On-chain Short-Term Holders data shows that the market has not yet reached the peak of this cycle. Comparing the % basis of Short-Term Holders at previous peaks: Dec 2017: 7D: 23.5% | 30D: 79.1% | 90D: 197% Mar 2021: 7D: 20.3% | 30D: 62.5% | 90D: 146% Aug 2025: 7D: 2.7% | 30D: 6.9% | 90D: 15.2% Looking at the chart "Short-Term Holder Cost Basis Change" 2017 & 2021 ATH: Before the peaks, the STH basis index (7D/30D/90D change) rose sharply, reaching extremely high levels (100–200%). This is when short-term holders FOMO and inject new capital → the market heats up. Currently in 2025: The 7D/30D/90D lines have only slightly increased (2.7% / 6.9% / 15.2%). There are no signs of a breakout → meaning no one has "dove in" strongly yet. Main observations: - It is not the peak of the cycle, as compared to history, the current indicators are still too low to be considered the final distribution phase. - This also indicates that there is still a lot of room for growth, as the short-...
This Week in Crypto (08/24/25) 📊 Macro backdrop → Risk-On: - Dollar Index (DXY) rơi về 97 → tín hiệu yếu USD. - Vàng lập đỉnh $3,400+, 10Y yield giữ ở 4.3%, dầu ổn định quanh $64. - Bối cảnh này thường dẫn đến rotation sang equities & crypto. 💰 Thị trường tổng quan: - Market cap: $3.94T - BTC: $112.8K, dominance 57% → đang nhường chỗ cho alt. - ETF flows: BTC –$1.18B, ETH +$337.7M → rotation rõ rệt sang ETH + mid-caps. - Stablecoin supply –$4.7B nhưng USDe & DAI mở rộng mạnh trong khi USDC co lại ~–$5.2B. 🔗 On-chain & DEX: - Ethereum, Solana, Base giữ vị thế trung tâm. - Hyperliquid nổi bật: fees $25.2M/tuần, DEX vol $7B (+25.6%), TVL $2.3B (+9.5%) → bất chấp thị trường chững lại. - NFT volume hạ nhiệt nhưng Polygon & BNB tăng thị phần. 💡 Narratives nổi bật: - $ETH season được củng cố: inflows ETF, staking +279K ETH từ whale OG. - Hyperliquid breakout: fee +54% so với 7D, đứng top revenue ngoài stablecoins. - Stablecoins: FRNT (Wyoming state-backed) ra mắt → bước...
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