IntoTheBlock

Bitdeer, a major BTC mining company, sold its BTC holdings last week.
Miner capitulation has historically been a late-cycle stress signal: in the short term it can increase sell pressure as operators liquidate reserves, but it has often coincided with improving miner economics and stronger BTC price recoveries

BlackRock’s BUIDL fund market cap grew by nearly 30% over the past 30 days, with growth accelerating after BUIDL became tradable on Uniswap.

This chart breaks down BlackRock’s BUIDL on-chain distribution 👇
✔️ The majority still sits on Ethereum
✔️ Solana and BNB Chain aren’t far behind with over $500M each

Here are this week's key DeFi metrics👇
Major takeaways:
✔️TVL and supply remains flat as markets continue to chop
✔️$700M decrease in high-risk loans, driven by repayments in leveraged restaking

Total Ethereum fees saw a drastic 70% decline this week, signaling a lull in high-velocity DeFi activity

Monthly active addresses for tokenized commodities have climbed over 95% in the last 30 days.
Despite the relatively small holder base of ~230k adresses, the sector has reached $6.86B in market capitalization and more than $18B in monthly transfer volume.

While the market-wide drawdown in TVL has stabilized, only RWA-focused projects have delivered net positive growth over the past 30 days. Onchain gold has grown notably, led by Tether Gold and Paxos Gold.
BlackRock’s BUIDL and Ondo Finance have also shown strong growth.

PYUSD circulating supply has surpassed $4B, increasing 9% month over month.