Follow us on Twitter (X) and on LinkedIn - for live updates. OVERVIEW Altcoins attempted a brief rebound, but collapsing volumes, deleveraging, and weak demand confirm a deeply demoralized market regime. Token economics continue to disappoint as protocols retain value internally, accelerating the unwind of speculative positioning across the sector. Roughly one-third of total crypto market value has been erased in two months, forcing rapid signal reversals and highlighting the need for strict risk discipline. Bearish trends across Bitcoin and altcoins dominate, making bottom-picking hazardous without tight stop-losses. CRYPTO CURRENCIES Bitcoin (BTC): Regulatory delays and tightening global liquidity pressured Bitcoin, though improved CFTC leadership expectations helped stabilize sentiment. Ethereum (ETH): ETF outflows and liquidations weighed heavily despite meaningful long-term progress in tokenization and network upgrades. Solana (SOL): Institutional adoption and technical resilience advanced even as price action remained firmly bearish. Ripple (XRP): Profit-taking by long-term holders overwhelmed ETF inflows, though institutional derivatives activity continues to grow. BNB Chain: Enterprise integrations and ecosystem cleanup strengthened fundamentals despite ongoing price weakness. Dogecoin (DOGE): Whale accumulation and ecosystem expansion contrast with persistent bearish price momentum. Cardano (ADA): Technical upgrades and governance initiatives were overshadowed by collapsing DeFi activity and sharp drawdowns. Avalanche (AVAX): Rising real-world asset adoption diverges sharply from weakening token prices. TON: Major ecosystem integrations boosted utility, but concentrated ownership amplified volatility. Polygon (POL): Technical stability issues and exchange suspensions hurt sentiment despite surging transaction volumes. Stellar (XLM): Government adoption milestones failed to offset broader market selling pressure. Ethena (ENA): Token unlocks drove heavy selling despite expanding institutional product access. Jupiter (JUP): New products and integrations were eclipsed by Solana-wide liquidity contraction and governance uncertainty. Jito (JTO): Regulatory optimism was outweighed by legal risks and large token unlocks. Aptos (APT): Heavy selling masked record stablecoin inflows and ongoing technical innovation. Kaspa (KAS): Listings and development progress contrast with volatility driven by infrastructure concerns. Pudgy Penguins (PENGU): Memecoin liquidations and fund collapse hit sentiment despite aggressive brand marketing. Chainlink (LINK): ETF inflows and sovereign use cases supported long-term confidence amid near-term selling. Polkadot (DOT): Liquidity upgrades and tokenomic reforms aim to revive adoption despite bearish price trends. Curve (CRV): Governance funding proposals raised dilution concerns even as cross-chain expansion continued. Sui (SUI): Infrastructure stress tests and ETF filings highlighted growing institutional relevance despite price weakness. Hedera (HBAR): Institutional validation triggered a sell-the-news reaction as leverage exited the system. Near (NEAR): Rising on-chain usage and cross-chain expansion contrast with continued market drawdowns. Raydium (RAY): TVL declines hurt revenues, partially offset by aggressive buybacks and new integrations. Pendle (PENDLE): Institutional capitulation overshadowed strong revenue growth and product expansion. Aave (AAVE): Regulatory clarity and ambitious roadmap clashed with internal DAO governance tensions. Mantle (MNT): Strong institutional alignment and developer growth supported resilience relative to peers. Hyperliquid (HYPE): Token burns and bullish research conflicted with rising competitive pressure. Ondo (ONDO): Tokenized equity expansion and regulatory relief strengthened fundamentals amid heavy selling. Pump dot fun (PUMP): Legal action and criminal cases battered confidence despite dominant market share. Virtuals (VIRTUAL): AI-driven expansion plans were overshadowed by security concerns and fragile sentiment. MACRO S&P 500: U.S. equities weakened on AI-sector disappointment and softer labor data, partially offset by relief from lower inflation and strong semiconductor earnings. Nasdaq: Tech stocks were pressured by Oracle’s failed financing plan, while Nvidia found selective support from strong AI chip demand signals. U.S. Dollar: The dollar was shaped by softer U.S. inflation expectations and active Asian central-bank interventions to stabilize local currencies. Gold: Gold rallied toward record levels as safe-haven demand increased and global diversification flows strengthened. 10-Year Treasury Yield: Treasury yields declined as softer inflation and rising unemployment reinforced expectations for future Fed easing. DIVERSIFIED CRYPTO STOCKS Coinbase struggled as new product launches failed to offset broader crypto weakness and investor skepticism around near-term monetization. Robinhood gained relative optimism from its growing prediction-markets business and its evolving “super-app” strategy. Circle rallied after Visa enabled USDC settlement and the company announced new cross-border payment partnerships. TREASURY / CRYPTO-TREASURY NAMES MicroStrategy shares lagged as renewed dilution concerns from equity-funded Bitcoin purchases outweighed the bullish signal of continued accumulation. Metaplanet attracted investor interest by emerging as one of Japan’s most widely held Bitcoin-treasury stocks. Bitmine sold off aggressively following CFO departure news, despite ARK Invest purchases supporting its Ethereum-treasury narrative. BITCOIN MINING Marathon declined further as insider selling reinforced negative sentiment toward leveraged mining equities. Bitdeer faced pressure from class-action lawsuits, partially offset by improved Bitcoin production headlines. CleanSpark sold off after earnings missed expectations, with insider sales and institutional repositioning adding to caution. Iren fell after a neutral analyst initiation and broader pullback in AI- and data-center-linked stocks. TeraWulf weakened on dilution concerns despite securing financing for a large AI and HPC data-center project. Disclaimer: This email and any attached research are for informational purposes only and do not constitute investment advice, financial advice, or a recommendation to buy or sell any assets. 10x Research does not provide personalized investment advice and is not registered as a broker-dealer or investment adviser. Views are the authors’ own and subject to change. Please consult a qualified professional before making financial decisions. ©10x Research. You're currently a free subscriber to 10x Research Market Updates. For the full experience, upgrade your subscription.
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