Stacy in Dataland (´⊙~⊙`)

AAVE is down ~11.5% over the past month, but DACM keeps accumulating into weakness instead of de-risking. They pulled another 2.39K AAVE off Binance, bringing the position to ~13.7K with zero sells across both wallets. I see the deliberate positioning. When a player keeps moving assets off exchange during drawdowns, it usually signals conviction and a longer time horizon.

ETH spot ETFs finally printing inflows again after five straight months of outflows, with +$118M in April breaking a $2.8B bleed. It is not a massive number, but the shift in direction still matters. With $11.68B cumulative inflows and nearly $13B in assets, the base is already there. Institutional demand paused, and now it is starting to come back.

There's been a regime shift in prediction markets. Polymarket dominated for most of 2024, but now we're seeing Kalshi steadily gaining market share. What's most notable about this is Opinion's sudden growth spurt, which seems to have come out of nowhere.

New research is already packed for you ↓ General ➖Crypto.com: Research Roundup Newsletter (April 2026) ➖Crypto.com: Crypto Card Consumer Spending Insights 2025 ➖ Binance: Navigating Crypto: Industry Map ➖ Galaxy: Weekly Top Stories - 04/10/26 ➖ Galaxy: Beyond the Flywheel: How DATs Can Reinvent Themselves Market ➖ CoinShares: Market update | April 10th, 2026 ➖ CoinShares: Equities update | April 13th, 2026 ➖ CoinShares: Digital Asset Fund Flows | April 13th, 2026 ➖Crypto.com: Market Update (March 2026) ➖ CoinGecko: Spot CEX Report 2026 ➖ Glassnode: BTC Market Pulse: Week 16 DeFi ➖ DL Research: The SlowFi Thesis: Why Bitcoin’s friction could power the next DeFi summer ➖ Binance: The Convergence of DeFi, TradFi and CeFi Blockchains & networks ➖ 4pillars: Monthly EIP - Mar 2026 (ft. Ethereum’s Unforkable Identity)

Hyperliquid hitting a 6.9% OI share vs CEXs is a new high and a clear continuation of the same trend. We last saw this level in August 2025, but the difference now is structural. Liquidity is deeper, execution is tighter, and traders are more comfortable holding risk on-chain.

Morpho borrowers paying ~$170M in interest over the past year implies roughly $17M in protocol revenue at a 10% take rate, against a ~$1.7B valuation. That puts it at a very different multiple than Aave, which is doing ~$140M in revenue on a similar ~$1.5B valuation. Morpho is pricing in its peer-to-peer lending model and capital efficiency gains, while Aave is already monetizing at scale. The question for the market is whether Morpho can convert usage into revenue fast enough to justify that premium.

Monad hit 200 validators with 14B MON staked across the network within Backpack. Backpack alone controls a massive share, with a steep drop-off across the rest, so decentralization is growing, but still uneven. If Monad can scale validator count without degrading performance, it solves the core tradeoff most high-throughput chains struggle with. If that holds in production, this is how you get both speed and credible decentralization, not one at the expense of the other.

Tokenized stocks crossed $1B market cap. Most of that expansion is recent, with Ondo and xStocks leading, which shows the demand is shifting from stable yield into equity exposure on-chain.

DEX perps pushing ~37% of CEX futures volume is not just a new high, it marks a structural shift in where leverage lives. What used to be an alternative is now competing directly with centralized venues on execution, liquidity, and scale. The interesting part is that this is happening while spot DEX share sits closer to ~15%. The derivatives are the real battleground, and on-chain is winning where capital efficiency matters most.

Hyperliquid is now matching Binance on execution quality, from $10K to $1M trades with ~9–10 bps slippage on BTC. That is full parity with the deepest perp market in the world, but fully on-chain. While other DEXs break down at size, Hyperliquid stays flat, especially on pairs like SOL where the gap becomes obvious above $100K.

DeFi yields are compressing. The main reason – less demand for leverage. Back in 2024, ETF flows and election narratives pushed traders to borrow aggressively, driving Aave USDC rates above 10% and putting DeFi well above the Fed. Now supply has doubled, but demand is more distributed and less aggressive, so rates normalized back toward TradFi. DeFi is now a live price of leverage demand, and that demand is simply not there.

ENA trading at ~5.6 FDV/Fees is telling us the market is not pricing in growth yet. That is near cycle lows, even as Ethena expands USDe backing into institutional lending, RWAs, and new basis trades.