Onchain banking liquidity has surpassed $100B for the first time ever. @aave alone holds $63B worth of deposits, which would rank it among the top 40 largest US-chartered commercial banks, ahead of household names like Barclays ($45B) and Deutsche Bank ($40B). There is now over $42B active loans onchain, and 9 different protocols with at least $2B in total deposits, including: Aave ($63B) @MorphoLabs ($8B) @sparkdotfi ($7.6B) @KaminoFinance ($4.5B) @compoundfinance ($4.1B) @maplefinance ($3.3B) @0xfluid ($3.1B) @eulerfinance ($2.3B) @VenusProtocol ($2.2B) And treasury strategies and strategic reserves haven't even begun to deploy. Buckle up. h/t @tokenterminal

Over $1B poured into $ETH ETFs yesterday, shattering the previous record set in July ($726M). This nearly surpassed June's entire monthly total ($1.16B) in a single day. ETH ETFs now hold more than 6,100,000 ETH ($26.8B) and account for 5% of the entire supply. More to come 😈

For the third consecutive week, $ETH ETF inflows outpaced $BTC ETFs: $327M compared to $253M. Over the same period, ETH strategic reserves accumulated another 1,281,000 ETH ($5.38B), boosting aggregate holdings by 73% in just 3 weeks. Meanwhile, ETH:BTC is up 23% this month and just reached its highest level (0.037) since January. Monday could be the start of a very good week 😈

Fiat-backed stablecoins saw their highest active userbase ever in July, growing by 15% from June and 93% from July 2024. This includes incumbents like @Tether_to USDT, @circle USDT, and @PayPal PYUSD. However, there were still just 55M total users, a far cry from @Visa's 4B+ global users. Payments are accelerating on blockchain rails, UX is becoming decidedly more 1-click, money is becoming programmable. Crypto-native cards like @MetaMask, @EtherFi, @payy_link, and @KASTcard continue to gain traction and will onboard millions, globally, to the onchain economy. We are still very early. h/t @AlliumLabs

In the face of a contentious US jobs report last week, $ETH long positions suffered one of their worst levels of liquidations ever with over $326M wiped in one day. In contrast, $BTC long liquidations on the same day totaled $231M, far from record levels. Meanwhile, $8B of $ETH futures open interest was erased, cutting total open interest by 13%. Every little bud VC/"investor" whom bottom-ticked ETH ahead of Pectra or whom got taken to the woodshed on SOL:ETH was MAX BIDDING in the fight of their life. Macro leads, crypto follows. Don't get caught out of position with "leverage" and get sent to oblivion. Bids commencing shortly. See you at $4,000 😈 h/t @coinglass_com

Perp DEXs pushed towards new all-time highs in July, handling $399B of monthly volume. However, @HyperliquidX alone accounted for 80% of this. Overall, the protocol grew by 41% month-over-month and settled a staggering $315B in July alone. This is more volume than the combined monthly total of any month prior to May 2025. Most existing protocols are dust. Build on top, build something new, or pack it up. Hyperliquid 😈 h/t @artemis

For the third consecutive month, @PancakeSwap has dominated the entire DEX landscape, processing over $209B of trading volume in July. To put this into perspective, this is more than double Uniswap's monthly volume ($90B) and represents 51% of aggregate DEX trading volume in July ($412B). PancakeSwap has now flipped Raydium for total yearly volume ($847B v. $812B), and is quickly closing in on Uniswap. The protocol also generated over $34M of fees last week, its highest total since November 2021, and the third most of any protocol, trailing only Tether ($146M) and Circle ($47M). h/t @tokenterminal

July was a record-breaking month for $ETH ETFs across the board, with over $5.43B in net inflows, accounting for 25% of all inflows to date. This surpassed $BTC monthly total for June ($4.6B) and nearly eclipsed July ($6B), signaling deeper institutional participation and a clear post-Pectra shift in sentiment. Incredibly, July saw inflows every single day except one, and ended with a 20-day positive streak heading into August. Overall, inflows have now been positive for 12 consecutive weeks. ETF trading volumes also surged, rising by $34B (+37%) month-over-month, with a new all-time high daily volume of $3.2B.

We close out July with more than 2,900,000 $ETH ($8.4B) taken out of circulation in this month alone: ETH spot ETFs have seen over $5B of inflows, including 19 straight days of net inflows. Strategic Reserves have accumulated over 1.3M ETH ($3.7B) with the top 3 @BitMNR, @SharpLinkGaming, and @TheEtherMachine now collectively holding 1.4M ETH. Meanwhile, the network burned another 7,600 ETH Buckle up.

15 straight weeks of positive inflows into digital assets, with another $1.9B pouring in - capped off by $ETH ETFs ($1.85B) flipping $BTC ($72M) for the first time. Interestingly, $SOL had its best week in 2025 with $311M of inflows, accounting for 37% of its entire YTD total. $XRP also surged with $190M, while its $RLUSD stablecoin grew by 12% week-over-week to a new high of $578M in circulation. A few catalysts to monitor: -Treasury strategies and ETFs continuing to accumulate ETH (and BTC) supply -USDC inflows to Solana, which are now up 15% ($1.1B) through July -Activity on Solana's $SSK native staking ETF, which have been muted so far, but could accelerate with further regulatory clarity -Growing activity on Ripple as a compliant payment chain, particularly with the increasing momentum of RLUSD Buckle up 😈 h/t @CoinSharesCo