Crypto big players: what the on-chain data shows
Capital inflows, derivatives overheating, Bitcoin network activity and the behaviour of top traders on one page, from public data. Every number has a source and a time.
What it means today
2 of 4 signals favourableThe stablecoin supply has been stable over 30 days.
Funding is in the normal range, no overheating.
Network activity is unchanged.
Decentralised exchange volume is rising week on week.
A rule-based reading of public data (thresholds: stablecoins ±1% over 30 days, funding above 30% a year, addresses ±5% and DEX ±10% over a week). Not a recommendation or a price forecast.
Stablecoins: capital inflow
Total supply of dollar stablecoins
- USDT$182B -0.63% / 7d
- USDC$71.3B -1.27% / 7d
- USDS$6.8B +0.46% / 7d
- DAI$4.7B -0.18% / 7d
- USDe$4.6B -2.48% / 7d
Bitcoin: network activity
From the public sources mempool.space and blockchain.info
Derivatives: where the leverage is going
Perpetual contracts on Hyperliquid (one exchange, not the whole market)
Total open interest: $11.5B
| Coin | Price | 24 h | Open interest | Funding (8 h) | Funding per year |
|---|---|---|---|---|---|
| BTC | $80,821 | +0.89% | $3.5B | 0.0100 % | 11% |
| ETH | $2,348 | +1.12% | $2.6B | 0.0100 % | 11% |
| HYPE | $81.35 | +3.93% | $1.7B | 0.0100 % | 11% |
| ZEC | $1,311 | +6.19% | $695M | 0.0100 % | 11% |
| SOL | $101.22 | +0.42% | $565M | 0.0100 % | 11% |
| NEAR | $4.67 | +3.90% | $273M | 0.0100 % | 11% |
| XRP | $1.33 | +2.01% | $233M | 0.0100 % | 11% |
| PUMP | $0.0043 | +1.52% | $117M | 0.0100 % | 11% |
| XMR | $606.82 | +1.36% | $116M | 0.0555 % | 60.8% |
| LIT | $3.05 | +0.95% | $115M | 0.0100 % | 11% |
DeFi: where the capital is
Value locked in protocols (TVL) by blockchain
- Ethereum$46.4B (52.2%)
- Bitcoin$6.4B (7.2%)
- Base$6.1B (6.8%)
- Solana$5.7B (6.4%)
- BSC$5.6B (6.2%)
- Tron$5.4B (6.1%)
- Hyperliquid L1$2.5B (2.8%)
- Arbitrum$1.5B (1.7%)
Top traders over 30 days
The public Hyperliquid leaderboard. Large protocol accounts are excluded.
- 1. 0x5b5d…c060$109Maccount $210MROI +62.44%week $17.9M
- 2. 0xb83d…6e36$90.5Maccount $205MROI +59.96%week $4M
- 3. 0x659d…9d63$53.2Maccount $52.8MROI +618.77%week $53.2M
- 4. 0x87f9…e2cf$26.9Maccount $121MROI +25.50%week $4.3M
- 5. 0xdd53…2b13$23Maccount $69.1MROI +49.84%week $5.3M
- 6. 0x7fda…17d1$22.7Maccount $41.8MROI +34.23%week $5.8M
- 7. 0xecb6…2b00$22.1Maccount $93.1MROI +33.07%week $4.3M
- 8. 0x45d2…4029$21.2Maccount $60.4MROI +62.92%week $3.7M
- 9. 0xfc66…ca06$19.2Maccount $110MROI +17.05%week $1.6M
- 10. 0xfe7c…b7ae$18.8Maccount $15.5MROI +57.24%week $3.2M
A good month does not guarantee a good next one. A leaderboard by profit favours those who took the most risk. We do not present it as a guide to copying trades.
Frequently asked questions
What is the funding rate?
A fee that long and short traders on perpetual contracts pay each other. Positive funding means longs pay shorts, that is, bets on a rise dominate. Funding that is too high is often a sign of an overheated market.
What is open interest?
The total value of open positions in derivatives. Rising open interest in a rising price means new traders, often with leverage, are entering the trend.
Why do stablecoins matter?
Stablecoins are the fuel of the crypto market. When their total supply grows, new capital is entering the system that can buy. When it falls, capital is leaving.
Is this a recommendation on what to buy?
No. We show public data and a rule-based reading of it. No signal guarantees a future price. Trading crypto is risky.
Where does the data come from?
DefiLlama (stablecoins, TVL, DEX volume), Hyperliquid (perpetual contracts and the trader leaderboard), mempool.space and blockchain.info (the Bitcoin network). If a source goes down we hide that section rather than estimate.
Data as of 11:43 PM, refreshed every few minutes. Sources: DefiLlama, Hyperliquid, mempool.space, blockchain.info. For information only, not investment advice. Want to see prices? Crypto rates →