The Tie

Intelligence, infrastructure, access, and communication solutions that power institutional participation in digital assets.

[The Tie @TheTieIO]

CeFi distribution is becoming an increasingly important battleground in DeFi lending.

@coinbase's @Morpho integration helped push MORPHO’s market-cap dominance from 1.4% to a 4.8% YTD peak, nearly catching AAVE in June.

Then reports of @krakenfx's potential stake in @aave shifted the momentum.

AAVE rebounded to 5.9%.
MORPHO cooled to 4.2%.

The takeaway: DeFi lenders are no longer being valued only as standalone protocols. The market is starting to price their potential role as infrastructure for major exchanges.

[The Tie @TheTieIO]

We're excited to welcome @gold_mansack (@thirdeye_fund), @wsford (@YieldPointCap), and Anand Gomes (@tradeparadigm/@paradex) to this year's Out East Summit.

Join us on the North Fork this July as leaders from across finance and digital assets come together for three days of strategic discussions and relationship-building.

Learn more and request an invitation:
https://t.co/NS6eWrl1BT

[The Tie @TheTieIO]

@WuBlockchain https://t.co/DuuljgOPNM

[The Tie @TheTieIO]

The investor count is only half the story.

The VCs still active are writing much bigger checks.

There are ~57% fewer of them than at the 2022 peak, but the average round is back near its 2021 size (~$23M).

So crypto VC isn't vanishing, it's just consolidating into fewer, bigger players.

[The Tie @TheTieIO]

The investor count is only half the story.

The VCs still active are writing much bigger checks.

There are ~57% fewer of them than at the 2022 peak, but the average round is back near its 2021 size (~$23M).

So crypto VC isn't vanishing, it's just consolidating into fewer, bigger players.

[Wu Blockchain @WuBlockchain]

The Number of Crypto VC Has Fallen to a Six-Year Low

According to CryptoRank, in Q2 2026 the number of active global crypto investors (mainly institutional or VC participants) fell to 651, far below the 2022 ATH of 2564. The figure is only slightly above 2020 levels, when quarterly participants ranged between 250 and 450, marking a six-year low. The analysis suggests that crypto venture capital is increasingly concentrated among a small group of professional investors, while overall market participation remains well below the previous cycle peak.

[The Tie @TheTieIO]

Three days. One iconic private vineyard. A curated gathering of 300 of the most influential executives in institutional digital assets.

Join us July 20–22 on Long Island's North Fork.

Request an invite: https://t.co/22vGByR4cW

[The Tie @TheTieIO]

Yesterday's -$82.4M ETH ETF outflow came almost entirely from one issuer: BlackRock.

BlackRock's 2 funds shed -$87.8M combined (ETHA -$86.1M, ETHB -$1.7M) — more than the entire net outflow.

Strip BlackRock out and the rest of the complex was net +$5.4M, led by Fidelity's FETH (+$15.7M).

That marks day 4 of the current outflow streak (-$190.6M), following the record 17-day, -$900M run that ended June 3.

[The Tie @TheTieIO]

The core takeaway: this is a broad, BTC-driven selloff with few places to hide.

Infrastructure stands out: lowest correlation, low beta, and the least damage this week.

We'll be back next week with a fresh read. Stay tuned!

[The Tie @TheTieIO]

The Tie's Weekly Crypto Sector Update: Wednesday June 24.

We track 11 market-cap-weighted sector indices, built on our proprietary taxonomy.

Every sector is red this week. Over the last 7 days, Infrastructure held up best (−1.3%), while DeFi (−9.2%) and AI (−8.4%) fell hardest.

The selloff was broad but not evenly distributed ⬇️

[The Tie @TheTieIO]

It comes down to beta: how much each sector moves with BTC.

Here we're measuring the beta over the past 30 days leading into the selloff:

Highest: Smart Contracts 1.11, Currency 1.07, DeFi 1.02

Lowest: RWA 0.44, Infrastructure 0.74

With BTC dropping, the high-beta sectors are feeling it most.

[The Tie @TheTieIO]

Joining us at Out East Summit this July:
@keoneHD (@monad)
@lesborsai (@wavedigital_)
@alextapscott (@CMCC_Global)

From blockchain infrastructure and digital asset investment to ecosystem growth, these leaders are helping shape what's next for the industry.

Request an invitation:
https://t.co/NS6eWrlzrr

[The Tie @TheTieIO]

Over 500+ institutions use The Tie Terminal to stay on the top of this emerging shift in crypto.

Contact us for a demo - https://t.co/kW90SU7sMC

[The Tie @TheTieIO]

Crypto VC got boring…and that's actually bullish.

Aggregate fundraising is down but the money still moving is institutional.

@Morpho raised $175M for onchain credit (participants include @apolloglobal, @vaneck_us and many others) and stablecoin supply keeps climbing through the bear market.

The institutional appetite for crypto isn’t going anywhere.

[The Tie @TheTieIO]

And the clearest signal?

@a16z raised $2.2B last month focusing on exactly these sectors: stablecoins, onchain credit, perps & prediction markets.

The biggest VC in crypto is telling us where the market is heading.

[The Tie @TheTieIO]

We're excited to welcome Franklin Templeton (@FTDA_US) as the sponsor of the Out East Summit Media Garden.

As one of the world's leading asset managers and a pioneer in digital assets, Franklin Templeton's support reflects the growing convergence of traditional finance and digital asset markets.

The Media Garden will serve as a hub for interviews, conversations, and insights from the industry's most influential leaders throughout the Summit.

Learn more and request an invitation: https://t.co/NS6eWrlzrr

[The Tie @TheTieIO]

We're proud to welcome an outstanding group of women leaders to this year's Out East Summit:
Sandy Kaul, @FTI_US
Amy Oldenburg, @MorganStanley
Cynthia Lo Bessette, @Fidelity
Kathleen Wrynn, @InvescoUS
Ryan Rugg, @Citi
@bbrizzzzzz, @Polymarket
Barbara Pozdorovkina, @LMAX
@MsDefi_World, @Midnightfdn
@renapshah, @StacksEndowment
@Eleanorterrett, @CryptoAmerica_
@amoilsnisa, @A100x_Ventures

We're excited for the perspectives they'll bring when we gather on the North Fork this July.

They'll help shape where digital assets go next.

Learn more and request an invitation:
https://t.co/NS6eWrlzrr

[The Tie @TheTieIO]

We're excited to welcome @Joris_DLN (@fairmint), @amoilsnisa (@A100x_Ventures), and @carlkvogel (@6thManVentures) to this year's Out East Summit.

As founders, investors, and ecosystem builders, they have helped support some of the most important innovations across digital assets.

Out East Summit brings together 300 of the most influential executives across institutional digital assets for three days of strategic discussions and relationship-building on the North Fork of Long Island.

Learn more and request an invitation:
https://t.co/NS6eWrl1BT