ilqdty daily2 min readRead the latest
pumpfun earned more in fees than hyperliquid in the last reported day, $1.58M to $1.57M
now it sells hyperliquid's perps inside its own app, and of everything this weekend that partnership is the story i care about.
| Markets | Level | 24h | week |
|---|---|---|---|
| $BTC | 82,166 | +0.9% | -1.9% |
| $ETH | 2424.2 | +0.9% | -4.4% |
| $SOL | 104.2 | +0.7% | -6.4% |
| BTC.D | 60.1% | ||
| F&G | 53 neutral |
01Crypto3 stories
- wells fargo's tokenized deposits now settle cross-border payments in two minutes or less@CoinDesk
- circle says it kept just 7 cents of every USDC revenue dollar in the first half@CoinDesk
- turkey confirmed richard heart's arrest. police seized $7.15M in cash and six cold walletsThe Block
02Macro3 stories
- anthropic's clark says AI could lift US GDP almost 50%, to $44 trillion, by 2030CNBC
- the IMF says low-income countries now spend 14% of their revenue on debt, up from 8%AFP
- friday's close: oil up 3.02% to $99.02, the ten-year at 5.10%, the S&P ETF down 1.11%
03Trends3 stories
- the ten trending coins on solana traded $45M in a day. $Gato did $10.9M of volume on a $0.5M cap, up 604%, $TSI went up 16125% to $0.5M, and last week's runner $FTR slid another 18% to $2.5M
- on solana, pumpfun added hyperliquid perps to its app, up to 40x leverage at a 0.10% feebitcoincom news
- pons, the launchpad on robinhood chain, passed axiom, the solana trading app, in 30d fees: $39.6M against $35.4MDefiLlama fees
04Week ahead4 dates
- mondaychina's third-quarter GDP, forecast near 4.4% against a 4.5 to 5% target, plus september factory output and retail sales
- wednesdaytesla reports after the close, webcast at 5:30 pm ET
- thursday 8:30 am ETUS weekly jobless claims
- friday 9:45 am EToctober flash PMIs, then the final michigan survey with its inflation expectations. no fed speakers all week
05My view
bitcoin lost the least of any big coin this week and its dominance kept climbing. the money that stayed in crypto went to the safest coin and to the apps that actually earn fees. pumpfun and hyperliquid are two of the few businesses here that pay their holders, and they just started selling each other's products.
the risk i'm tracking is the fees themselves. hyperliquid's last day came in 46% below its 30d average, and pumpfun's weekly fees fell from $16.2M to $13.7M. traders are placing fewer bets, and the next leg up needs them back.
what changes my mind is friday. if the PMIs and michigan's inflation number come in hot with oil where it closed, the fed meeting on the 28th starts getting priced as a hike and a slow week turns into a selling week.
until then i lean constructive. funding is flat, so nobody is crowded on either side, and the platforms with real revenue spent a red week shipping.
rest today. china monday, tesla wednesday, PMIs friday. monday we lock tf in.