Time to explore August's market insights! Discover key insights on: 🔸 Rise of TradFi-Perps 🔸 bStocks Captured 1/4 of Tokenization Stock Market 🔸 Retail-Accessible Arbitrage 🔸 Equity Fund Flow Recap ...and more. Read here ⬇️

AMD and SpaceX both reported Q2 after yesterday's close. Nasdaq doesn't reopen for another 17 hours. On Binance, the verdict was in within minutes. 🔸 AMDUSDT ~US$525 → ~US$475. Beat on revenue, EPS and guidance. Missed on gross margin, 54% vs 56%. 🔸 SPCXUSDT ~US$126 → ~US$115. Revenue +92% YoY. Capex US$18.4B, over 6x a year ago. AI's seller and AI's buyer, marked down on the same question. Price discovery no longer waits for the bell.

Half-Year 2026: On-Chain Markets A full breakdown of H1's on-chain contraction, DeFi liquidity retreating, and the tokenized RWA and prediction market growth heading into H2. Read the full report 👇

bStocks just crossed US$500M in AUM! A few more signals worth paying attention to: 🔸 85% of tokenized equity DEX volume 🔸 27% of tokenized equity market cap 🔸 92% of Monday's gap priced over the weekend Dive into the full research 🔽

30% of Gen Z began investing during early adulthood. Gen Z is also the largest user cohort trading Direct Stocks, bStocks, and TradFi-Perps on Binance, contributing an aggregate US$80B in trading volume across these products. Learn more 🔽

Crypto and traditional finance are converging — but most platforms still operate in silos. One exchange has built a different model: leading across every asset class, not just participating. A data-driven look at what multi-asset scale actually looks like. 🧵👇

The closing bell isn't the end of trading activity. The data points to a shift toward a more accessible, 24/7 market. Here's what we're seeing: 🔸 44% of volume prints after hours 🔸 Flips underlying stock volume near 5x 🔸 Weekend prices call 87% of Monday's open 🔸 95% directional accuracy Read More 👇

The tokenized market just crossed US$10B. About a year ago it was under US$1B. 🔸 80% of tokenized stock traded on Binance are from emerging market users 🔸 93% of trades are fractional 🔸 Median trade size: US$18.81 The stock market is being rebuilt from scratch. Read more ⬇️

On-chain leverage ratio climbed to ~38%, matching 2021 levels, driven largely by TVL compression rather than renewed borrowing demand. April's DeFi exploits triggered ~US$13B in TVL outflows. Despite the broader market pullback, meaningful deleveraging has yet to materialize.

BTC derivative leverage ratio sits at ~5%, above its 5-year avg of ~3.5%, even as BTC fell from ~US$126K to ~US$64K. Derivatives positioning hasn't contracted with spot prices. When it doesn't, volatility tends to get amplified on the way down.

SPCX weekend trading volume reaches 74% of weekday levels, remaining robust even when traditional markets are closed. Notably, 17.2% of users trade with less than $100, with a minimum participation threshold of around $10 — clear evidence that mainstream retail users are actively participating during off-hours rather than institutions. These metrics highlight how Pre-IPO Perps give ordinary users on-chain access to primary market opportunities previously gated by traditional infrastructure.

The largest IPO in history prices this week. Most of the world can't participate. Primary markets were built for institutions. Retail enters after the premium is already gone. On-chain pre-IPO infrastructure exists to close this gap. Find out more ⬇️

US-led selling pressure has dominated BTC since late May, with US selling pressure hitting -76.6% in May W4, the weakest reading YTD. Asia and the EU stayed balanced throughout. Key drivers from industry: 🟠 Worst monthly ETF outflows YTD — 4 consecutive weeks, US$2.4B left in May 🟠 Strategy first BTC sale since 2022 — while sitting on ~US$11B unrealized losses across 843K BTC The move is being amplified by a tougher macro backdrop: 🔴 Inflation accelerating — May CPI hit 4.2%, up from 3.8% 🔴 Payrolls still hot — 172K vs 80K expected 🔴 Full hawkish reversal — 4 cuts priced at start of 2026 → ~2 hikes by early 2027 🔴 Capital rotating out — AI equities correcting, SpaceX IPO competing for flows With ETF outflows, hawkish repricing, and Strategy's sale now priced in, the focus shifts to when demand returns and what crypto-native or policy catalysts could drive it.

World Cup season is pulling prediction markets to another ATH. US$31.2B in May notional volume, up ~15% from ~US$27B in January. What began the year as a competitive field has consolidated into a two-platform market: 🔸Kalshi: $18B (58%) 🔸Polymarket: $8.8B (28%) 🔸Others: ~14% The growth is also broadening beyond event speculation. Industry-wide open interest hit $1.3B, and Polymarket created 520K new markets in May alone, up 50x YoY across stocks, commodities, sports, and AI. Both regulation and distribution remain key growth vectors.

1/5 Why is crypto weak lately? The answer may not lie in crypto itself — but in equities. CBOE Dispersion Index hit 42 — 3rd highest ever. It means extreme capital concentration within the S&P 500. When a few hot themes absorb all the flows, BTC gets sidelined. 🧵👇

Crypto is not a safe haven for illicit finance. 📊 ~11% of illicit crypto volume was seized in 2025 – 55x the recovery rate for fiat. That figure comes from publicly reported actions by Tether, Interpol, the T3 Financial Crime Unit, and others — not a single agency estimate. 📌 For context: The UNODC estimates less than 1% of illicit fiat flows are seized globally each year. Even stripping out the Prince Group case alone (~US$15B in BTC), the remaining 2025 crypto seizures still run at roughly 10x that fiat baseline. 🔍 SlowMist and PeckShield tracked 8.3%–13.2% of stolen funds recovered or frozen in 2025 — reflecting fast incident response and tight coordination between exchanges, issuers, and law enforcement. The bottom line: Crypto crime isn't solved. But the idea that crypto is uniquely hospitable to illicit activity is increasingly a myth. Blockchain is transparent by design. Regulators and investigators are finally using that to full effect.

Tokenized RWA growth is accelerating. Distributed value now sits at US$31.4B, with two-thirds added in the past year alone. Yet penetration remains just ~0.01% of the core addressable market. Even sub-1% by 2030 implies a trillion-dollar market ➡️

1/ 🧵 Crypto already has 700M+ users globally. Over the past few years every catalyst — ETF approvals, institutional entry, stablecoin legislation — has driven growth. But the slope hasn't changed. Our research points to two reasons: user demand and awareness on one side, and crypto's product architecture on the other. By 2030, this number could be 3B. 👇