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Last week Powell pushed back on rate cut hopes even as Q2 GDP was revised up to 3.8%, the strongest in nearly two years. BTC fell 2.7% and the Nasdaq 0.5%, while Gold gained 1.4% on record ETF inflows and the DXY rebounded 0.5%
With payrolls slowing and unemployment rising, the Fed faces a balance that leaves risk assets uneasy. For BTC, October tailwinds and possible cuts into a softer jobs backdrop point to closer correlation with gold, though markets still need to see where it finds footing in Q4
Majors slid this week, pressured by ETF redemptions, in which $BTC saw $363m outflows, and $ETH a record $796m. $1.7b in liquidations market wide and a SOL unlock overhang added to the pressure. BTC OI fell 3.6% WoW while ETH dropped 4.2%.
BTC funding stayed positive while ETH flipped negative mid-week, showing cautious BTC longs versus fading ETH conviction. Alt breadth collapsed to the weakest since August. If ETH ETF bleed slows, breadth could rebound quickly, October ETF reviews are the key pivot to watch.
Stable yields softened as deposits outpaced demand this week. $USDC APY was down 17.5% WoW, with $USDT down 7.3%, both driven by supply expansion of ~39%. Netflows showed divergence, with @arbitrum absorbing $920m and @HyperliquidX losing $313m on a lending exploit.
RWAs climbed again, with aggregate AUM up 1.96% WoW. @maplefinance led with an 8.6% gain, driven by syrupUSDC growth, while @OndoFinance gained 3.4%, pushing toward $1.6b TVL. Onchain flows remain reflexive to broader market moves, but RWAs continue to anchor steady growth.
.@MorphoLabs, @pendle_fi and @maplefinance now make up 62% of onchain asset management AUM, highlighting how fast specialist protocols are consolidating share. Morpho leads with $9.6b, Pendle follows at $8.7b driven by sUSDe flows, while Maple tops onchain credit with $3.3b
The rise of these leaders shows allocators shifting toward specialization and institutional alignment. With onchain asset management projected to reach $64b by 2026, or $85b in a bull case, we expect their share to expand further. Our latest report explores this shift in depth.
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