Markets are all-in on optimism — is that a forecast or a delusion?

Friday charts: Fiscal dominance and super intelligence
The all-cash deal will push Sanctum beyond liquid staking tokens
The stablecoin-focused bill is set to have a profound effect on dollar dominance and the demand for US debt, a senior Treasury official says
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PUMP’s numbers on Solana indicate a “fork in the road” when it comes to the role of DEXs in token sales, says Blockworks Research
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Shuffle, Stake and Rollbit are some companies betting on blockchains

Key metrics

ETH/BTC Ratio

Ethereum Gas Price

DeFi TVL

Fear and Greed Index

Federal Reserve Balance Sheet

Decoding crypto and the markets. Daily, with Byron Gilliam.

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Also, only three tokens have outperformed bitcoin so far this year: XMR, HYPE and SKY

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The fund group has submitted proposals in recent months for other funds that would hold litecoin, solana, XRP, HBAR, Sui and others

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Momentum’s back — BTC leads, risk assets follow

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Ondo Finance’s acquisition of blockchain development company Strangelove follows its buy of Oasis Pro

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Cryptocurrency and stock traders alike had a lot to unpack Wednesday

The competition for mindshare in the crypto industry is fierce. Protocols are constantly fighting to win the attention and loyalty of developers, founders, users, and institutions. Many protocols employ strategies to earn this mindshare using hype, gamified metrics, and short-term thinking, […]

events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.
0xResearch
0xResearch is the show for those who want to step up their game and think like a crypto analyst. We bring on crypto's best to uncover the latest research, explore protocol developments and identify new narratives. We are full-time crypto..
1000x
1000x is a crypto markets podcast hosted by professional traders Avi Felman and Jonah Van Bourg. We bring on experts to dive deep into the macro and micro factors that represent the lifeblood of digital money and web3. As an..
Bell Curve
Bell Curve breaks down the most important themes in crypto for people who, like us, are confined to the middle of the bell curve. Each season explores a different thesis that we'll test and refine through debate with crypto's best...
Empire
Empire features interviews with top crypto founders to get the real stories that aren’t shared elsewhere. Empire is your look behind the curtain of the crypto industry. We release two episodes per week: guest interviews on Monday and a weekly..
Expansion
The podcast on Modular. Exploring a refreshed vision for building in crypto. Expansion is a podcast exploring the intersection of modular blockchain design and abundant blockspace. We’ll bring on the leading voices from the modular ecosystem to discuss blockchain design,..
Forward Guidance
The laws of macro investing are being re-written, and investors who fail to adapt to the rapidly changing monetary environment will struggle to keep pace. Felix Jauvin interviews the brightest minds in finance about which asset classes they think will thrive..
Lightspeed
Lightspeed is a podcast for those interested in how crypto can solve real problems and create products users love. It's a callback to the garage days of Silicon Valley, where builders pushed the limits of hardware and software to build..
Supply Shock
Supply Shock, hosted by Pete Rizzo, The Bitcoin Historian, explores the latest Bitcoin news with a deep historical perspective. Featuring in-depth interviews with industry experts, each episode connects current events to key moments in Bitcoin history, revealing patterns, lessons, and..
The Breakdown
A daily analysis of macroeconomics, bitcoin, geopolitics and big picture power shifts, hosted by Nathaniel Whittemore @nlw. The Breakdown is part of Blockworks.Subscribe to The Breakdown newsletter: https://the-breakdown.carrd.co/..
Hivemind
Hivemind combines Delphi Digital’s brightest minds to cut through the crypto noise. Jose, Yan, Ceteris and Duncan explore everything from venture to token design, offering an unfiltered perspective on what shapes the industry. We cut through the hype to focus..
Pear Protocol : Hyperliquid Pivot

Blockworks Research

Pear Protocol has proven its market fit through its pair-trading infrastructure, sustaining consistent trading activity despite recent headwinds. Its strategic pivot toward Hyperliquid integration represents a major growth catalyst amid industry consolidation. While short-term token unlocks present challenges, current valuations and liquidity conditions may offer compelling opportunities for investors.
by Shaunda Devens /
Synthetic Dollars Collateralized by GPU Cash-Flows

Blockworks Research

USDai is a synthetic dollar fully backed by tokenized three‑month T-bills custodied by M^0. When holders stake USDai in an ERC-4626 vault, they mint sUSDai, which finances short-term, amortizing loans secured by NVIDIA-class GPUs and servers.
by Nick Carpinito /
Building the Global Trading Engine

Blockworks Research

Innovations on Aptos’ technical design through Raptr, Shardines, and Zaptos approach near-optimal latency and throughput by unlocking 100% utilization of network resources, with the capacity to settle 260k transactions per second with latencies less than 800ms. The original Move language was revamped with the launch of Move 2, supporting more expressivity in smart contract logic and a scalable ability to interact with high volume datasets. The ecosystem has benefitted from strong asset inflows, now hosting over $1.3B in stablecoins, $450M in bridged BTC, and $530M in RWAs. Activity in the Aptos ecosystem has grown notably over the past year, with monthly application revenue reaching ~$835k and monthly DEX volumes growing to over $5B, both at new all time highs.
by Luke Leasure /
8 Ways to Get Offchain BTC Exposure

Blockworks Research

Investors now have a full spectrum of BTC access, from ETFs to mining stocks, corporate treasuries, and income-generating hybrids. Strategy leads with efficient leverage, while Metaplanet targets 1% of BTC supply. Miners like Marathon and Iris offer contrasting strategies, and new instruments like preferreds and convertible ETFs unlock yield and upside. The landscape is mature and diverse, the question isn’t whether to invest in BTC, but how.
by Marc-Thomas Arjoon, CFA /