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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View the interactive Top Signal Dashboard here.

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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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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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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TLDR

• Hope Metric Score: 54.6 (Neutral Regime)

• Monetary Outlook: Dovish tone supports July cuts

• Macro: Risk-on across equities, yields stable, inflation easing

• Geopolitics: Middle East tensions persist but market impact muted

• BTC Flows: Strategy and Metaplanet continue buying

• Policy: Genius Stablecoin bill passing Senate vote

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On June 16th, Valve concluded its second Steam Next Fest (SNF) event of the year. This was a particularly special one for us because it was the first time, afaik, that not one, but three Web3 games were included in the 2365 games vying for attention on the world’s largest PC gaming distribution platform.

*Spoiler: two of those three finis

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Welcome back to Market Matters – June edition!

Since our last discussion, market volatility has generally subsided. The Trump Tariff uncertainty has receded (at least for the moment). However, uncertainty has shifted from the trade war concerns to concerns of yet another hot war in the Middle East.

With BTC and risk asset markets trading

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Clanker team just released a Clanker v4 overview. Clanker v4 has been in development since our Into the Clanker-Verse report, and we provided a short update in the Alpha Feed. Since then, Proxystudio, a core team member, was revealed to be estranged CT anon Gabagool. He was removed from the team, but the incident brought uncertainty aroun

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Join Can Gurel as he hosts Harry Dewhirst, co-founder and CEO of 375ai, to discuss their ambitious real-world application of DePIN. Learn how they’re building a decentralized network of sensors to capture and monetize physical data at scale. 375ai:... Read more

Macro Signal Monday sets the tone for BTC capital flows at the start of the week. Follow along each Monday for the full Hope Metric signal breakdown and forward-looking capital flow context for BTC.

 

TLDR

• Hope Metric Score: 58.1 (Neutral-Cautious Optimism)

• BTC ETF Inflows: +$1.37B last week

• ETH ETF Inflows: +$528.12M (significant

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