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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Stablecoins, Narrow Banking, and the Liquidity Blackhole

For over a century, monetary reformers have proposed versions of “narrow banking” – financial institutions that issue money but do not extend credit. From the Chicago Plan of the 1930s to modern proposals like The Narrow Bank (TNB), the idea has been simple: prevent bank runs and sy

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CT has a habit of conflating projects. Lately, Humanity Protocol has been getting lumped in with World as “the other biometric blockchain project.” While both offer biometric verification and are building identity solutions, this comparison misses important differences in scope, architecture, and go-to-market strategy.

In this piece, I’ll

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We’ve published a guest post from Rittenhouse Research on Galaxy Digital’s AI Mining Center Helios. The link to the full report is at the bottom with a snippet here:

Galaxy Digital (“Galaxy” or the “Company”) is a digital asset and AI infrastructure focused holding company. Similar in structure to Berkshire Hathaway,

Galaxy has a book of

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Macro Signal Monday

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: 54.7 range (Neutral – top of range)

• BTC ETFs saw outflows of –$131.6M last week, ETH ET

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Loud!, a simple token experiment, has dominated the conversation on CT last week. Powered by Kaito, Loud distributed 45% of its token supply to users who promote Loud in a first-of-its-kind Initial Attention Offering (IAO). The novelty of the launch mechanism and upside speculation propelled Loud to 76% Kaito mindshare. After a down-only

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