The Pain Continues..

In Partnership with INFINIT

The market is down bad, but there are still solid teams building actual products. INFINIT stands out as one of these teams within DEFAI - and if you try using their terminal you will earn INFINIT stones for its upcoming airdrop.

The Pain Continues..

Continued equity market weakness and BTC basis trade unwinds are dragging down BTC + the rest of the market. BTC traded down to $83k today, with IBIT seeing record daily net outflows yesterday and overall BTC ETFS with -$3bn of outflows over the week. The scary part is we haven’t even really seen a large BTC decoupling from stocks, which usually is a good indicator that we’re near a bottom. NVDA traded down 8% today after reporting earnings last night, which also did not help (S&P was down 1.6%).

ETH held in at $2.2k while SOL slipped further to $135. MKR and IP were the only top 100 alts that were green on the week while basically every alt was down 20% (RAY was the worst performer at -51%). OTHERS in general has given back most of its move from the bottom on the 25th and BTC dominance continues to hold strong above 60%. The SEC keeps dropping crypto cases (but now it’s too late) - with announcements today that cases against Coinbase and Consensys were dropped.

From an onchain perspective, we’re seeing TG trench trading volumes in total freefall. Today’s volume level will be one of the worst in the last year - a sign that all capital has left the trenches.

There still were some coins that had a good week, including COLLAT, ALCH and STONKS among others. But in general it seems like one of the worst trading environments in quite a while.

Just a few onchain coins showing strength today, including ponzi coin IMG and the perfect meme for this environment, PAIN.

From an onchain mindshare point of view, PAIN, ai16z, DOGEAI, DADDY and MLG were big gainers on the day.

In Partnership with f(x) Protocol

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Potentially the craziest stat of the day is not around how few coins are bonding on pumpfun, but rather that VIRTUAL daily revenue is down to $800 after peaking at $900k..

Interesting accounts getting smart follows:

• yeet

• super exchange

• Polaris

• shitter

• Robots.fun

• Fren.money

In Partnership with $IO

I’ve said it before, and I’ll say it again. $IO is not a crypto project. $IO powers AI via compute using crypto rails. The network continues to see exceptional demand momentum, with daily earnings hitting another near ATH today and delivering a huge jump in compute hours in January.

SMART MONEY CORNER - Presented by chainEDGE

• USDC leading EVM smart inflows tells you everything you need to know about the current market

• While over the last week, PAIN was probably the most notable token still seeing inflows

MEME OF THE DAY