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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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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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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“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
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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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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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-
...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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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
