On-chain opportunities will return. They just won't look like what you're hoping for. 2017: ICOs 2019: DeFi Summer 2021: Altcoin season 2022: ETH NFTs 2023: SOL NFTs Early 2024: Ordinals Late 2024: Memecoin supercycle 2025: InfoFi Every cycle, people sit around waiting for the last meta to come back. It never does. The people who win are already looking at what's next not what worked last cycle.

US spot bitcoin ETFs recorded consecutive seven-day net inflows, marking the longest streak since October 2025, with BlackRock's IBIT leading the gains at 194.94 million in single-day net inflows. Over the past week, these funds cumulatively attracted approximately 1.17 billion in capital inflows. Analysts believe the sustained capital inflows stem from structural long-term institutional demand rather than passive trading. Meanwhile, spot ethereum, Solana, and XRP ETFs also recorded capital inflows. A significant regulatory move is that US regulators issued guidance designating most cryptocurrencies as non-securities, a move expected to reduce friction among institutions and accelerate the adoption of cryptocurrency ETFs.

Something doesn’t add up. Solana just did ~$1.3B in perp volume in 24h. Hyperliquid did ~$8.4B. That’s basically Solana being ~1/6 of Hyperliquid. When it comes to perps, traders are clearly going somewhere else. Why is that? Fees and execution. Jupiter is amazing for UX, but if you’re actually trading size or frequently, those fees start to hurt. Hyperliquid is cheaper, faster? Well, actually built for perps. That’s why you’re starting to see wallets and apps like Phantom and DeFi App route users there instead.