dynamics, while highlighting structural headwinds (low leverage demand, regulatory uncertainty).
The episode covers institutional crypto adoption, DeFi liquidity inefficiencies (85% idle capital), 1inch's Aqua launch, Alpaca's $135M raise, Andre Cronje's Flying Tulip project, privacy coin momentum (Zcash +127%), and onchain finance infrastructure trends. Market sentiment shifts to 'pre-bull' with regulatory and macro drivers in focus.
The episode examines the AI investment bubble, comparing its scale and speed to historical manias, with focus on record capital raises (SpaceX, OpenAI), hyperscaler capex, and systemic risks like cascading defaults from AI lab failures.
Nobel economist Paul Milgrom discusses auction theory's real-world impact (e.g., FCC spectrum auctions generating >$100B) and its applications to crypto/NFT markets, emphasizing rigorous market design, cross-disciplinary collaboration, and lessons from complex two-sided auctions like the FCC incentive auction.
The episode covers rapid advances in open-weight AI models (Kimi K3, Inkling) narrowing the US-China gap, OpenAI’s rumored $200–$300 smart speaker hardware launch in early 2027, DeepSeek’s $15B IPO plans, and XAI’s Grok Build controversy plus Elon Musk’s $1B APR Energy acquisition to power Colossus data centers.
The episode dissects a historic momentum unwind in equities, driven by AI-related rotations and macro headwinds, with levered ETFs amplifying volatility. It highlights structural cracks in hyperscaler margins, Fed communication flaws, and geopolitical energy risks, while advising caution amid elevated implied volatility.
Joseph Chalom argues the institutional Ethereum supercycle is already underway, driven by stablecoins and tokenization, with Ethereum dominating due to its security and institutional-focused initiatives like Eth Labs and Ethereum Institutional. He forecasts $10–20T in real-world asset tokenization over the next 5–10 years.
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