David Alexander II

@megafund

16 Following

132 Followers

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David Alexander II

Traditional markets are up. But blockchain is dominating. Over the past year: S&P 500: +11% $QQQ: +11% $COIN: +36% $BTC: +67% $CRCL: +217% $HOOD: +242% And we're just getting started.

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David Alexander II

Geopolitical tensions continue to mount, yet digital asset investment products saw another $1.2B of inflows last week ($1.1B in $BTC, $124M in $ETH), marking the 10th straight week of net inflows. More notably, and underscored, ETH has now seen over $1B of inflows in June alone, representing 41% of all ETH inflows in 2025, with a full week still remaining.

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David Alexander II

Yesterday, ETH ETFs recorded $240M in net inflows, the biggest single-day volume since February ($308M). That pushes total inflows to $1.2B over the last 4 weeks. June alone is already at $700M, outpacing all of May’s $564M. Buckle up.

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David Alexander II

Your average lil bud from Brooklyn on the other side of the TG scrutinizing your deck. Godspeed. Hyperliquid

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David Alexander II

We're now at 14 consecutive days of positive inflows into $ETH spot ETFs, with over $817M of capital pouring in during this stretch. This accounts for nearly 25% of all total inflows since launch. It's also the second longest streak to date, behind the 18-day run back in November to December, where ETH rallied by 20% to over $4,000. Buckle up 😈

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David Alexander II

Fiat-backed stablecoins have now seen 20 straight months of growth, dating back to September 2023. In May, total supply reached yet another record high and surpassed $227B, up 16% ($31B) YTD. Perhaps just as notable, over $757B was settled onchain in May, an 85% increase year-over-year. Interestingly, while 51% of the total supply is deployed on Ethereum, Tron continues to maintain a significant marketshare, now standing at 34%, followed by Solana (5%) and BSC (3%).

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David Alexander II

Monthly perp DEX volume surged to a new all-time high of $382B in May, growing 63% ($148B) year-over-year. Hyperliquid now accounts for more than 85% of all of this volume. Pure dominance and an absolute land grab. Let’s bring it to Farcaster 😈 1-click, mobile-first, instant access to Hyperliquid liquidity.

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David Alexander II

Interestingly PancakeSwap led all DEXes in May with over $171B in total monthly volume, accounting for 42% of all DEX volume across the space. This also marks the most activity PancakeSwap has ever seen, shattering its previous record of $137B set in May 2021. Last week alone, the protocol handled a staggering $58B in onchain volume which is more than leading DEXes like Raydium ($28B), Meteora ($19B), and Aerodrome ($17B) processed over the entire month. Overall, May saw over $410B in DEX volume, the second highest total in the past 12 months and more than April ($194B) and March ($200B) combined. Buckle up 😈

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David Alexander II

Final Fantasy 1, WarMech IYKYK 😈

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David Alexander II

As @base hits record levels of performance, now averaging over 161 TPS, the network also just processed more than 14M daily transactions, another all-time high. That’s a 2x increase in activity month-over-month. Meanwhile, protocols on the network including @morpho saw considerable growth with net deposits rising 72% MoM to nearly $1.5B. h/t @artemisxyz

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David Alexander II

Quietly $ETH is having its best month of ETF inflows since December, with over $400M of capital pouring in. That’s more than the last four months combined (-$176M) and marks the third best month since ETH spot ETFs launched last July. Buckle up 😈

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David Alexander II

Everyone is max long. Following Bitcoin's historical run this week, open interest on BTC futures smashed through $80B to reach record levels. That’s a staggering $45.5B (+125%) increase from last May, when BTC traded around $70K. Funding rates on Binance, Deribit, and Hyperliquid quickly surged well beyond 50% annualized. Hyperliquid now handles upwards of $4.5B in BTC open interest (a new high), with BTC making up nearly 50% of all OI (up from 32% last month). Meanwhile, institutions poured in: over $2.75B in weekly BTC ETF inflows, including $935M in a single day as BTC broke $110K, its strongest daily total since January. Getting frothy, buckle up 😈

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David Alexander II

No one is generating more daily fees than Hyperliquid right now: ➡️ $8.9B in open interest ➡️ $3.3B in stablecoin liquidity ➡️ $5M in daily fees ➡️ HYPE is the only meaningful token currently following BTC towards new all-time highs. Hyperliquid 😈

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David Alexander II

Just a couple of dogs at the park 🐶😈🐶

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David Alexander II

Total stablecoin liquidity on Hyperliquid has just surpassed $3B for the first time and has now grown by 53% ($1.06B) since April. Virtually all of it is USDC. For perspective, Hyperliquid now ranks as the 5th largest chain by total USDC in circulation, rapidly closing the gap on Base ($3.7B). Over the same period, total open interest on the protocol has doubled, reaching nearly $6B. Hyperliquid 😈

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David Alexander II

Over $2.2B of token unlocks will occur this week, one of the highest weekly levels of since January. Overall, May will experience $4.9B in total unlocks. Macro has been resilient, otherwise lots of projects getting sent into the abyss 😈

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David Alexander II

Since the Pectra ugrade went live on May 7th, open interest on ETH futures has surged by $10B (46%), pushing total OI above $30B for the first time since January. Meanwhile, ETH itself is up 42% over the same period. Interestingly, total open interest is now up by $19B (167%) YTD (red) compared to last May when the price of ETH was around $3,000 and open interest was just $11.5B (blue). Nevertheless, favorable macro conditions will help continue to drive this momentum.

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David Alexander II

And there we have it: at the first hint of improving macro conditions, we witness the largest daily volume of short liquidations all year and one of the highest levels since September. $829M and counting, with $393M in BTC shorts and $257M in ETH. Macro leads, crypto follows.

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David Alexander II

Pectra is upon us. Had a chance to do a deep dive of what's ahead. Let's take a journey towards end game account abstraction, an optimized staking layer, real world UX, and much more. https://blog.anagram.xyz/pectra-towards-endgame-account-abstraction-and-staking-optimization/

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David Alexander II

Last week there were more than $3.4B of inflows into digital asset investment products, the highest of 2025 and the 3rd largest ever. Once again BTC dominated with $3.2B of inflows, while ETH had just $183M, pushing its YTD total to $398M. This is particularly interesting because the Pectra upgrade will go live this week, unlocking significantly better UX and network performance. My sense is that the market is not fully aware of the impact of these upgrades, rather than viewing it as a sell the news event. Nevertheless, digital assets continue to gain traction as a macro hedge in the face of tariffs and inflation.

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