DataFi - Onchain Research

👀 $ETH futures open interest surges to a new all-time-high today...
Traders have been notably increasing their leverage positions, even though $ETH just had a slight pullback from $2.8K.
⚠️ Crazy time ahead, beware of the incoming high volatility...
👉 Check out what Smart Money bought recently. https://icrypto.ai/ethereum/tokens-accumulated-sm?time_range=7d&sort_by=cumulativeUsd&sort_desc=true

2 whales bought $2.8M $PEPE in last 6H.
👉 Whale 0xfb67 bought $1.09M $$PEPE t .1094. (https://icrypto.ai/wallet/0xfb67ef6fe609edab1e0595e6815634e8e4db9cf7/history?token=0x6982508145454ce325ddbe47a25d4ec3d2311933&chain=ethereum)
👉 Whale 0xe486 bought $1.72M $PEPE at .1106 (https://icrypto.ai/wallet/0xe48609bb30b943ec50b2f8a1734d5b3bbc45bc77/history?token=0x6982508145454ce325ddbe47a25d4ec3d2311933&chain=ethereum)
Note: There's a huge sell volume from Smart ones, but this was only from a smart wallet who does arbitrages, so only focus on the 2 whales.


—
Data from our Alpha Dashboard

Bitcoin crashes as the Trump vs Elon bromance hits the rocks. 😂

No one knows exactly what caused the split was it over DOGE, or a disagreement on NFTs?

What we do know: in the past 24 hours, 228,014 traders got liquidated, with a total wipeout of $985.56M.

And yes, longs took 90% of the hit dreams of mooning turned into sudden doom.

"Trump turned his back, Elon’s heart went cold.
Each went solo, the market lost bold.
Once bros in the bull run, now ghosts in the dump.
Hope rugged, charts tilted the end of the pump."

$BTC $ETH $XRP

📊 Market Update | June 6, 2025
Past 6H:
- Whales sold $798K $PEPE , $74K $USUAL , $53.5K $AAVE and $51K $UNI; however, they bought $106K $MKR. Their sell volumes dominate.



- Smart DEX Traders sold $59K USUAL and show almost no activity.
- A Smart Money bought huge amount of $PEPE but deposited to Binance immediately, probably for arbitrages.
Whales are a little bearish, while the other smart groups are not very active today.

$MKR , $AAVE and $LDO are Smart DEX Traders' choices over the past 7 days, with over-$1M accumulation each.
👉 Check out what Smart DEX Traders accumulated here. https://icrypto.ai/ethereum/gems-sdt

🔥 A Bright Spot from DEXs Amidst the Red Market!
Amidst the current market downturn, there's a beacon of hope shining from the decentralized realm!
In May alone, the Spot trading volume ratio of DEX to CEX surged from 13.05% to 25.31%. DEXs are clearly attracting traders, proving 2 key points:
1. Users are becoming more confident in self-custody of their assets.
2. This is a positive signal for the underlying infrastructure of DEX platforms.
Meanwhile, this ratio in the futures segment has remained stable around 7% since Feb 2025. While not seeing the same growth as spot, DEXs are steadily solidifying their position in the derivatives space, though there's still a significant gap compared to CEXs.
→ The shift in capital towards DEXs highlights a clear trend towards decentralization. For futures, the current stability provides a foundation for DEXs to continue improving user experience and liquidity, attracting more users soon.
👉 Keep an eye on on-chain flows; opportunities might emerge from here!

The mNAV premium is not the only thing that provides buying power to MSTR :
The higher $STRK and $STRF are trading at, the more Saylor is able to raise through these instruments.
Since early April, both of them are basically up only, which signals a growing mindshare about these products, and the markets slowly realizing how mispriced they are.
Bullish.

👀 This whale sent another ~500B $PEPE (~$6.5M) to Binance 1H ago.

He deposited 1.5T $PEPE to Binance already, now holding ~497B left.

Since 30 April, he has bought a total of 2T $$PEPE t ~ 0.0000087 - 0.0000091.

Wallet: 0x3c9Ea5C4Fec2A77E23Dd82539f4414266Fe8f757

Market Brief – Monday, 19/05

- $BTC closed its highest weekly candle in history, currently hovering around $105K, while altcoins remain relatively stable with little movement
- President #Trump and First Lady sent well wishes to President Biden after learning of his prostate cancer diagnosis with bone metastasis.

- #MichaelSaylor hints at accumulating more BTC. MicroStrategy currently holds 568,840 BTC (~$60.2B).
- Vladimir Smerkis, co-founder of Blum, was arrested in Russia on May 16 on charges related to a large-scale fraud investigation.
- The Avalanche network hit a record 1.95M active wallets in May, thanks to MapleStory Universe and BlackRock’s deployment of sBUIDL on Euler.
- MetaMask to support #Solana in May 2025, allowing users to access Solana assets and dApps directly within the wallet — its first expansion beyond the EVM ecosystem.
- Phantom wallet on Solana launched PSOL token staking, now with a market cap of ~$7.8M and over 7,300 holders.

🗓 Upcoming Events

9:00 PM today: President Trump to call President Putin to discuss a potential Russia-Ukraine ceasefire
- May 20: Google I/O, the largest developer conference — updates expected on AI models and Android 16
- May 21: Baidu’s Q1 earnings report
8:45 PM, May 22: U.S. PMI data release
- Manufacturing PMI (Forecast: 49.9, Previous: 50.2)
Services PMI (Forecast: 50.7, Previous: 50.8)
- 7:30 PM, May 22: U.S. weekly jobless claims (Forecast: 227K; Previous: 229K)
- May 22: Trump’s private dinner with the Top 220 $TRUMP token holders

🔓 Token Unlocks

- May 19: Pyth Network unlocks 2.13B $PYTH (58.62% of circulating supply), worth $322.91M
- May 22: Metars Genesis unlocks 10M $MRS, worth $177.4M
- May 22: Space ID unlocks 12.65M $ID (2.94% of supply), worth $2.64
- May 23: Coin98 unlocks 16.53M $C98 (1.74% of supply), worth $1.05M
- May 28: Bio Protocol unlocks 339.1M $BIO (20.27% of supply), worth $25.81M

🪂 Airdrop Updates
#Binance distributed an additional 3,860 REX tokens

don’t fade this move. seriously.

geopolitics shifted (china-us, tariffs), trump’s talking bullish again, big money just aped in, and sidelined bros are foaming to buy dips → every pullback gets insta-bought.

shorting this? nah. learned that lesson.

this ain't a trade — it’s a fomo-fueled movement. i'm only long now. stay safe out there.

Roger Dickerman: NODE Is Yours
NODE is a nonprofit foundation with a mission to change the way art is experienced.
Backed by a $25M grant, NODE has three focal points:
> Presentation - Allow artists to show the art the way they imagine
> Education - Explain the movement & work with universities and art and design programs
> Preservation - Create a safe home for code and intellectual property to last forever

JUST IN: Nvidia $NVDA announces 'strategic partnership' with 'Humain' to build AI factories in Saudi Arabia.

Look, no matter how much money you invest in crypto, your portfolio should be something like this:
➬ 40% BTC
➬ 20% ETH
➬ 10% quality alts
➬ 5% high potential "shitcoins"
➬ 15% working (trading/opportunities) capital
➬ 20% USDT (to buy dips)
Don't forget to rotate profits to increase position size or reduce risk in USDT

Mentions of 'cryptocurrency' and 'stablecoins' in SEC filings hit record high in April

> Bitcoin Mining Industry – March 2025 Update

> Public mining companies sold over 40% of BTC mined in March — the highest sell-off since October 2024.

> The move reflects growing economic pressure, including rising energy and hardware costs.

>Highlights continued stress on miner profitability amid tightening post-halving conditions.

Q1 2025 Crypto Market Recap – CoinGecko Report
- Market Cap Down: Crypto market cap fell 18.6% to $2.8T, down from $3.8T in January pre-Trump inauguration.
- Investor Activity Slows: Avg. daily trading volume dropped 27.3% to $146B.
- BTC Dominance Climbs: Bitcoin now holds 59.1% market share, highest since 2021.
- Meme Tokens Slump: Post-LIBRA scandal, meme coin activity plunged; Pump.fun volumes fell 56.3%.
- CEX Spot Trading Declines: Volume down $5.4T (-16.3%). Binance retains top position.
- DEX Shift to Solana: Solana leads with 39.6% DEX market share, driven by January’s meme token mania.
- DeFi TVL Drops: Total value locked in DeFi shrank 27.5% to $128.6B. Ethereum and Solana were hit hardest.
- Berachain Emerges: Newcomer Berachain enters top 6 by TVL after raising $5.2B.

A whale who participated in Ethereum's ICO and holds 76,000 ETH has moved 6,000 ETH for the first time in three years — including the sale of 3,000 ETH.

TRUMP: NO RUSH TO ANNOUNCE TRADE DEAL
TRUMP: WILL END UP WITH SUBSTANTIAL NUMBER FOR BASELINE TARIFF
TRUMP: WE WILL HAVE A DEAL WITH CHINA
TRUMP: WILL MAKE GOOD DEAL WITH CHINA
TRUMP: WE'LL HAVE VERY LITTLE PROBLEM MAKING DEAL WITH EUROPE

$WCT Evaluation

PROS

- The ICO/IEO price was $0.2 in the first round earlier this year (current price is a good entry point).
- 30M USDT has been staked by 43k users, with an average of $1.5k per user since December 2024 → if they're staking for airdrops, they're unlikely to withdraw soon, since the airdrops are somewhat proportional to the staking amount.
- Market cap is $60M (at $0.3 price). Check why people are staking — if user staking increases by 50%, the price could ~2x (not even factoring in FOMO from news that could trigger that extra 50% growth). If it hits 75% growth, the price could 4x. Note: this assumes an average of ~5k WCT staked per user.
- WCT is currently at a good entry price. With hundreds of wallets competing, you'll notice when logging into a dApp that there are often 3 connection options:
*Protocol xyz...v.v Ex :gmail
*Wallet
*WalletConnect
- This provides a seamless UX for wallet and dApp connection.
- Currently, WTC's revenue doesn't come from retail, but there's no fear of dying out — major wallets are booking priority slots with WTC to increase their own retention, which brings notable value.

CONS

- Why rely on staking users? Because WTC doesn't yet have a clear revenue model.
- There are 3 possible models: subscription, fee-based, advertising.
- WTC seems to be leaning towards the advertising model. But it's unclear how this value is shared with retail users, or how to make them understand it.
- It's vulnerable to future strategic decisions. It’s hard to draw up ambitious plans because this kind of app doesn’t store keys, passwords, or user info — meaning it can’t deeply mine user data.
→ And if they want to build a full app, it’d be hard to boldly claim they don’t manage keys anymore.

Pine Analytics: Jito's Role in #Solana Deep Dive
A data-driven breakdown of how Jito Tips are used, who is using them, and why.
Key findings include:
> Jito now represents 60%+ of priority fee volume
> More users are tipping passively via frontends, using small default tips to gain reliability, not edge.
> Volatility doesn’t increase the number of tip Events