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Today

Technicals Update

BTC Top Signal

With BTC hitting a new ATH, our underlying intensity readings are nowhere near overheated, suggesting that there is room to run. We will begin to flash warning signs once we record intensity readings in the range of 75-80. Until then, let’s goooo!

BTC Top Signal

Recall that we recently posted about the Top Signal indicating bullish condi

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Arcana
Arcana

Prop AMMs: Conduits for OnChain Market Makers

Over the last ~6 months, a handful of relatively unknown AMMs have quietly captured an overwhelming share of trading volume on Solana. SolFi, ZeroFi, and Obric now account for over 57% of total trading volume on Jupiter.

However, unlike the standard design, these AMMs are proprietary, closed-off liquidity venues built specifically to ser

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Yesterday

Marcus Wu
Marcus Wu

Bitcoin vs Banks: The Correlation That Shouldn't Exist (But Does)

Over the past five years, Bitcoin has exhibited a structural shift in its macro correlation profile. Once dominated by its relationship with tech equities, particularly the Nasdaq (QQQ), BTC’s price action has increasingly tracked traditional financial institutions. This change reflects more than just market coincidence. It marks a trans

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3rd July 2025

Briber's Four Forces

Liquity v2: take two is starting to take off, with BOLD eclipsing the v2.1 circulating supply. Friendly forks are rolling out and PIL incentives are beginning to attract bribes for LQTY stakers. To understand the implications for LQTY holders, it is useful to examine the bribe business and what drives it.

The overarching metric in the

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LTR
LTR

What Could Go Right?: The Upside of Optimistic Future Outlooks in an Increasingly Nihilist Present

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“The most likely result of building a superhumanly smart AI, under anything remotely like the current circumstances, is that literally everyone on Earth will die.” – Eliezer Yudkowsky, Time Magazine, March 29, 2023

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No, the above quote isn’t pulled from an Orwell science fiction novel or stated by the supercomputer AM in Harlan Ellis

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30th June 2025

LTR
LTR

Robinhood Product Manager using Hyperliquid

https://x.com/vladtenev/status/1939713633392480417

The signer/sender wallet of the above tx from the Robinhood team: 0x42607B2E4fde22e83822d4a86ddAc58d847DC289

Was initially funded by: 0x67be5F01C0C1d4177861b587f77Cd4FB929Ca405, who has used Hyperliquid extensively.

Furthermore, 0x67be5F01C0C1d4177861b587f77Cd4FB929Ca405 belongs to http

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26th June 2025

Simon Shockey
Simon Shockey

Is Memetic Provenance Crypto's Most Undervalued Primitive?

On June 11, 2021, Atsuko Sato – the woman who owned Kabosu, the Shiba Inu from the original Doge meme – auctioned the Doge NFT she minted at the advice of Aya Miyaguchi, then Executive Director of the Ethereum Foundation and now its President. The image sold to PleasrDAO for 1,696.9 ETH, about $4.2 million at the time, making it the highe

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BTC Top Signal Update

View the interactive Top Signal Dashboard here.

BTC Top Signal in 2025

Delphi’s Bitcoin Top Signal, which measures the ‘top-like’ conditions of Bitcoin, has been fairly flatlined in 2025; we’ve been in an intensity range of 37-62. After nearly 2 weeks of declining intensity in June, we have observed a reversal over the past few days.

While we wait to see wheth

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25th June 2025

Marcus Wu
Marcus Wu

To Liquidity and Beyond - 6 charts that explain why BTC is coiled for a breakout

Woody And Buzz Lightyear Everywhere Meme Template — Kapwing

Liquidity, liquidity everywhere.

A number of signals are starting to align. US net liquidity is pushing up against the top of its multi-year range. USD stablecoin supply has begun rising again. TOTAL3 is tracking a familiar consolidation pattern that historically precedes major altcoin breakouts. USDT dominance is coiling at a key long-

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24th June 2025

Arcana
Arcana

The IPO Narrative – Is the Market Rotating into Crypto Equities?

Amidst the recent success of the Cricle IPO, and the continued slow grind down in alts, the attention is shifting from actual token markets towards crypto stocks. CRCL is up ~115% over the last week, and nearly 8x since the IPO – a trend which was only seen in token markets has now become commonplace in crypto equities.

But this divergen

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