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Presto Research
@Presto_Research
Cutting-edge crypto research. Research Division of @Presto_Labs. Don't miss, TG:
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Big thanks to @Presto_Research for covering the Conflux ecosystem and the growing opportunity around stablecoins, RWAs, and PayFi in Asia. Read the full analysis below
Presto Digital Fund has been shortlisted in 8 categories at the Hedgeweek Global Digital Assets Awards 2026. Recognition spans market neutral, systematic, multi-strategy, and relative value strategies, across both Annual Excellence and Sustained Excellence tiers. Winners announced 9 June in London.
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Crypto price action during Asian hours were notably weak in April. Quite rare for Asia to drive the negative returns. bitcoin:native ethereum:native
📊 Presto Data Focus 📊 ICYMI Charts: April 2026 Spot-Led Strength Amid Record DeFi Exploits by @scopicview April unfolded as a continuation of March’s geopolitical regime, but with a more balanced and ultimately constructive tone. Markets continued to oscillate between escalation and de-escalation headlines tied to Middle East conflict, oil supply risks, and central bank expectations, but crypto traded with a clearer upward bias. BTC moved from the high-$60k range to briefly test the high-$70k area before consolidating into month-end, while ETH followed higher but lagged, leaving ETH/BTC weaker over the period. The key tension was that price action looked resilient even as DeFi suffered its worst hack month on record. On-chain activity remained concentrated, capital flows were uneven, and stablecoin growth was selective rather than broad-based. In that context, the April charts suggest not a full return of DeFi risk appetite, but a more tactical rotation of liquidity across chains while security stress remained elevated. The exploit backdrop also helps explain why the recovery in on-chain capital looked fragmented rather than comprehensive. April’s losses were dominated by two large Lazarus-linked attacks, but the wider incident set cut across protocols, bridges, perps, vaults, lending markets, and multi-chain infrastructure. That matters for interpreting the charts: TVL gains on some chains coexisted with sizeable drawdowns elsewhere, stablecoin inflows were concentrated rather than system-wide, and bridge activity showed sharp divergence across networks. Derivatives told a separate but complementary story. Implied and realised volatility both compressed through the month despite persistent macro and security risks, while skew moderated but remained tilted toward downside protection. The result was a market where spot strength improved, but positioning and on-chain flows still reflected caution around both macro tail risk and DeFi infrastructure fragility.
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Crypto Vol in April. Volatility continued to compress despite the unstable macro and security backdrop. Implied volatility trended lower across BTC and ETH, realised volatility declined alongside it, and skew moderated from prior highs while remaining biased toward downside protection, indicating reduced but persistent hedging demand.
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📊 Presto Data Focus 📊 ICYMI Charts: April 2026 Spot-Led Strength Amid Record DeFi Exploits by @scopicview April unfolded as a continuation of March’s geopolitical regime, but with a more balanced and ultimately constructive tone. Markets continued to oscillate between escalation and de-escalation headlines tied to Middle East conflict, oil supply risks, and central bank expectations, but crypto traded with a clearer upward bias. BTC moved from the high-$60k range to briefly test the high-$70k area before consolidating into month-end, while ETH followed higher but lagged, leaving ETH/BTC weaker over the period. The key tension was that price action looked resilient even as DeFi suffered its worst hack month on record. On-chain activity remained concentrated, capital flows were uneven, and stablecoin growth was selective rather than broad-based. In that context, the April charts suggest not a full return of DeFi risk appetite, but a more tactical rotation of liquidity across chains while security stress remained elevated. The exploit backdrop also helps explain why the recovery in on-chain capital looked fragmented rather than comprehensive. April’s losses were dominated by two large Lazarus-linked attacks, but the wider incident set cut across protocols, bridges, perps, vaults, lending markets, and multi-chain infrastructure. That matters for interpreting the charts: TVL gains on some chains coexisted with sizeable drawdowns elsewhere, stablecoin inflows were concentrated rather than system-wide, and bridge activity showed sharp divergence across networks. Derivatives told a separate but complementary story. Implied and realised volatility both compressed through the month despite persistent macro and security risks, while skew moderated but remained tilted toward downside protection. The result was a market where spot strength improved, but positioning and on-chain flows still reflected caution around both macro tail risk and DeFi infrastructure fragility.
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On-chain TVL in April. Capital flows showed a partial recovery but remained uneven. Several chains posted gains in TVL, though the broader distribution continued to skew negative, particularly in coin-denominated terms. Against the backdrop of the Kelp DAO exploit and related outflows, this points to selective capital deployment rather than a broad recovery in DeFi risk appetite.
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📊 Presto Data Focus 📊 ICYMI Charts: April 2026 Spot-Led Strength Amid Record DeFi Exploits by @scopicview April unfolded as a continuation of March’s geopolitical regime, but with a more balanced and ultimately constructive tone. Markets continued to oscillate between escalation and de-escalation headlines tied to Middle East conflict, oil supply risks, and central bank expectations, but crypto traded with a clearer upward bias. BTC moved from the high-$60k range to briefly test the high-$70k area before consolidating into month-end, while ETH followed higher but lagged, leaving ETH/BTC weaker over the period. The key tension was that price action looked resilient even as DeFi suffered its worst hack month on record. On-chain activity remained concentrated, capital flows were uneven, and stablecoin growth was selective rather than broad-based. In that context, the April charts suggest not a full return of DeFi risk appetite, but a more tactical rotation of liquidity across chains while security stress remained elevated. The exploit backdrop also helps explain why the recovery in on-chain capital looked fragmented rather than comprehensive. April’s losses were dominated by two large Lazarus-linked attacks, but the wider incident set cut across protocols, bridges, perps, vaults, lending markets, and multi-chain infrastructure. That matters for interpreting the charts: TVL gains on some chains coexisted with sizeable drawdowns elsewhere, stablecoin inflows were concentrated rather than system-wide, and bridge activity showed sharp divergence across networks. Derivatives told a separate but complementary story. Implied and realised volatility both compressed through the month despite persistent macro and security risks, while skew moderated but remained tilted toward downside protection. The result was a market where spot strength improved, but positioning and on-chain flows still reflected caution around both macro tail risk and DeFi infrastructure fragility.
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Tron leads in DAUs for the 12th consecutive month. $TRX stays winning.
📊 Presto Data Focus 📊 ICYMI Charts: April 2026 Spot-Led Strength Amid Record DeFi Exploits by @scopicview April unfolded as a continuation of March’s geopolitical regime, but with a more balanced and ultimately constructive tone. Markets continued to oscillate between escalation and de-escalation headlines tied to Middle East conflict, oil supply risks, and central bank expectations, but crypto traded with a clearer upward bias. BTC moved from the high-$60k range to briefly test the high-$70k area before consolidating into month-end, while ETH followed higher but lagged, leaving ETH/BTC weaker over the period. The key tension was that price action looked resilient even as DeFi suffered its worst hack month on record. On-chain activity remained concentrated, capital flows were uneven, and stablecoin growth was selective rather than broad-based. In that context, the April charts suggest not a full return of DeFi risk appetite, but a more tactical rotation of liquidity across chains while security stress remained elevated. The exploit backdrop also helps explain why the recovery in on-chain capital looked fragmented rather than comprehensive. April’s losses were dominated by two large Lazarus-linked attacks, but the wider incident set cut across protocols, bridges, perps, vaults, lending markets, and multi-chain infrastructure. That matters for interpreting the charts: TVL gains on some chains coexisted with sizeable drawdowns elsewhere, stablecoin inflows were concentrated rather than system-wide, and bridge activity showed sharp divergence across networks. Derivatives told a separate but complementary story. Implied and realised volatility both compressed through the month despite persistent macro and security risks, while skew moderated but remained tilted toward downside protection. The result was a market where spot strength improved, but positioning and on-chain flows still reflected caution around both macro tail risk and DeFi infrastructure fragility.
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📊 Presto Data Focus 📊 ICYMI Charts: April 2026 Spot-Led Strength Amid Record DeFi Exploits by @scopicview April unfolded as a continuation of March’s geopolitical regime, but with a more balanced and ultimately constructive tone. Markets continued to oscillate between escalation and de-escalation headlines tied to Middle East conflict, oil supply risks, and central bank expectations, but crypto traded with a clearer upward bias. BTC moved from the high-$60k range to briefly test the high-$70k area before consolidating into month-end, while ETH followed higher but lagged, leaving ETH/BTC weaker over the period. The key tension was that price action looked resilient even as DeFi suffered its worst hack month on record. On-chain activity remained concentrated, capital flows were uneven, and stablecoin growth was selective rather than broad-based. In that context, the April charts suggest not a full return of DeFi risk appetite, but a more tactical rotation of liquidity across chains while security stress remained elevated. The exploit backdrop also helps explain why the recovery in on-chain capital looked fragmented rather than comprehensive. April’s losses were dominated by two large Lazarus-linked attacks, but the wider incident set cut across protocols, bridges, perps, vaults, lending markets, and multi-chain infrastructure. That matters for interpreting the charts: TVL gains on some chains coexisted with sizeable drawdowns elsewhere, stablecoin inflows were concentrated rather than system-wide, and bridge activity showed sharp divergence across networks. Derivatives told a separate but complementary story. Implied and realised volatility both compressed through the month despite persistent macro and security risks, while skew moderated but remained tilted toward downside protection. The result was a market where spot strength improved, but positioning and on-chain flows still reflected caution around both macro tail risk and DeFi infrastructure fragility.
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