David Alexander II

@megafund

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David Alexander II

Since the Pectra ugrade went live on May 7th, open interest on ETH futures has surged by $10B (46%), pushing total OI above $30B for the first time since January. Meanwhile, ETH itself is up 42% over the same period. Interestingly, total open interest is now up by $19B (167%) YTD (red) compared to last May when the price of ETH was around $3,000 and open interest was just $11.5B (blue). Nevertheless, favorable macro conditions will help continue to drive this momentum.

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David Alexander II

And there we have it: at the first hint of improving macro conditions, we witness the largest daily volume of short liquidations all year and one of the highest levels since September. $829M and counting, with $393M in BTC shorts and $257M in ETH. Macro leads, crypto follows.

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David Alexander II

Pectra is upon us. Had a chance to do a deep dive of what's ahead. Let's take a journey towards end game account abstraction, an optimized staking layer, real world UX, and much more. https://blog.anagram.xyz/pectra-towards-endgame-account-abstraction-and-staking-optimization/

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David Alexander II

Last week there were more than $3.4B of inflows into digital asset investment products, the highest of 2025 and the 3rd largest ever. Once again BTC dominated with $3.2B of inflows, while ETH had just $183M, pushing its YTD total to $398M. This is particularly interesting because the Pectra upgrade will go live this week, unlocking significantly better UX and network performance. My sense is that the market is not fully aware of the impact of these upgrades, rather than viewing it as a sell the news event. Nevertheless, digital assets continue to gain traction as a macro hedge in the face of tariffs and inflation.

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David Alexander II

Fiat-backed stablecoins hit new records once again in April. Average supply reached $218B, growing by 2% month-over-month and 8% YTD. Meanwhile, monthly transaction volume surpassed $720B, also a new record. Total supply has now grown in 19 consecutive months. Tether USDT holds 71% marketshare while Circle USDC climbed to 28% (from 22% in January).

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David Alexander II

This week saw the highest BTC spot ETF inflows of 2025, and the second-highest ever behind the post-election levels in November ($3.38B). Overall, $3.06B poured in, including back-to-back days of $900M+. BlackRock IBIT led the way with $1.45B net inflows followed by Ark ARKB ($621M) and Fidelity FBTC ($574M).

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David Alexander II

One of the most underrated charts right now: Stablecoins continue to experience considerable growth and adoption despite significant headwinds in the broader market. Overall, the total crypto marketcap has declined by 16% ($440B) YTD. Nevertheless, total stablecoins in circulation grew by 8% ($14B), steadily increasing virtually every week since September 2023, and now stand at new record levels ($202B+).

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David Alexander II

And just like that, total circulating supply of Circle USDC has grown by $3.5B (80%) on Solana this week, reaching yet another all-time high of $7.9B. Solana now represents 15% of all USDC in circulation. Meanwhile, overall circulating supply of USDC has surpassed $50B for the first time since September 2022. Keep going 😈

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David Alexander II

Over the last 3 days, net inflows to $ETH ETFs have surpassed $578M, including record levels of daily volume. Total inflows have now flipped to positive for the first time. Institutional Wartime ETH

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David Alexander II

Despite being roughly 46% away from its all-time high, ETH futures open interest has surged to record levels and now stand at a staggering $17.9B (up $4.9B in one week). To put this into perspective, futures open interest were just $10.9B when the price of ETH was at its peak in November 2021.

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David Alexander II

The march on institutional investments continues, as 5 of the last 6 weeks since the Fed cuts were announced have resulted in significant inflows. Last week we saw over $901M in digital asset investments, once again led by BTC ($920M), while BlackRock added another $1.14B AUM to its BTC ETF holdings. There were also some interesting ETH outflows (-$34.7M) and relatively large SOL inflows ($11M), which pushed SOL's YTD inflows to $69M. Nevertheless, both ETH and SOL could see increased institutional activity provided there is a stable macro environment, especially as on-chain activity and stablecoin liquidity continue to grow.

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David Alexander II

Quick monthly stablecoin updates: -$169B of total fiat-backed stablecoins in circulation through Sept, a new record -this an increase of 2.6% month-over-month and 40% from last Sept -$1.4T in total transaction volume, 337M total transactions, and 27M unique users on the month -this is also the seventh consecutive month that a new all-time circulation level was achieved

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David Alexander II

Quick institutional flow updates: -$1.2B of net inflows last week, the highest weekly volume since July and the third consecutive week of net inflows. -$1.1B was in BTC ETFs, of which $494M occurred on Friday (the most in one day since July) -$85M in ETH ETFs. Relatively small, but the first time in 5 weeks that there was positive flows here. -We also had some heterogeneity here: Ark($270M) and Fidelity($206M) contributed to nearly half of all BTC ETF volumes, so it wasn't all just Blackrock this time.

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David Alexander II

Since the Fed cut interest rates by 0.5% on September 18th, Bitcoin ETFs have experienced over $862M of net inflows. This includes $365.7M yesterday, the most daily inflow since July ($530M). Daily trading volumes yesterday also reached a new monthly high of $2.4B. Macro leads, crypto follows.

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David Alexander II

Markets continue to bleed, but Ethereum layer 2s continue to gain more liquidity. Over the past month, $287M of stablecoins entered the L2 ecosystem. @base led the way with $132M followed by @arbitrum ($112M) and @optimism ($43M). Follow the liquidity 😈

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David Alexander II

There are now more than 1.2M daily active addresses on @base while the network has just settled $5.4B worth of stablecoin transfers in one day. Meanwhile, over 154,000 new contracts have been deploy to the chain. All of these numbers are new all-time records. The best builders build through battles 😈

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David Alexander II

Payments and the exchange of cryptodollars on @base continue to accelerate, as the network recently settled more than $4.8B of stablecoin transfer volume in one day, its highest daily volume ever. Month-over-month volume has now doubled as we close out August. @uniswap ($3.6B), @aerodrome ($2.5B), and @moonwell ($805M) have all been significant drivers of this activity over the past month. OᑎᑕᕼᗩIᑎ ᔑᑌᗰᗰEᖇ 😈

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David Alexander II

Daily active addresses on @base have just surpassed 1M for the first time ever and now stand at 1.1M, with more than 4.3M transactions occurring on the network today. Moreover, daily stablecoin transfer volume also reached a new high of $4.1B recently, up 156% week-over-week. This past week was also particularly busy for AerodromeFi, Moonwell, and Uniswap who handled $465M, $242M, $202M, of stablecoin transfer volume on Base, respectively. Onchain Summer 😈

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David Alexander II

Daily active addresses on @base are at all-time highs, surpassing 900K for the first time ever. This comes shortly after a record number of contract deployers were active on the network last week and as Base continues to handle upwards of 4.1M daily transactions. The beauty of a well-designed ecosystem initiative that is Onchain Summer 😈

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David Alexander II

Quietly, and through a host of macro downturns, BlackRock now has over $1B ETH AUM.

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