Been reading the replies under the Binance post regarding Hype listing all morning and I want to put numbers on the table. Apparently for many, listing $HYPE means @cz_binance lost. So I went and checked the arithmetic, because the comparison people are making isn't the one they think they're making. They're putting Hyperliquid the exchange next to BNB the chain and calling it a "scoreboard". Let me tell you that those are two different things. Pair them properly and it reads like this. Exchange against exchange: @binance traded $96.26B of spot and derivatives in the last 24 hours. That's 44% of everything that moved across the fourteen biggest exchanges combined, and 2.7x the second largest venue. Hyperliquid did $10.5B. Chain against chain: BNB Chain collected $21.5M in gas over 30 days. Hyperliquid's L1 collected $880k. Token against token: BNB is $102B with 100% of the supply already circulating. That number is finished. HYPE is $22.7B with 26% circulating against an $86B fully diluted valuation, so three quarters of it is still coming. Plus the part nobody talks about, before Binance opened HYPE spot this morning, it was already doing 54% of all HYPE perpetual volume, $981M against Hyperliquid's $824M. Listing it isn't surrender at all, Binance has been earning on that flow for months... Then there's the half of his work that doesn't show up on any of these charts. He's strategic adviser to Pakistan's Crypto Council, signed a memorandum with Kyrgyzstan's National Investment Agency, met the King of Bhutan, and sat with Malaysia's prime minister on tokenised finance. He's reported to be advising around a dozen governments, and he said it publicly: free of charge, his time is the only limit. On top of YZi Labs and a free school for kids. So if you think CZ lost and the binance ecosystem too, you need to spend more time looking at the data.

Good morning everyone! $351.6M walked out of Bitget yesterday in about an hour. The line that got my attention wasn't the number, it was this one: the attacker never got the private keys. They compromised a backend system instead. The keys sat exactly where they were supposed to be, and the hot wallets moved anyway, because the thing that tells them what to sign had been taken over. Cold storage held. Gracy Chen confirmed both! I study cybersecurity, and this is the shape of every big one now. February 2025, Bybit, $1.4B: the attackers spoofed a signing screen on a routine transfer. Both went around the keys instead of through them. The industry spent a decade hardening custody and the attackers moved one layer up, to the part that decides what gets authorised. Then I went looking at what actually left, and that's the part I haven't seen anyone say. The protection fund is 5,500 BTC. The hole isn't Bitcoin. Lookonchain has XRP alone at about $157M, and the attacker has already swapped the EVM side into 67,982 ETH. Around $75M of it was stablecoins, and those can be frozen by their issuers. Native XRP and ETH can't! So the coverage everyone is quoting is Bitcoin standing behind a liability denominated in something else, and the net after freezes hasn't been published yet. One forensic detail I found "funny", is that the attacker paid up to 5% over market for that ETH. Seems that he cared more about speed more than price.

Good morning everyone! @binance opens $HYPE spot trading at 11:00 UTC today. Three pairs, zero listing fee, Seed Tag on it! Before it opens I wanted to know what the listing actually changes, so I pulled the last 24 hours of HYPE perp volume from both venues. Binance did $981.1M. Hyperliquid itself did $824.4M. Binance was already the bigger venue for HYPE, on a token it hadn't even listed on spot. That reframes the whole thing for me. This isn't demand showing up. It's the spot book catching up to where the flow already was, and it says more about Binance's distribution than about today being a catalyst. HYPE is down 4% on the day, which fits. Then I looked at what the token is actually attached to. @HyperliquidX kept $666M in revenue from perps over the last twelve months. In the last 30 days it collected $72.5M in fees and kept 78 cents of every dollar. Almost all of that goes back into buying the token, and here's the number I keep rereading: the circulating supply shrank 2.9% annualised over the last six months, while 74% of total supply is still unissued. So remember, most tokens get listed to go find demand. This one got listed after the demand had already found it. So please don't see this as a "easy money" opportunity!

Five days ago I posted that I'd opened a small spot position in $UNI at $5, because Uniswap volume was up 11% on the week while every other DEX was down. Yesterday CME announced they're listing $UNI futures on October 19. It closed that day up 13.7%, touched $10.94 overnight, and that puts me 105% up from entry with the token 136% up on the month. So I went and looked at what else is on that CME list. $BTC, $ETH, $XRP, $SOL, $ADA, stellar:native, $AVAX, $SUI, and now bitcoin-cash:native. Every one of them is a blockchain. The only other name there is $LINK, which is oracle infrastructure. @Uniswap is the first application to get a CME contract. Everything else on that list is plumbing. This one is a product that charges for something, keeps $191M a year, and has a token whose supply shrank 5% over the last six months. Institutions have spent eight years building tools to hedge the roads. This is the first time they've built one to hedge a business that runs on them! A lot of that move is in the price already. What isn't in the price is what gets listed next, and the answer just stopped being "another L1". October 9 will be the day that we should watch closely!

Spent the day on this one. This morning $844M of shorts got wiped out and every read I saw called it an overheated market waiting for a flush. I pulled the numbers again an hour ago. The flush is running but the market it isn't crashing... $BTC funding was 9.4% annualised at nine this morning. It's 3.0% now. ETH open interest is down 3.1% on the day and global open interest came off 2.1%. That's leverage walking out of the room. Price went the other way. $BTC sits at $86.4k with the 4H RSI at 76.6, higher than it was this morning. The positioning didn't move. Retail accounts on @binance are 47.9% long against 46.9% yesterday. The biggest accounts by position are 68.6% against 67.8%. A whole day of deleveraging and nobody changed sides. Remember that a market can reset by bleeding instead of breaking. People trimmed, yes, but they didn't flip. Everyone's waiting for a red candle to mark the reset. This one looks like it's arriving without one. Bought some ethereum:0xb50721bcf8d664c30412cfbc6cf7a15145234ad1

Good morning everyone! X turned on a Trade button under every cashtag last Tuesday. US only, so I can't even tap it from Lisbon. However three days later it had routed a billion dollars! @Gemini is one of the five brokers on the other side of that button, and it didn't bring its whole catalogue. It picked five coins for the timeline: $BTC, $ETH, $SOL, $HYPE and $ZEC! Yes ZEC... On Friday I wrote that Zcash keeps winning a distribution fight it isn't supposed to be winning while Monero gets shut out. Seventy three exchanges delisted privacy coins this year. A week later a regulated US broker puts one of them in front of the biggest crypto timeline, sitting next to Bitcoin! I was making coffee when it clicked. Getting delisted and getting distributed are decided in two different rooms, and Zcash learned to work the second one. Personally, I'm curious to see how this new X feature will impact crypto.

Good morning! @BinanceWallet and @PancakeSwap shipped something yesterday that barely made the timeline. I don't even qualify for the top tier of it and I still think it's the smartest thing that launched this week! It's called Pre-Access. You subscribe from your own wallet to indirect exposure in private companies before they list. No shares, no voting and no dividends. Then I looked at how they size your allocation. It's your Alpha Points, your bStocks tier, so your Trencher Badge. How much of the ecosystem you already use decides how much of this one you get. That's when the Apple thing hit me. iPhone works fine alone. Then the Watch only pairs with it, the AirPods follow you around, iCloud holds everything, and switching to Android costs you four things instead of one. Same shape here, except the price of entry is your usage history. It works because the people are already there. Pulled this from Dune this morning: 6.9M addresses received stablecoins on @BNBCHAIN last week. Tron did 3.5M. Ethereum 2.0M. On BNB that's 17 transfers per address, so it's a lot of people doing normal things, not a handful of bots doing everything. Plus PancakeSwap alone runs 68% of every DEX trade on the chain. Ecosystems win when leaving costs you four things at once!

Good morning everyone! Took some free time this Sunday to dig into something I saw on my timeline yesterday, and it turned into a proper "rabbit hole"... Someone posted that Kalshi's ETH perp did $538M of volume with only $3.1M of open interest. My first reaction was that the number had to be wrong, so I went and pulled it myself from the exchanges' own APIs. Hyperliquid runs at 0.4x volume to open interest. Binance BTC at 0.8x, ETH at 1.1x. Normal stuff, people open positions and sit on them. Kalshi's ETH perp? 174x. Insane right? I was at the gym when it finally clicked lol. Volume is like counting everyone who walks through the door of a club on a Saturday night. Open interest is how many are actually inside. You can count 10,000 people at the door and still have an empty room, if it's the same 50 guys going in and out all night. So the thing is, the 174x is the room refilling every eight minutes. Biggest position on their leaderboard: $17,598... Volume is THE metric in this industry. It's what puts you in rankings, what gets you listing conversations, what makes the "fastest growing venue" headlines. Plus when the fee structure rebates both sides, producing it costs nothing. Next time a venue brags about volume, go check what it's actually holding. Takes 30 seconds and almost nobody does it! So bold numbers, usually are pure marketing...

$ZEC is up 163% in four months and sits at number 9 by market cap while $XMR is only up 54%. Same sector, same thesis, opposite outcomes. Btw it has nothing to do with which one has better cryptography! Monero makes privacy mandatory. Nothing to disclose, even if you want to. That's why 73 exchanges have delisted privacy coins this year and why the EU bans custody of them from July 2027. You can't custody what you can't audit ; ) On the other hand, Zcash made privacy optional. Viewing keys let you prove what you did, to whoever you choose. That one design decision is why Grayscale could list the first US spot privacy ETF, with $463M in it by September 7. For those who don't know, my background is cybersecurity, so here's the part that "bugs" me, many headlines say "hackers use privacy coins" and that's mostly wrong. Chainalysis puts stablecoins at 84% of all illicit volume in 2025. Criminals optimise for liquidity, not cryptography... So which one is better? Depends on what you're asking. As a privacy tool, Monero wins and it isn't close. It does what it says, for everyone, ALWYAS! As an asset, I'd rather hold $ZEC, and not because of the technology. Monero is being closed out of every regulated venue that matters, and that's a problem no upgrade can fix. Zcash got the opposite, an ETF, a custodian, and a door into portfolios that can't touch XMR... So remember, best privacy and best investment are two different questions. People keep answering one and thinking they answered the other! Good Weekend for everyon!

Crypto is in another level! Worst week the industry could have scripted. The bill died on Tuesday. The Fed hiked on Wednesday, first time since 2023... And we have $BTC up 6.9% from Wednesday's low and back above $80k!!! Btw, before you get excited, I checked whether this is "real money" or just leverage. So it's both... Perps are trading 9x spot volume and funding is positive on all 48 liquid pairs, which is quite crowded. However spot volume grew 10.2% while market cap grew 5.1%, stablecoins keep building at $309B, and the liquidation fuel flipped: $78M sitting above price now against $25M below. A week ago that was the other way around! Extra note on what I actually hold: $BTC bags that I just sit on, plus $ETH, $BNB and $ASTER. The last two because I spend most of my time looking at BNB Chain these days. The new one is a small spot position in ethereum:0x1f9840a85d5af5bf1d1762f925bdaddc4201f984 . @Uniswap volume is up 11% on the week while every other DEX is down 5%, so it's taking share, not riding a tide! Small size, spot only, and I'm not calling a target, but I'm up nicely. Remember, a market that eats a failed bill and a rate hike in the same week and comes out 6.9% higher is not trading on news anymore. So we are almost on a bull run I would say! A few months and we are there!

Robinhood Chain did $305M in fees in 90 days! Everyone read it as a tech story. I waited three months, used the product myself, then pulled the data... The users were already in the app, and the acquisition was paid for a decade ago! Check bellow!

Well, the Clarity Act didn't pass. We already knew. The market had it at 19% this morning and still sold the news: $BTC gave back 4%, $XRP took almost 10%. Do we care? Nah... Prices dip. That's it. This industry has been told no before and it just kept getting bigger. One day we are too big to ignore, and the same people voting today will be the ones asking for a meeting. Mark my words. We're still early.

Most activity dashboards give you one number. This one needed two! On BNB Chain, direct wallet transfers sit alongside a much larger programmable layer. That does not make the network less useful. It changes what the activity number means. Worth reading the full analysis, specialy if you are into @BNBCHAIN and @cz_binance

If you hold stablecoins and earn rewards on them, the US Senate votes today on whether that can continue. I'm talking about the Clarity Act. They are not voting on crypto. They are voting on your savings... (if you are a USA citizen ofc) Quick 101: Banks did the math. Money sitting in a stablecoin that pays you is money not sitting in a bank account. So their lobby went to Washington with a number: $1.3 trillion of deposits walking out the door. Here is what made me laugh. Every stablecoin on earth, all chains combined, is worth $312 billion, according to DefiLlama. They are fighting something four times smaller than the loss they are predicting. I keep part of my portfolio in stablecoins between trades. The yield is why it stays there instead of going back to a bank. That is the whole fight, and banks understood it before most of crypto did. The market gives the bill 19% odds this year. $BTC has not moved all week. Everyone already knows how this ends. It won't pass. The market already priced that, so we are cool! Remember "Your competitor doesn't have to beat your product. He just has to get it banned"

New week just started, so let's go straight into what matters! Monday numbers check on $BNB Chain: Two weeks ago, apps on the chain did about $14M in weekly fees. Then $28M and this week: $29.7M, according to DefiLlama. Breakout weeks usually give it all back, this one is holding. I always look at fees and revenue because fees are everything users pay inside the apps. App revenue is the slice the app itself keeps after LPs and token holders get their share. This week that slice grew 19% while fees grew 6%, $10.8M kept by the builders. GMGN, a trading bot, did $4.4M in fees and keeps about 84 cents of every dollar. AMMs like PancakeSwap keep around 32 and pass the rest to LPs. More bot volume means the chain's builders are earning more per dollar of activity. People paid more to use @BNBCHAIN this week, and the apps kept a bigger cut of it. That's the kind of week a chain wants on its books. @cz_binance You are not bullish enough in this ecosystem!

Hey hey, happy Sunday everyone! Big week ahead. On Wednesday at 2pm ET the Fed announces its interest rate decision, and the market walks in expecting a hike. What I'm paying attention to, last Friday's CPI came in hot where it matters, core at +0.3% against +0.2% expected, according to the BLS release. Polymarket's odds of a 25 bps rate hike went from 54% to 82% within hours of the print, and sit at 79% now on a $141M market. As I've mentioned before, I'm invested in $BTC, $ETH, $BNB and a few alts, so I'm following this one closely. I do believe we are slowly walking into a crypto bull run, but the consolidation phase is real and can take longer than most expect. That's why I'm keeping some liquidity on the side for possible pullbacks. From my positioning data, the crowd didn't move at all. Retail on Hyperliquid was 53% long before the print and is 53% long today, still paying +10.9% annualized funding, while whales inched up from 31% to 34%. Meanwhile, $BTC slipped 4% this week to $76.7k without forcing anyone out. Same CPI print, two crowds: the one betting on the rate decision moved, the one leveraged long in crypto didn't. One of them adjusts before Wednesday 2pm ET!

Decided to do a road trip around Ericeira, Portugal What a crazy sunset 🌅 @microbombastic ❤️❤️

Almost through the week, and tomorrow brings the number that decides how it ends: CPI, 8:30 ET! Polymarket now prices a 25 bps HIKE at 54% for next week's Fed meeting, up 26% on the day, with no change at 46%. That is a $110M market leaning toward a hike while crypto sits near its local highs. I'm invested in $BTC, $ETH, $BNB and a few alts right now, so I'm reading this with some skin in the game, not from the sidelines, however keeping some liquidity, because we can't predict the future right? During my daily research flagged some interesting things. On Hyperliquid, retail is 53% long while whales sit at 31%, and longs are paying +10.9% annualized funding to stay in. Also my liquidation map has $197M of forced selling within reach below price against $37M above, $BTC and $ETH combined. The crowd is long and paying for it, the odds lean hike, and the fuel sits under the price. A soft CPI and this unwinds quietly. A hot one and the exit gets crowded fast... Have a nice day!

BNB Chain apps just printed their biggest fee week in months! $31M in app fees in 7 days, up 127% week over week, with daily prints at a 90-day high near $6M, according to DefiLlama. The part that got my attention: the rotation. Solana app fees fell 13% last week, Hyperliquid dropped 11%, Base was flat. BNB apps more than doubled! The engine is @flapdotsh, from $3.4M to $14.3M in weekly fees, and @PancakeSwap V3 grew 2.6x on the flow it brought in. Fees follow activity, and this week activity picked BNB @BNBCHAIN @cz_binance