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Part three of this series, Volatility, Order Flow, & the Inelastic Market Hypothesis, focused on...If markets are reflexive and inelastic in nature, and if order flow mechanics are the determining factor...Footprint charts are NOT strategies, but alternative ways to view volume and price (order flow) data.
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28 Min
Financial Market Themes
Feb 2023
High price sensitivity to capital flows has significant consequences too....aggregate capital flows across or within asset classes....Given this new, order flow-driven theory of price impact, how do asset prices actually move?...This is known as the price impact of order flow....This gives more credence to the order flow-driven theory of inelastic markets.
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24 Min
Macro & Markets
Nov 2022
...with big traditional names such as USV, Samsung Ventures, a16z, Venrock, and Warner Music Group.
2) Flow—a...Flow describes itself as “the blockchain for open worlds”, and looks to deliver a fast, decentralized...Flow applies pipelining to blockchains by separating the jobs of a validator node into four different...
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9 Min
Layer 1 / L1
Oct 2020
BTC Spot ETFs — Return of the King (IBIT)
Reminder, Delphi’s BTC Spot ETF Flow Tracker can be found here...in our second edition of Market Musings, we began to notice the first signs of BTC price & ETF flow...And with these positive flows, BTC rallied, pushing towards range high territory around $70K-$72K.
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11 Min
Macro & Markets
May 2024
The visualization below illustrates value flowing across the bridge by asset over the 23 days since launch...All of the value that flowed to Avalanche can be seen on the right hand side....With the recent launch of its cross-chain bridge, ~$200m has flowed back and forth between Ethereum &...
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4 Min
Layer 1 / L1
Feb 2021
The visualization below illustrates value flowing across the bridge by asset over the 23 days since launch...All of the value that flowed to Avalanche can be seen on the right hand side....With the recent launch of its cross-chain bridge, ~$200m has flowed back and forth between Ethereum &...
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4 Min
Bridges
Feb 2021
BAYC Floor Price is Catching Up to CryptoPunks’ Bored Ape Yacht Club (BAYC) has been outperforming CryptoPunks since the middle […]...
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3 Min
NFTs
Dec 2021
From April 2024 onward, Railgun has processed a monthly average of around $170M in private flows....This significant uptick in onchain flows is indicative of a consistent and growing demand for Private...Below is the visualization of net flows for all 11 Bitcoin Spot ETFs since their inception in January...
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22 Min
Infrastructure
Apr 2025
BTC Spot ETFs — Summer Starts With Massive ETF Flows
Reminder, Delphi’s BTC Spot ETF Flow Tracker can...With summer kicking off, first week ETF flows for June came in hot, well out-pacing expectations and...Remember, April and May was largely dominated by isolated large flows into IBIT or FBTC.
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9 Min
Macro & Markets
Jun 2024
...time, USDT has seen a 1.37% ($935M) increase over the same period, suggesting the majority of BUSD flows...The data also suggests some USDC flows into USDT as investors speculate on a potential SEC litigation...
Alpha Insight
1 Min
Cash-Backed (Custodian) Stablecoins
Feb 2023
As we can see, however, the amount of capital flowing into crypto projects from VCs has plummeted from...Venture capital flowing into crypto projects in 2023 is more in line with 2017, 2019, and 2020.
Alpha Insight
3 Min
Other
Aug 2023
Fund flows into crypto-based products have surged the last few days, pushing weekly total inflows above...$120M, or one-third of total YTD flows, according to data tracked by Bloomberg....Solana Staking ETP (ASOL) is right up there at the top of the pack too, ranking 2nd in net monthly flows...Fund flows into crypto-based products have surged...
Alpha Insight
1 Min
Financial Market Themes
Oct 2023
With the recent underperformance of $ETH, I thought it would be beneficial to analyze ETH restaking flows...Even with ETH’s stark drop in price, regular staking flows remain positive, and the total ETH staked...Restaking Flows
Through Eigenlayer (4.85M), Smybiotic (351k), and Karak (35k), 5.268M is currently restaked...
Alpha Insight
2 Min
Liquid Staking
Aug 2024
Over the course of Q3, those flows shifted....ETF Flows Cooled Sharply Into Quarter-End
For most of 2025, ETF flows have been the dominant marginal...BTC tracked those flows closely....As ETF flows softened, BTC lost its primary directional driver....Rather, it was the temporary cooling of ETF flows that removed crypto’s key marginal bid...
Alpha Insight
9 Min
Macro & Markets
Sep 2025
We still believe we’re in the midst of a liquidity cycle uptrend, but there are a couple potential headwinds to be mindful of that could cause us to hit a rough patch as we get into Q2.
One of the mo...
Alpha Insight
1 Min
Financial Market Themes
Apr 2024
But something more interesting to answer is: where’s all that money flowing?...As someone who’s been tracking L1 ecosystems for a while, I’ve noticed a pattern of how capital flows...With such low token dilution in the ecosystem, when that capital finally starts flowing from L1 profits...
Alpha Insight
5 Min
Layer 1 / L1
Jan 2025
If the queries are [01:18:00] all, uh, mixed, uh, together, uh, and if you can’t do any flow on the queries...Join Kevin Kelly from Delphi Digital as he hosts Guilhem Chaumont, CEO and co-founder of Flow Desks,...Flow Desks has established itself as a full-service digital asset trading and technology firm, pioneering...
Media
51 Min
DeFi
Apr 2025
Yan, Duncan, Ceteris and guest Jason Pagoulatos discuss the the current market conditions, what the ETF inflows have done to Bitcoin, Altcoins and Memecoins....
Media
50 Min
DeFi
Mar 2024
If the rhythm holds, early October could bring a liquidity reset that translates into stronger BTC flows...We should expect a flow back into the RRP from here to early October.
Alpha Insight
2 Min
Macro & Markets
Sep 2025
I’d assume it’s as important because of all the flows that the end-DAOs have to pay out to say their...This effectively, the moment they open the stream, it will start flowing and it will keep flowing until...The money flows in every second and flows out every second in a constant manner.
Media
1 Min
Asset Management
Dec 2021















