HORYONCrypto Market Intelligence
Independent intelligence on the themes moving digital-asset markets
Strategy is actively repurchasing its preferred stock using proceeds from Bitcoin sales, indicating a shift in capital allocation towards shareholder value, while Strike's no-liquidation BTC loans are gaining traction, potentially altering the Bitcoin lending landscape. This rotation is driven by Strategy's new framework authorizing up to $1.25B Bitcoin monetization.
Bitcoin
Strategy
BinanceSince Jul 143 developmentsEmerging convictionρ 1.6×Bitmine is actively accumulating Ethereum, with significant purchases over the past month, bringing its total ETH holdings to over 5.8 million, representing 4.8% of the circulating supply, and generating substantial staking revenue. This accumulation suggests a strong institutional demand for Ethereum, driven by its staking potential. As a result, capital is flowing into Ethereum, driven by the attractive staking yields and the growing institutional investment in the asset.
Ethereum
BitmineSince Jul 143 developmentsEmerging convictionρ 1.7×Mirae Asset is increasing its stake in Korbit, a domestic crypto exchange, to 97.15%, marking a significant takeover of a crypto exchange by a traditional financial group. This acquisition is expected to bring increased investment and resources to Korbit, potentially expanding its user base and trading volumes. As a result, capital and users are moving towards Korbit, driven by the backing of a major traditional financial group.
Mirae AssetSince Jul 94 developmentsEmerging convictionρ 1.0×Hyperliquid is solidifying its position as a market leader in RWA and commodity/equity perps, with its open interest hitting new highs and generating significant revenue, which is being distributed to HYPE token holders, thereby attracting more capital and users to its platform. This dominance is driven by its strong liquidity position, USDC-backed revenue sharing, and strategic partnerships. As a result, capital is flowing into Hyperliquid, with its annualized fees fully distributed to HYPE stakers, and its trading volume exceeding $26B. The growth of tokenized assets and the increasing demand for privacy coins like Zcash are also contributing to Hyperliquid's success. Meanwhile, other protocols like Bitwise and Near are also gaining traction, with Bitwise's CIO predicting on-chain tradfi convergence and Near's protocol updates including a max supply cap and confidential transactions. However, Hyperliquid's liquidity moat shows signs of deterioration due to Lighter's Robinhood partnership, which could potentially challenge its dominance.
Hyperliquid
Zcash
BitwiseBinance
Robinhood
NearSince Jul 79 developmentsModerate convictionρ 0.9×Institutions such as JPMorgan and BlackRock are increasingly involved in the crypto industry, with production trades of tokenized U.S. securities executed with Chainlink, indicating a growing trend of institutional investment in crypto. This involvement appears to be driven by the growth of on-chain credit and yield products, as well as the potential for long-term growth in the crypto market. As a result, capital is flowing into crypto, with some institutions allocating a portion of their portfolios to crypto assets, including Bitcoin and Ethereum.
BlackRock
JPMorgan
FlowBitwiseBitcoinEthereumSince Jul 163 developmentsEmerging convictionρ 0.9×Base is refocusing on trading, stablecoin payments, and AI agents under new leadership, with significant TVL increase and notable user adoption, aiming to become the 'internet exchange' for trading various assets. Capital and users are moving towards Base, driven by its growing financing market and increasing TVL. The shift in leadership and strategy appears to be driving this growth, with trillions of dollars potentially coming into the new economy.
Base
Jesse Pollak
Venice
Cobie
AaveSince Jul 163 developmentsEmerging convictionρ 0.9×Capital is shifting towards cheaper AI models like DeepSeek and Grok, which are rivaling more expensive models like Fable 5 in terms of capability, driven by significant cost advantages and improving performance. This trend is expected to continue as companies like SpaceX and DeepSeek invest in AI research and development.
Venice
DeepSeek
Fable
Elon Musk
SolanaSince Aug 73 developmentsEmerging convictionρ 0.9×Capital is flowing into Robinhood Chain, a live Ethereum layer-2 mainnet, as it experiences rapid adoption with over $3.1B in DEX volume in its first week and a doubling of ETH bridged to the chain in a week, driven by low fees and integration with Robinhood Wallet. The chain's TVL has reached ~$650M, with stablecoin supply at ~$520M, and 2.4M monthly active users. Uniswap V4, which has launched on the chain, has also seen significant activity, with $150M of stablecoin liquidity migrated to it. The growth of Robinhood Chain is driven by its strong demand for stablecoin-based financial services and its ability to provide a seamless user experience. As a result, Robinhood Chain is becoming a significant contributor to the Ethereum ecosystem, paying more fees to Ethereum than any other L2. The chain's momentum is expected to continue, with new developments such as the launch of Uniswap's Earn product and the growth of tokenized stocks on the chain. The surge in activity on Robinhood Chain is also driven by the growth of decentralized applications such as Lighter and Arcus, which are leveraging the chain's low fees and scalability to offer new financial services to users. Overall, the growth of Robinhood Chain is a significant development in the Ethereum ecosystem, and its impact is expected to be felt across the broader crypto market.
Robinhood
Uniswap
Lighter
PonsSince Jul 426 developmentsHigh convictionρ 0.8×Select a story to view
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