Moulik

Uncovering insights on everything Macro and Crypto

[Binance Research @BinanceResearch]

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 ⬇️
https://t.co/Z4JZxTC523

[Binance Research @BinanceResearch]

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.

[Binance Research @BinanceResearch]

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. 🧵👇

[Binance Research @BinanceResearch]

Charting the Week 📊

Four on-chain signals point to the same conclusion: supply is tightening and sell pressure is exhausted. 🧵

[Binance Research @BinanceResearch]

#Binance Research is pleased to release our full-year report for 2025!

Dive into the most significant developments in the past year and check out what we are excited about for 2026.

Read the full report here 🔽
https://t.co/UuxZbLb21E

[Binance Research @BinanceResearch]

#Binance Research presents our comprehensive industry report for the first half of 2025.

Discover the top crypto market dynamics from early 2025 and key trends shaping the rest of the year.

Read the full report here 🔽
https://t.co/7TAhIandFU

[Binance Research @BinanceResearch]

Corporate treasury allocations to crypto continue to expand, while BTC consolidates amid trade policy, fiscal concerns, and Fed caution that keep macro signals divided.

Stay ahead with this week’s market commentary from #Binance Research ➡️ https://t.co/O90XTFSi8d

[Binance Research @BinanceResearch]

Bitcoin reaches a new all-time high as trade tensions ease, stablecoin legislation gains momentum, and Moody’s downgrade adds pressure to dollar-linked assets.

Stay ahead with this week’s market commentary from #Binance Research ⬇️
https://t.co/86bMzG1vcB

[Binance Research @BinanceResearch]

Reassessing "Safe Havens" in Uncertain Times 🧵

Recent market uncertainty, partly driven by tariff policies, is pushing investors to reconsider traditional safe-havens. Amid the volatility, Bitcoin has shown notable resilience, outperforming assets like bonds and the USD.

[Binance Research @BinanceResearch]

The U.S. Dollar just posted one of its sharpest drops in months. What does this mean for Bitcoin and broader markets? Let’s break it down 🧵👇

[Binance Research @BinanceResearch]

Record U.S. Treasury Supply in 2025 — What It Means for the Macro Environment and Crypto 🧵👇

[Binance Research @BinanceResearch]

Treasury Yield Volatility Spikes — What It Means for Global Liquidity and Crypto Markets 🧵👇

[Binance Research @BinanceResearch]

Tariffs are shaking markets, fueling uncertainty and risk-off sentiment. But can Bitcoin move past near-term stress and reassert its status as a macro outlier?

We explore recent macro drivers and how crypto fits into a protectionist world.

Read here ⬇️
https://t.co/AHZB795gs8

[Binance Research @BinanceResearch]

Time to look at April's market insights!

Discover the current market landscape and key insights on:
🔸 BTC Long-Term Holder Trends
🔸 DEX and Wallet Market Share
🔸 Memecoins
…and more.

Read here ➡️ https://t.co/PV6VgEgyJu

[Binance Research @BinanceResearch]

Bitcoin’s presence in DeFi is rising, with BTCFi TVL up 2,767% in the past year. Yet, less than 1% of BTC is utilized in DeFi, leaving dormant liquidity untapped.

Our new report explores the financialization of #Bitcoin as an asset class.

Read more ⬇️
https://t.co/w6J3r8PIRo

[Binance Research @BinanceResearch]

Time to look at March's market insights!

Discover the current market landscape and key insights on:
🔸 Tariffs Situation
🔸 Solana Flows
🔸 Stablecoins and RWAs
…and more.

Read here ⬇️
https://t.co/J4sbhRm9Xh

[Binance Research @BinanceResearch]

Time to look at February's market insights!

Discover the current market landscape and key insights on:
🔸 Crypto ETF Filings
🔸 Token Creation Trend
🔸 DEX Volumes
🔸 DeFAI
…and more.

Read here ⬇️
https://t.co/FN6hImHKrl

[Binance Research @BinanceResearch]

#Binance Research is pleased to release our full-year report for 2024!

Dive into the most significant developments in the past year and check out what we are excited about for 2025.

Read the full report here 🔽
https://t.co/yxgNqASo36

[Moulik @_moulik]

Overall, Base will likely have high utility and onboard a lot of users by virtue of being integrated with Coinbase (~110m users). Though it remains to be seen how much TVL Base attracts in comparison to other L2s with existing DeFi ecosystems. TVL is a key metric for blockchains.

[Moulik @_moulik]

Coinbase recently announced Base, an EVM compatible L2 built on top of OP Stack, making them the first public company to own a L2 network. This is definitely one of the big releases of 2023. Base solves for the common scalability problem and aims to increase crypto native users.

[Moulik @_moulik]

Coinbase does not plan to launch a Base token. This is probably to ensure that the L2s product market fit is not obscured due to the creation of tokenised financial incentives. This means that transactions will be executed in ETH, further propagating the value of the largest L1.