1/.Some of the topics we’ve been tracking lately + @Dune dashboards below:. → Shopify & Coinbase Commerce Payments Protocol adoption.→ Who’s generating money in crypto & the emerging verticals.→ Hyperliquid growth & revenue.→ Polymarket activity as signal & intel.→ USD₮0.

NFT volumes on Ethereum hit their highest week since February, with @opensea capturing 64% of the market. Overall volume remains well below 2024 levels, but OpenSea continues to regain marketshare from Blur. Isolating OpenSea, this was among the #3 best week YTD.

Since April, DeFi net TVL has grown by ~$49B. Of that, @aave captured ~$15B, roughly 31% of the total increase. For every $10B added to DeFi TVL, Aave contributed $3B.

Three weeks post-launch, @xStocksFi trading shows a clear trend. → Weekend volume of onchain stocks consistently drops to 30% or less of prior weekday volume

ETH open interest on @HyperliquidX also reached a new ATH of $2.9B with a funding rate of ~50%. This suggests strong bullish sentiment, traders expect ETH to rise and are paying a steep premium to stay long.

At current pace, @HyperliquidX is on track to set a new monthly record for perps volume in July. Perps volume market dominance is back above 66%, and TVL is nearing $5B.

For the token analysis above, we used the new @etherscan Token Flow Visualizer which makes token liquidity easier to interpret and visualise. Logos were added for clarity.

That would make Aave:.→ The #2 largest holder of Bitcoin after MicroStrategy (601,550 BTC), if compared with public companies. → The #4 largest ETF/fund holder, close to ARK 21Shares (~51k BTC). → The #4 largest country-level holder, just behind the UK (~61k BTC). Notes:

A similar pattern is visible with cbBTC on Ethereum, where @aave holds 46% of the total supply. Considering WBTC and cbBTC on Ethereum, Aave protocol currently holds:.41,601 WBTC + 14,444 cbBTC .→ Total 56,045 BTC (~$6.6B)

A clear way to understand onchain liquidity flows is by analyzing the top holders of major tokens. For WBTC on Ethereum, Aave protocol leads holding 32% of the total supply, driven by users depositing WBTC as collateral to borrow other assets (net of borrowed WBTC). It’s the

ETH, USDT and USDC account for 90% of CEX inflows and outflows on EVM chains.

9/.This analysis is only possible due to the cex.flows dataset by @hildobby on @Dune, tracking 350+ exchanges and 92M+ deposit addresses. Explore datasets created by Hildobby on Dune spellbook below: . and ETH CC presentation on the topic.

8/.Check the @Dune dashboard below.

7/ .Ethereum dominates across all CEXs. But some show significant activity on other chains: .→ Binance: 18% of flows on BNB, 8% on Arbitrum .→ Coinbase: 5% on Base .→ Bitget: 60% of flows on BNB .→ Kraken and OKX remain heavily Ethereum-based.

6/.Three assets dominate volume of CEX flows on EVMs: .→ USDT .→ ETH .→ USDC (growing steadily post-2021) . Together, they account for ~90% of the flows volume.

5/.Ethereum leads by volume (80%). But by transfer count and unique addresses, BNB, Arbitrum, Base, and Polygon take a larger share. → Layer 2s and side chains with cheaper gas capture more transactions and user activity, typically involving smaller amounts.

4/ .Top CEXs by share of onchain inflows/outflows: .→ Binance: 32.4% .→ Coinbase: 19% .→ Coinbase Prime: 7% .→ OKX: 6% .→ Kraken: 6% .Others: Bybit, Bitfinex, Gate, HTX. For this analysis, we considered only inflows and outflows. Rotations between CEX wallets or internal

3/ .Check the @Dune dashboard with CEXs Activity onchain below.