TKX CAPITAL

Merkle3s Weekly Recap: CPI cooled but the market shrugged it off, as ETF outflows resumed. Solana liquidity roared back, with FOMO's social trading surge stealing the spotlight. 1️⃣ Macro: Inflation eases, market unmoved — BTC range-bound as ETF outflows resume ➡️ July CPI came in at +3.4% YoY (down from 3.5%), core CPI +2.5%; PPI was flat MoM, +4.7% YoY — a 3-month low. Broadly benign prints, yet BTC didn't benefit — it slipped from $64,500 to $63,090 post-CPI. ➡️ Spot ETFs saw ~$390M in net outflows last week, ending a 5-week inflow streak that totaled +$853M. Hashdex DEFI announced liquidation, becoming the first US spot bitcoin:native ETF to shut down. ➡️ The narrative is shifting from "rate-cut optimism" to "recession fears" — markets are now more worried about a growth slowdown than inflation. 2️⃣ Solana: Liquidity returns, DEX volume leads all chains ➡️ 7-day average daily DEX volume hit $7.8B, surpassing the combined total of all ETH L2s ($6.4B). Monthly spot volume of $45.6B leads all chains. ➡️ MoneyGram launched fiat on/off-ramps on Solana (on-ramp in 25 countries, off-ramp in 170+), while KSNET onboarded 330,000+ merchants in South Korea. RWA value hit an all-time high of $3.73B. ➡️ solana:So11111111111111111111111111111111111111112 is expanding from a "meme chain" into "payments + RWA infrastructure," though memes remain the core traffic driver. 3️⃣ FOMO vs Pumpfun: Social trading heats up as the KOL war intensifies ➡️ FOMO's average daily revenue topped $430K, with weekly revenue surpassing $2M for the first time. It now has 625,000+ users and $4B in cumulative volume. On Aug 6, its daily volume overtook Axiom, making it Solana's top trading terminal. ➡️ Pumpfun fired back on Aug 7 with new social features, and daily active users hit a record high that same day. Reports say it's offering up to $30K/month to poach KOLs. solana:pumpCmXqMfrsAkQ5r49WcJnRayYRqmXz6ae8H7H9Dfn is up 87% over 30 days. ➡️ Pumpfun's 30-day revenue reached $25.51M, with cumulative revenue surpassing $1.08B — the first Solana app to cross $1B. It now mints an average of 30,000 new tokens per day.

Merkle3s Weekly Recap: FOMC strips dovish language as Warsh makes a hawkish debut; STRC preferred stock depeg serves as a wake-up call for the yield-bearing stablecoin model; Solana tokenized equities hit $188M in 24h volume ATH, RWA enters the composable phase 1️⃣ Macro: FOMC Holds Rates Steady, Hawkish Tilt ➡️ The June 17–18 FOMC held rates at 3.50%–3.75% in a unanimous 12–0 vote — Warsh's debut meeting. The statement stripped some rate-cut language, the dot plot narrowed full-year easing expectations, and some desks are now pricing in a December hike (~66% probability) ➡️ May headline CPI printed 4.2% YoY (a three-year high), driven by the energy shock; core CPI came in at a softer +0.2% MoM. Unemployment held at 4.3%, with the labor market still resilient ➡️ Near-term implications: dollar strength persists, risk-asset valuations face compression, and crypto liquidity tightens at the margin 2️⃣ STRC Depeg: Yield-Bearing Stablecoin Model Under Pressure ➡️ Strategy's perpetual preferred stock $STRC dropped to roughly $92 (par $100), soft-pegged to the 99–101 range via a floating dividend (annualized ~11.5%). It is equity, not debt — yield depends on BTC appreciation and continued issuance capacity ➡️ DeFi protocol Saturn Credit built structured products on top of STRC (USDat + sUSDat), accumulating $245M in TVL. During the depeg, the junior tranche took the hit while senior holders' yield continued uninterrupted — a genuine stress test for the yield-bearing stablecoin model 3️⃣ Onchain US Stock RWA: Solana Emerges as the Faster Horse ➡️ Backpack and Sunrise issued 1:1 real-equity-backed tokenized stock SPCX on Solana, with 24h volume hitting $108M — pushing Solana's total tokenized equity 24h volume to a new ATH of $187.9M. The setup supports seamless Solana ↔ Nasdaq transfers and underlying security redemption ➡️ Lending integration followed fast: Kamino commands ~40% of the RWA lending market, ahead of Aave; Magpie accepts tokenized stock collateral for SOL loans with terms extending to 30 days. Solana RWA TVL has crossed $3B ➡️ AAVE and Venus announced tokenized-stock-backed lending. Synapse ethereum:0x0f2d719407fdbeff09d87557abb7232601fd9f29 ripped ~900% from lows, fueled by its pivot to Hypercall — an options exchange built on Hyperliquid 4️⃣ Hyperliquid Expands into HK Stocks, AI Assets Move Onchain ➡️ Trade xyz launched a perpetual on Hong Kong-listed Zhipu AI via HIP-3. Zhipu spiked nearly 50% intraday on June 15–16 (closing +33%), with HK$5.2B in turnover, catalyzed by the GLM-5.2 release and JPMorgan raising its target price to HK$1,400 ➡️ HIP-3 equity perps crossed $18B in cumulative volume in the first half of the month; SPCX peaked at $1.4–1.7B in a single day; single-market daily fees hit $1–2M at peak 5️⃣ Market Data and Narrative Evolution ➡️ bitcoin:native sits at roughly $65,600, up 5.9% on the week but down 16% on the month. Total crypto market cap at ~$2.23T, Fear & Greed Index at 23 (Extreme Fear), BTC dominance at 58% ➡️ Narrative progression: BTC Treasury → yield-bearing stablecoins → US stock RWA → AI assets onchain. Liquidity pressure from the Fed's hawkish stance is beginning to show ➡️ Watch list: STRC risk contagion, tokenized stock lending ecosystem expansion, and the sustainability of AI assets moving onchain

Merkle3s Weekly Recap: PCE inflation hits a three-year high as US-Iran tensions escalate, dragging BTC below $68K; Binance launches bStocks to go all-in on tokenized equities, igniting a triple flywheel across the BSC ecosystem; #Hyperliquid hits ATH $74, #HYPE flips $DOGE to crack the top 10. 1️⃣ Macro: Sticky Inflation + Geopolitical Shock — A One-Two Punch for Risk Assets ➡️ PCE data released: Headline PCE rose 3.8% YoY (a three-year high), while core PCE came in at 3.3% YoY (vs. 3.2% prior). MoM readings were benign, but the annual figures remain well above the Fed's 2% target. ➡️ The Fed turns hawkish: Powell officially stepped down, and incoming Chair Kevin Warsh struck a hawkish tone in his first public remarks. CME FedWatch shows the June FOMC is all but certain to hold rates steady at 3.50%–3.75%. ➡️ Geopolitical tensions drive risk-off: Following reports of US airstrikes on Iran on June 1, BTC slid to ~$67.5K and ETH dropped to $1,975. 2️⃣ On-Chain: Launchpads Cool Off, Pre-IPO Theme Expands ➡️ Pump Fun remains in a slump: Solana DEX volume cratered 82% over two weeks to $18.8B, with new meme coin issuance cut in half. ➡️ Hyperliquid Pre-IPO contracts keep expanding: Following Cerebras and SpaceX, the platform listed Quantinuum ($QNT). Quantinuum, a Honeywell-backed quantum computing firm, priced its IPO at $53–$55 and is set to debut on Nasdaq on June 4. 3️⃣ Binance Ecosystem: bStocks + 42 Space + Binance Life — Triple Flywheel Ignites ➡️ On June 1, Binance announced commission-free trading of 7,000+ US stocks and ETFs for non-US users (minimum $5 entry), with Nest Trading as broker and Alpaca handling custody. Simultaneously, Binance is planning tokenized equities ("bStocks") on BNB Chain via Ondo Finance. BNB surged over 5% to $722 on the announcement, gaining ~10% on the week. ➡️ 42 Space serves as Binance's event-financialization layer, positioning itself as "any event can launch a coin" — the event-driven counterpart to Pump Fun's "any narrative can launch a coin." Sports events, breaking news, KOL narratives, and project FDV ranges can all be tokenized and traded via bonding curves. The platform is deeply integrated into Binance Wallet's "Event Rush" gateway. 4️⃣ HYPE: Flips DOGE — Pre-IPO Narrative Meets Institutional Validation ➡️ #HYPE kept printing ATHs, touching the $74.04–$74.67 range. Market cap reached ~$16.1–17B, ranking #10 — officially flipping $DOGE. Weekly gain of ~17% ($61.50 → $72.17). Hyperliquid cracked the top 10 just ~1.5 years after launch. ➡️ Ecosystem metrics are compelling: accounting for ~44–70% of perp DEX volume, $800M in full-year 2025 revenue, and $2.9T in cumulative perp trading volume. RWA product OI broke through $3B, setting a new all-time high. ➡️ Pre-IPO contracts remain the core catalyst: Cerebras drove HYPE from $40 to $70, and the Quantinuum IPO lands this week. HIP-4 prediction markets are advancing in parallel.

Merkle3s 每周回顾: PCE 通胀创三年新高叠加美伊冲突升级，BTC 跌破 $68K；币安推 bStocks 全面进军代币化股票，BSC 生态三重飞轮启动；#Hyperliquid ATH $74，#HYPE 超越 $DOGE 挺进前十。 1️⃣ 宏观：通胀黏性 + 地缘冲突，双杀风险资产 ➡️ PCE 物价指数公布：整体 PCE 同比 3.8%（创三年高位），核心 PCE 同比 3.3%（前值 3.2%）。环比温和但年度数据远超 2% 目标。 ➡️ Fed 态度急转：Powell 正式卸任，Kevin Warsh 接任后首次表态偏鹰。CME FedWatch 显示 6 月 FOMC 几乎确定按兵不动（3.5%-3.75%）。 ➡️ 地缘冲突加剧避险：6 月 1 日美军轰炸伊朗消息传出后，BTC 跌至 ~$67.5K，ETH 跌至 $1,975。 2️⃣ 链上数据：发射台冷却，Pre-IPO 扩张 ➡️ Pump Fun 持续低迷：Solana DEX 交易量两周暴跌 82% 至 $188 亿，新 Meme 币发行量腰斩。 ➡️ Hyperliquid Pre-IPO 合约继续扩张：继 Cerebras、SpaceX 后上线 Quantinuum（$QNT）。Quantinuum 为 Honeywell 旗下量子计算公司，IPO 定价 $53-55，预计 6/4 登陆 Nasdaq。 3️⃣ Binance 生态：bStocks + 42 Space + 币安人生，三重飞轮启动 ➡️ Binance 6/1 正式宣布：面向非美国用户开放 7000+ 美股及 ETF 零佣金交易（最低 $5 起），Nest Trading 做经纪商、Alpaca 负责托管，同步在 BNB Chain 上通过 Ondo Finance 规划代币化股票"bStocks"。消息公布后 BNB 单日涨超 5% 至 $722，周涨约 10%。 ➡️ 42 Space 作为 Binance 生态事件金融化层，定位为"任何事件可发币"（对标 Pump Fun 的"任何叙事可发币"）。体育、新闻、KOL 叙事、项目 FDV 区间等均可通过 bonding curve 发行为可交易代币。深度整合 Binance Wallet"Event Rush"入口。 4️⃣ HYPE：超越 DOGE，Pre-IPO 叙事 + 机构认可双加持 ➡️ #HYPE 持续刷新 ATH，触及 ~$74.04-$74.67 区间。市值 ~$161-170 亿，rank #10——正式超越 $DOGE。周涨幅约 17%（$61.50→$72.17）。Hyperliquid 仅上线约 1.5 年即跻身前十。 ➡️ 生态数据亮眼：占据 Perp DEX 市场 ~44-70% 份额，2025 年全年收入 $8 亿、Perp 交易量 $2.9 万亿。RWA 产品 OI 突破 $30 亿历史高位。 ➡️ Pre-IPO 合约是核心催化剂：Cerebras 推动 HYPE 从 $40 涨至 $70，Quantinuum IPO 本周落地。HIP-4 预测市场同步推进。