Postaus

Market Structure Check HYPE is down 22.6% from its ATH after last week's local peak debate. The thesis remains intact. It generated $75.3M in fees this month, up 27.1% month-over-month, with $60.1M returned to holders. Strong fee generation is a powerful signal. DeFi & Infrastructure AAVE is temporarily testing the BTC Babylon vault via governance. rsETH is fully restored. Sitting at 90.5% from ATH. PENDLE targets the CLARITY Act by July 4. Fixed-yield infrastructure is solid with sPENDLE staking rising from 20% to 57.9% since January. Down 83.3% from ATH. ONDO trades the same CLARITY Act narrative at the infrastructure layer. Down 83.7% from ATH. Narrative Plays INJ is seeing a 9x surge in tokenized IPO access mentions on CT this week. It is the first L1 to announce managed tokenized assets, IPOs, and on-chain equities. RAIL is down 52.5% from ATH. ZEC fell this week after a critical Orchard Pool bug was discovered, existing since 2022. Arthur Hayes fully exited his position. ETHFI has 70k active cards, $2M in daily card spend, and daily buybacks. Yet it is still priced as a restaking protocol at 96.5% below ATH. Token Unlocks This Week RAIN unlocks $686.2M (8.3% of circulating supply). This is the largest single unlock by a wide margin with no protocol foundation to absorb. ME (Magic Eden) unlocks $10.2M (30.74% of circulating supply). This is the highest impact on circulating supply in the list. Nearly one-third of supply unlocks in one week. WLD unlocks $19.2M (1.17% of circulating supply). Still no product update seen. PUMP unlocks $15.1M (2.86% of circulating supply). TRUMP unlocks $10.3M (2.66% of circulating supply). No protocol foundation to absorb. Macro & Risk Signals CPI on Wednesday at 8:30 AM ET is the main event. Last Friday's NFP report came in at 172k vs 80k expected. The 10-year yield is at 4.71%, and the 30-year yield is above 5%. A hot CPI shifts rate cut expectations and directly impacts risk assets. FOMC on June 16-17 with Warsh chairing...