Daily Edition · Page 6

THE DAILY INDEX

Technology, AI, software, security, crypto and business

MARKETS & BUSINESS

TLDR Crypto

BITGET AND MASTERCARD LAUNCH CRYPTO CARD

Bitget Wallet has partnered with Mastercard and web3 payments firm Immersve to launch a crypto card usable at 150M Mastercard-accepting merchants globally. Users in the UK and EU will get early access, with expansion to Latin America, Australia, and New Zealand planned. The card supports digital issuance, yield on idle balances, transaction rewards, and a one-time bonus for identity verification. It aims to make crypto payments as seamless as traditional ones.

VISUAL GUIDE TO VOLUME PROFILE

The Point of Control (POC) is the price level with the most traded volume and acts as a key support or resistance. High Value Nodes (HVNs) attract price and act as resistance in ranges, while Low Value Nodes (LVNs) act as fast-pass zones where price moves quickly. The Value Area (VA) covers 70% of traded volume between the VAH and VAL. Repeated closes outside it can signal a breakout. Drawing volume profiles around ranges and expansions helps traders anticipate reactions to past volume levels.

WHY ARE BITCOIN TREASURY COMPANIES TRADING AT HIGH PREMIUMS?

Bitcoin treasury companies trade at significant premiums to NAV by using public capital markets, particularly at-the-market equity issuances, to increase BTC-per-share and amplify exposure. Major players like MicroStrategy trade at roughly a 75% premium, while smaller firms such as The Blockchain Group and Metaplanet sport premiums of 217% and 384%, reflecting the value investors place on future BTC accumulation and narrative. A key driver is “bitcoin yield,” which measures BTC growth per diluted share, and transparent proof-of-reserves practices further bolster confidence. However, this model depends on sustaining premiums: if share prices fall to NAV, equity raises become dilutive rather than accretive, breaking the self-reinforcing capital-raise/accumulation cycle.

HYPERLIQUID VOLUME TOPS $1.5 TRILLION

Hyperliquid logged $1.57 trillion in onchain perpetuals volume over the past 12 months, generating $56 million in fees this month and $310 million in cumulative revenue. Its volume surged from $75 billion in November to $150 billion in December 2024 during the $1.2 billion HYPE airdrop, with May's $248 billion easily outpacing the $140 billion combined volume of other onchain perps DEXs. The platform, bolstered by its new HyperEVM network and HyperCore Layer 1 infrastructure, delivers sub-second finality and handles over 100,000 orders per second on a fully onchain order book.

TOP DEFI NEWS THIS WEEK

This week will see several launches and presales, including Yapyo Arb's token presale, Sui Pay's USDC payment rollout on Sui, and Katana DEX's mainnet launch. Bybit's hybrid DEX ByReal kicks off its Reset Launch with Fragmetric's liquid restaking protocol, while Succinct Labs advances to Testnet Stage 2.5 with $PROVE distributions. Stacks has unveiled its BD roadmap, Drift has opened FUEL redemptions for $DRIFT, HanaNetwork teased tokenomics, and Boundless is preparing for July's ZK mining launch.

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