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OVERVIEW

Roses Are Red, Crypto Is Green, This Market Better Be Nice This Weekend, Usually It’s Mean 💓

Before we dive in, here’s today’s crypto market heatmap:

Source: Santiment

And here’s a look at crypto’s total market and altcoin market cap charts:

Source: TradingView

NEWS IN THREE SENTENCES
Crypto News 📰

⚖️ SEC Accepts Grayscale’s XRP & Dogecoin ETF Filings

The SEC just put Grayscale’s applications for spot XRP and Dogecoin ETFs on the official docket. That means a 240-day review window—deadline is likely mid-October—before they say yes, no, or throw a curveball. ihodl.

🏠 Building a Modern REIT on Web3

Hedera says tokenizing real estate is the future, letting you buy slices of property without the usual headaches. Fractional ownership, automated revenue payouts, and compliance all in one tidy DAO package. If you thought real estate was boring, maybe you just needed a blockchain spin. Hedera.

🏦 Barclays Grabs $131M of BlackRock’s BTC ETF

In a fresh 13F filing, Barclays revealed it scooped up 2.47 million shares of BlackRock’s spot Bitcoin ETF (IBIT). That’s 0.04% of their $356B portfolio, but hey, it’s still a sign more suits are tossing some pocket change at BTC. Goldman’s the top dog with $1.3B in IBIT, so watch those old money war chests roll in. The Block.

💰 Coinbase’s Blowout Q4

They rode the postelection crypto rally to 130% revenue growth and posted their biggest haul in three years. EPS soared past estimates, thanks to more folks flinging themselves back into crypto after the “BTC ETF mania” and pro-crypto DC rhetoric. CEO Brian Armstrong says they’ll diversify away from trading fees—apparently $2.3B in a quarter isn’t enough in this new bull world. CNBC.

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TECHNICAL ANALYSIS
Up Soon? 🤔 

Click to enlarge.

The Saturday edition of the Litepaper, the Crypto Data Dive, features a Relative Rotation Graph of our eleven custom crypto indices. I won’t go into how the RRG is interpreted now (it’s included in every Crypto Data Dive), but I do want to go over why I find the current RRG so interesting. 🧠 

Picture a market that’s been snoozing in last place suddenly chugging three espressos with some powdered Celsius sprinkles. That vertical leap from Lagging to Improving is a sign of pent-up momentum finally finding a release valve.

It’s like the market realized, “Oh right, you exist.” The big question: Will it keep climbing or burn out from the caffeine rush? Keep an eye on whether that upward velocity holds or fizzles.

In a nutshell, the market’s momentum has hit a major bull spike, even though the price action might not reflect it yet. 📅 

ON-CHAIN ANALYTICS
Moar MVRV For You And Me 📈

Shiba Inu MVRV Z-Score

Click to enlarge.

Shiba Inu’s MVRV Z-Score has skated into negative territory, under that mystical “fair value” threshold. It suggests the collective stash of SHIB now sits below the total inflows—a fancy way of saying we’re drifting in undervalued waters. 🌊 

That green zone on the chart tends to hint at a possible turning point, as it has in previous dips. The crowd’s either rocking diamond hands or folding instantly at the first hint of volatility.

Ethereum 180-day MVRV Momentum

Click to enlarge.

Ethereum’s MVRV ratio has been trailing below its 180-day moving average. That doesn’t exactly scream confidence. It tells us plenty of latecomers bought near higher prices and now their ETH sits under a less-than-pleasant cushion of red. 🛋️ 

The 180-day SMA line has historically acted as a dividing wall between bull optimism and bear despair. A push above it would hint at heavy accumulation near the lows, with the newly converted holders feeling mighty proud of themselves.

Keep an eye on this threshold. It often marks those key turning points the technical analysts won’t stop talking about.

Momentum looks flat as a pancake. The scoreboard suggests most folks are yawning until a real break happens. Cross this line with conviction, and maybe we get an actual bull run. Stay below, and we might have more sideways drudgery. 😐️ 

STOCKTWITS POLLS
The Votes Are In ☑️ 

Coinbase S&P 500 Inclusion

A strong majority of Stocktwits users (58% “very likely” and 22% “likely”) believe Coinbase will join the S&P 500 this year.

Crypto ETF Approval

A substantial 74% of voters think an XRP ETF stands the best chance of clearing the SEC first.

Robinhood’s Growth Driver

Despite Robinhood’s Q4 crypto revenue surging 700%, just half of respondents see crypto as its primary growth engine. 

NEWS IN THREE SENTENCES
Metaverse, NFT, & Gaming News 🎮️

✈️ Travel Tiger NFT Giveaway

Travala’s giving away three of these big-cat-themed NFTs that unlock their fancy Smart Diamond membership if you plonk 2,500 AVA. Book $200 or more in crypto, refer your friends, or outspend everyone else and you might snag one. Pro tip: if you plan to cheat, remember that canceled bookings don’t count. Travala.

⚙️ Kaspa’s New Tagline: “Powered by Kaspa”

Kaspa is rolling out a secondary brand so projects can brag about using their supersonic DAG ledger. Picture the iconic reversed “K,” but now with radiating lines so the world knows your DeFi or NFT is “Powered by Kaspa.” Call it the “Intel Inside” for DAG nerds everywhere. Kaspa.

🐉 MANTRA’s Sybil Slaying Season

They’re giving away 50 million $OM but first they want to weed out your sockpuppet army. Either self-report you’ve got a swarm of fake wallets and keep 18% of your stash, or risk a random bounty hunter snitching for a 10% cut. MANTRA.

NEWS IN THREE SENTENCES
DeFi, DEX, and Lending Protocol News 🏦

📊 Balancer v3 on Base

Balancer’s dropping its new architecture on Base, bringing fancy “hooks,” boosted pools, and an MEV tax that hands profits to liquidity providers. Base is cheap, dev-friendly, and apparently perfect for Balancer’s next wave of “flexible capital efficiency.” If MEV siphoning is a party trick, Balancer wants that party going all night with LPs collecting the tab. Balancer.

🔥 Secret Network & Zekret: Compliant Privacy

Secret Network’s teaming up with Zekret to fuse encrypted smart contracts with a MiCA-friendly chain. Think privacy for DeFi where the regulators aren’t left banging on the door. It’s a love letter to institutions that want “safe but sneaky” liquidity farming. Secret Network.

🌀 NodeFi Unlocks $200M+

NodeFi basically transforms your dusty node license into a new DeFi “money printer.” By turning node yields into tradable tokens, you can sell off future revenue like it’s a concert ticket stub. Arbitrum.

LINKS
Links That Don’t Suck 🔗

⭕️ The most impactful blockchain use cases in 2025 and why Polkadot is leading the way

🪙 Coinbase CEO: “10% of global GDP will run on crypto by 2030”

🤯 State of Wisconsin Investment Board reports over $321M BTC exposure

⛓️ Chainlink tops all Ethereum-based coins in terms of development activity: Santiment

🕹️ Ubisoft’s sales down nearly 50%, more layoffs & studio closures likely

🤖 Humans replaced. Australian robot bricklayer constructing SWFL homes, a first for the U.S.

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Author Disclosure: The author of this newsletter holds positions in ADA, LTC, IMX, WMT, COPI, MIN, AGIX, ALGO, DOGE, ZEC, AVAX, XLM, XTZ, and NEAR. 📋