The current valuation of #Bitcoin# vs. Gold is the lowest it's ever been. The current valuation of BTC/Gold vs. the Global Money Supply is also the lowest it has ever been. It's never been out of the 2-sigma bands, however, over the past few months, it dropped out of this framework. The primary reason for the breakdown is very easily to understand: - 10/10 broke the markets entirely and liquidity was sucked away from the markets into other assets. - Gold has seen a tremendous rally, triggering a ton of upside for that asset class, dragging even more liquidity away from #Bitcoin#. As the recent AI and IPO hype has swiftly faded away, I would assume that liquidity will be sucked back into the markets. #Bitcoin# is currently perhaps the cheapest it has ever been. The current fair value of #Bitcoin# swims at $150,000-200,000 and I'm sure that we'll see this happen in the next 12 months.

The three largest crypto attacks of 2026 shared one trait: every security control passed at the moment of execution. Signatures were valid. Quorums were met. Governance ran as designed. In our latest webinar, Hypernative Product Manager Elad Feldman draws the distinction that explains all three: conventional security asks whether an action was authorized, while almost nothing asks what the authorized action will actually do. Attackers have learned to operate entirely inside authorized paths, which means the question worth asking is about the outcome, not the permission. Watch the full session for the breakdown:

The stock market is divided into 11 distinct sectors. From tech and energy to healthcare and real estate, learning how these industries rotate can help you build a stronger, crash-resistant portfolio. Get the breakdown 👇

The Intermarket Sequence is clear. This is not rotation. This is a liquidity event. Credit led the breakdown. Equities confirmed the exit. Now capital is searching for safety. Liquidity is the only variable that matters here. Full breakdown in the latest report.

📊 @Securitize is the #1# RWA platform by active market cap at $4.15B. RWA active market cap tracks the portion of onchain value taking real market or protocol risk, rather than sitting passively in custody. Below is the breakdown of what makes up Securitize's RWA active market cap: - BlackRock (@BlackRock) BUIDL: $3.05B - BlackRock USD Institutional Digital Liquidity Fund: $714.0M - Apollo (@apolloglobal) Diversified Credit Securitize Fund: $114.9M - Mantle (@Mantle_Official) Index Four Fund: $106.9M - Securitize AAA CLO Tokenized Fund, Ltd: $102.4M - VanEck (@vaneck_us) Treasury Fund: $55.4M - Hamilton Lane (@hamilton_lane) Senior Credit Opportunities Securitize Fund: $4.3M

📊 @Solana is the largest network by RWA holder count at 290,353, up 133.5% year-to-date Below is the breakdown by asset class and market share: 1) Stocks: 234.6K (80.8%) 2) Commodities: 27.2K (9.4%) 3) U.S. Treasury Debt: 8.9K (3.1%) 4) Specialty Finance: 8.1K (2.8%) 5) Asset-Backed Credit: 5.6K (1.9%) 6) Non-US Government Debt: 4.3K (1.5%) 7) Real Estate: 1.3K (0.5%) 8) Diversified Credit: 159 (0.1%) 9) Corporate Credit: 71 (0.02%) 10) Active Strategies: 27 (0.01%) 11) Private Equity: 20 (0.01%) 12) Cryptocurrencies: 12 (0.01%)

This Week in the Virtuals Ecosystem 🟩 VIRTUALS 🟩 $VIRTUAL spot trading is live on @HyperliquidX 🟩 $VIRTUAL is coming to @coinbase 🟩 Korea's first @base Agent Hackathon took place this week in Seoul with support from @daehan_base. Builders shipping with ACP and x402 all day. 🟩 Degenclaw AI trading competition pot upped to $200,000 a week. 🟩 Prediction markets prototype with unified liquidity is live at 🟩 Co-founder @everythingempty joined The Breakdown to discuss whether AI can actually trade crypto, Degen Claw results, and why specialization wins. ECOSYSTEM 🟩 @OpenGradient launches on Titan with our first deployment on @PancakeSwap as an avenue for liquidity bootstrapping. $OPG airdrop for Virtuals holders and buyers. 🟩 @reppo secured $20M in strategic capital from Bolts Capital to expand its prediction market-powered AI data network. $REPPO listed on Kraken. 🟩 @sibylcap integrated @AskVenice into their stack. Bulk extraction, classification and summarization now route to cost-efficient models while Claude handles judgment, voice and advisory. 🟩 @ArAIstotle dropped a simplified staking structure with lower entry points and same 5%+ APY. Truth Terminal access included or subscribe from $7.99/month. 🟩 @FlagshipFYI released a teaser for their SuperApp launching April 29. The app delivers real-time AI-generated trading signals across any token and any chain, with one-tap execution and live P&L tracking. Currently in private beta for $FYI holders. 🟩 @Vader_AI_ launched model infrastructure for Physical AI. It connects protocol-sourced physical data with robotics-specific training pipelines and evaluation environments so partners can train and validate embodied models at scale. 🟩 @useOttoAI upgraded "Suggest A Trade" big time. Now generates ideas across crypto perps, US stock perps (TSLA, NVDA, AAPL and more), and commodity perps (Gold, Oil, NatGas) on Hyperliquid, with news-reactive short-term plays and one-click execution. Agents keep shipping. See you next week.