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The market finally caught a bid this morning after yesterday’s bloodbath that saw double-digit drawdowns across alts, kicked off by BTC sell pressure out of APAC and over $1.7B in liquidations.
Pockets of strength are showing up again, with BNB and AVAX up around 3% each as treasury talk and ETF chatter continues to drive flows. But the real story is in the perps: Hyperliquid’s dominance slid to 38% as Aster and Lighter keep eating into share, a stark reversal from May when Hyperliquid commanded 71% of the on-chain perpetuals market.
On the macro side, gold has quietly stolen the spotlight. Up 44% YTD, it’s outpacing BTC and equities, backed by heavy central bank buying. With advanced economies staring down a worsening fiscal backdrop, the metals pack is once again wearing the safe-haven crown.
Regulators may be loosening the grip: the SEC is floating an “innovation exemption” aimed at giving crypto firms more room to launch products without getting tangled in outdated red tape. Details are thin, but the tone is a notable shift.
Meanwhile, equities are treading water near record highs. The question is whether the AI trade can keep the rally alive as valuations stretch. Nvidia added fuel to the fire, announcing a $100B investment into OpenAI, sparking a global semiconductor rally and lifting chip names tied to the tech giant.
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This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
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