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Happy Friday. It was another rough week for crypto markets, with nearly every sector registering negative returns and a handful of long-tail “stablecoins” losing their peg.

Weakness prevails across the board, with all of our tracked indices posting negative returns over the past week, except for DePIN. This weakness comes as the majors BTC, ETH and SOL have established a daily and weekly downtrend, while equity indices have reversed ~3%-5% off their highs, adding risk back to the market. The selloff in equities has elevated the VIX to a level of 20.

Within crypto, DePIN was the one…

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