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What if buying more Bitcoin actually makes a Bitcoin treasury company less attractive to its shareholders?
Sounds contradictory, but K33 Research’s latest analysis of Strategy raises exactly this problem.
@Strategy holds 848,250 BTC.
But K33 modeled an alternative capital structure where Strategy would hold 843,303 BTC without aggressively expanding its STRC preferred-stock program.
That’s a difference of just 4,947 BTC.
Yet STRC raised approximately $7.5B in H1 2026 and helped finance nearly 100,000 BTC.
So where did the advantage disappear?
——
⬢ The Cost Of Buying Bitcoin
STRC allows Strateg

Jupiter Lend just hit $2.41B in deposits.
Around the same time, Kamino introduced a lending product offering fixed borrowing at 5.3%.
Two Solana protocols, two developments, but I think the more useful comparison is what each one tells us about the lending market.
Jupiter is attracting liquidity.
Kamino is giving borrowers more ways to use it.
And those aren’t necessarily the same business.
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@JupiterExchange announced a new deposit record on September 22, with Jupiter Lend reaching $2.41B.
A separate DeFiLlama reading puts active loans around $930M.
These figures come from different

More than $30B has been swapped through NEAR Intents.
The latest week alone contributed $1.41B.
Here’s the breakdown:
- All-time: $30.50B
- Last 30 days: $4.37B
- Last seven days: $1.41B
So roughly a third of the monthly volume happened in just one week.
That’s around $201M a day, compared with $129M across the preceding 23 days.
@NEARProtocol gets talked about a lot through its AI story. Meanwhile, its swap infrastructure is putting up these numbers.
Now, this doesn’t tell us how many swaps came from AI agents. But honestly, $30B in cumulative volume doesn’t need an AI label to deserve attent

Prediction markets are starting to look pretty crowded.
The liquidity isn’t.
Trading volume across prediction markets hit a record $5.83B during the NFL opening weekend.
@Kalshi alone accounted for $4.89B of it.
That’s roughly 84% of the total.
Meanwhile, @Polymarket did around $404M on Sunday.
What’s interesting is how different that looks from the competitive landscape.
There are now around 16 prediction-market platforms fighting for users.
Kalshi.
Polymarket.
DraftKings.
FanDuel.
Robinhood.
Coinbase.
Underdog.
And plenty of smaller competitors.
They’re spending heavily on ads, sign-up bonus

ETH’s institutional flow map is getting harder to read from ETF flows alone.
Bitmine now holds 5.90M ETH, roughly 4.9% of total supply.
Then layer in:
• Corporate treasuries
• Spot ETFs
• Exchange balances
• Staked ETH
The ownership picture is becoming heavily concentrated.
But ownership isn’t the same as float.
A large ETH balance sitting in a treasury, ETF or staking contract doesn’t create the same marginal pressure as ETH sitting on an exchange.
That distinction is becoming increasingly important as institutional accumulation scales.
The real variable isn’t how much ETH institutions own.
I

High DEX volume looks impressive on infographics until you ask a more important question: how much of that activity actually becomes protocol revenue?
Uniswap, Aerodrome, Raydium and PancakeSwap regularly rank among the largest DEXs by trading activity, but volume alone tells you little about how much economic value is retained by the protocol or its tokenholders.
The better framework is to separate:
– Volume: how much trading happens
– Fees: what traders pay
– Revenue: what the protocol actually retains
– LP economics: what remains after adverse selection and other costs
This last part is oft

➥ Bitcoin sitting in the $60K - $64K range all week with sell-side exhaustion at historic lows was the setup.
The move to $70K was the confirmation.
Sellers ran out of inventory. Price found the path of least resistance upward. That’s how these things tend to resolve.
The part I’m less convinced about is what comes next.
– Adjusted Sell-Side Risk Ratio at 20.23%
– Net Realized Profit/Loss 7-day SMA spiking
– Spot netflows positive at $556M over 30 days with $233M in the last 24 hours alone.
Profitable holders are selling into this rally at an accelerating rate.
That’s not inherently bearish.

Bitcoin’s price and Bitcoin’s participation are telling two different stories.
Price has held up remarkably well.
Activity hasn’t.
A few data points stand out:
• Spot trading volume is at its lowest level since 2019
• Spot ETF demand remains soft
• Exchange flows continue to cool
• Futures basis has traded below the U.S. 2-year Treasury yield since February
This is one of those periods where the market isn’t falling apart.
It’s simply not attracting the same level of capital or trading activity.
The result is a market that’s proving resilient, but not yet broadly re-engaged.
That divergence is

Traders who hold perp positions for a long time often see funding costs add up, even when the trade is right.
That's why @grvt_io's Stable Funding stands out. More predictable funding costs make it easier to hold and manage positions with confidence.
At the same time, GRVT Earn keeps your idle balance generating yield, so your capital doesn't sit unused.
Trade with one part, earn with the rest, all without moving funds across platforms.

Q1 to Q2 2026. One quarter.
➤ Prediction market volume: $113.8B, Up 48.7%
➤ Top 10 CEX spot volume: $1.95T, Down 27.9%
Everything else in crypto contracted that quarter.
Perp futures were down 10%.
Stablecoins were down 1.6%, their first decline since 2023.
Prediction markets went the other way.
That’s one quarter of divergence, not a trend yet.
Calling it “counter-cyclical” this early is a claim, not a conclusion.
The test is simple.
Does this hold for two more quarters, or does it collapse the moment spot volume recovers?
If prediction market volume keeps climbing through a spot rally, that’