Strategy Watch #4

insights.glassnodePublicado a 2026-05-22Actualizado a 2026-05-22

Resumen

Strategy Watch #4 provides a monthly institutional analysis of digital asset fund performance and allocation trends. The report covers six sections. Key findings for April show mixed capital flows: Bitcoin outflows eased significantly, nearing neutral, while stablecoin inflows surged to multi-month highs, indicating a defensive rotation into dollar instruments. Ethereum remained in persistent net outflow. ETF and DAT flows were positive for Bitcoin, while Ethereum flows staged a notable late-month reversal from deep outflows to meaningful inflows. However, DeFi TVL on Ethereum reversed its March stabilization, with accelerated outflows suggesting sustained allocator caution toward on-chain yield strategies. CME basis yields for both BTC and ETH deteriorated sharply, turning deeply negative as futures moved into backwardation, removing carry opportunities. Across strategies, all sub-strategies posted gains for the month, a rare alignment. Despite a more constructive market backdrop, manager cash levels climbed to multi-year highs, indicating selective and cautious positioning. The report also includes a DeFi/Yield strategy deep dive, on-chain vault performance analysis, and updates on institutional allocations, including rising pension fund activity.

The full report is freely available in PDF format.

Download PDF version

Welcome to Strategy Watch #4

Strategy Watch was built to address a clear demand for high-signal, impartial analysis of fund-level performance and allocation trends in digital assets.

Our objective is straightforward — to make Strategy Watch a must-read monthly publication for the digital asset investment community.

This publication is strengthened by direct input from market participants. Funds and allocators that contribute data and insights help shape a more complete and valuable view of the landscape. If you have insights, data, or allocation updates worth sharing, we welcome your contribution.

Present your latest initiatives and updates to a curated audience of institutional allocators.

Share updates ↗

Inside the Latest Strategy Watch

The report is structured across six core sections, each focused on a distinct dimension of institutional activity in digital assets:

01 Institutional Flow Monitor | Defensive positioning persisted through April as BTC and ETH outflows eased further, stablecoin demand accelerated, and ETF inflows remained constructive.

02 Fund and SMA Performance | Every sub-strategy posted gains for the month, a level of cross-strategy alignment not seen in recent memory. Is this a rebound or repositioning?

03 Strategy Deep Dive: DeFi/Yield | Hear a CIO's perspective on where edge comes from as lending spreads compress and smart contract risk evolves

04 On-chain Vault Performance | Are ETH curators underperforming ETH staking yield?

05 Manager Monitor | Find out how more than 400+ managers are positioning for Q2, with cash levels climbing to multi-year highs despite a more constructive market backdrop.

06 Allocation Updates | Pension allocations rise alongside strategic acquisitions and new launches across yield, trading, and digital asset strategies.

The Premier Digital Assets Allocator Platform. Learn more

Institutional Flow Monitor

BTC capital flows nearly recovered to neutral through April while stablecoin inflows surged to multi-month highs, though ETH remained persistently in net outflow.

Bitcoin capital flows recovered materially through April, improving from -$6.9B at month-open to nearly neutral at -$0.7B by month-end, continuing the gradual deceleration of outflows observed in March. Stablecoins showed the strongest directional move, with inflows accelerating from +$1.8B in early April to +$5.4B by month-end, suggesting a meaningful rotation of capital into dollar-denominated on-chain instruments. Ethereum stood apart from both trends, remaining in persistent net outflow throughout the month and closing at -$1.6B, broadly unchanged from its March reading. The divergence between a stabilizing BTC, surging stablecoin demand, and a lagging ETH points to a selective rather than broad-based recovery in capital allocation.

ETF & DAT Net Flows

BTC ETF and DAT flows held positive through April while ETH staged a notable turnaround, flipping from deep outflow in early April to meaningful inflows by month-end.

Bitcoin ETF flows maintained positive territory throughout April, recovering from a mid-month dip to close at +26.3k BTC, while DAT flows strengthened progressively to +58.8k BTC by month-end. The more significant shift came from Ethereum, where ETF flows opened the month at -135k ETH before turning positive around April 18 and closing at +140.6k ETH. ETH DAT flows remained constructive throughout, finishing at +408.6k ETH. While BTC institutional demand showed consistency, the ETH turnaround is the more notable development, though it remains early and the magnitude of the late-month recovery warrants monitoring before drawing conclusions about a durable change in positioning.

DeFi TVL & Stablecoin Cap

DeFi TVL flows on Ethereum reversed sharply in April, erasing the March stabilization as outflows accelerated to multi-month highs in the final week.

After nearly reaching neutral at month-end March, Ethereum DeFi TVL flows deteriorated steadily through April. The first half of the month was relatively contained, with flows oscillating near neutral before turning more negative around mid-month. The picture changed materially in the final ten days, with outflows accelerating to a peak of -$11.3B around April 25 before partially recovering to -$7.6B at month-end. Total ETH locked in DeFi fell from ~$54B at month-open to ~$44.9B by close. The reversal of March's stabilization trend suggests the earlier recovery was fragile, and the renewed pace of withdrawal points to sustained allocator caution toward on-chain yield strategies heading into May.

CME Basis Yield

CME basis yield deteriorated sharply through April for both BTC and ETH, with carry returns turning deeply negative by month-end as futures markets shifted into persistent backwardation.

After closing March at -$3.9M and +$0.9M respectively, BTC and ETH CME basis yields both briefly recovered in early-to-mid April, with BTC reaching +$3.3M and ETH +$1.7M around April 9-12. The recovery proved short-lived. Both assets deteriorated sharply through the second half of the month, with BTC closing April at -$21.2M and ETH at -$6.0M. The depth and pace of this reversal suggests futures markets moved into meaningful backwardation, removing the economic basis for cash-and-carry strategies entirely. For institutions running market-neutral books, the carry environment in April offered no compensation, reinforcing the broader picture of reduced leverage deployment and subdued institutional risk appetite.

Disclaimer: This report does not provide any investment advice. All data is provided for information and educational purposes only. No investment decision shall be based on the information provided here and you are solely responsible for your own investment decisions. Exchange balances presented are derived from Glassnode’s comprehensive database of address labels, which are amassed through both officially published exchange information and proprietary clustering algorithms. While we strive to ensure the utmost accuracy in representing exchange balances, it is important to note that these figures might not always encapsulate the entirety of an exchange’s reserves, particularly when exchanges refrain from disclosing their official addresses. We urge users to exercise caution and discretion when utilizing these metrics. Glassnode shall not be held responsible for any discrepancies or potential inaccuracies. Please read our Transparency Notice when using exchange data.

Criptos en tendencia

Haedal ProtocolHAEDAL

Preguntas relacionadas

QWhat is the primary objective of the Strategy Watch publication?

AThe primary objective of Strategy Watch is to become a must-read monthly publication for the digital asset investment community by providing high-signal, impartial analysis of fund-level performance and allocation trends in digital assets.

QAccording to the Institutional Flow Monitor, what was the trend for Bitcoin (BTC) and stablecoin capital flows in April?

AIn April, Bitcoin (BTC) capital flows nearly recovered to neutral, showing a significant improvement from a -$6.9B net outflow at the beginning of the month to nearly -$0.7B by month-end. In contrast, stablecoin inflows surged to multi-month highs, accelerating from +$1.8B to +$5.4B by month-end.

QHow did Ethereum (ETH) ETF flows change during the month of April?

AEthereum (ETH) ETF flows staged a notable turnaround in April. They opened the month at a deep outflow of -135k ETH, then turned positive around April 18th, and closed the month at a meaningful inflow of +140.6k ETH.

QWhat happened to DeFi TVL (Total Value Locked) on Ethereum in April?

ADeFi TVL flows on Ethereum reversed sharply in April. After nearly stabilizing in March, outflows accelerated, reaching a peak of -$11.3B around April 25th and closing the month at -$7.6B. Total ETH locked in DeFi fell from approximately $54B to $44.9B.

QWhat was the trend for CME basis yield for both BTC and ETH through April?

ACME basis yield for both BTC and ETH deteriorated sharply through April. After briefly recovering in early-to-mid April, both turned deeply negative by month-end, with BTC closing at -$21.2M and ETH at -$6.0M, indicating futures markets moved into persistent backwardation.

Lecturas Relacionadas

The Verdict in Choi Tae-won's Divorce Case: Revealing the Inheritance Undercurrent Behind SK Hynix's Trillion-Won Empire

SK Group Chairman Chey Tae-won's high-profile divorce case, involving a record 1.38 trillion won settlement, has drawn attention to the succession plans for Korea's second-largest conglomerate, especially its crown jewel, SK hynix. Unlike traditional chaebol scripts centered on the eldest son, Chey's three children from his marriage to former President Roh Tae-woo's daughter, Roh Soh-yeong, are carving distinct, non-traditional paths. Eldest daughter Chey Yun-jung (b. 1989) is seen as the most evident successor. With a scientific and consulting background, she holds executive roles at SK bioscience and SK Inc.'s growth support department, focusing on future strategy and biopharma. Her marriage is to an AI infrastructure entrepreneur, not a traditional business alliance. Second daughter Chey Min-jung (b. 1991) took a unique route, voluntarily serving as a South Korean naval officer, including an anti-piracy deployment. She later worked on policy and strategy for SK hynix in Washington D.C. before co-founding an AI-driven healthcare startup. She married a former U.S. Marine Corps officer, connecting her to U.S. defense and policy circles—networks crucial for a global semiconductor giant. The only son, Chey In-geun (b. 1995), who studied physics like his father, worked briefly at SK E&S before joining McKinsey. Despite fitting the traditional "heir" profile as the eldest son, he remains silent and holds no public position or shares in SK, suggesting the old succession playbook is obsolete. As SK hynix's valuation soars, becoming a geopolitical asset in the AI era, the heirs' legitimacy is no longer automatic. They must prove themselves in fields like AI biotech, global policy, and strategic consulting. Their marriages also reflect new elite networks in tech and defense, not old political alliances. Their inheritance is the complex challenge of navigating a globalized, tech-driven world, not just a corporate throne.

marsbitHace 9 hora(s)

The Verdict in Choi Tae-won's Divorce Case: Revealing the Inheritance Undercurrent Behind SK Hynix's Trillion-Won Empire

marsbitHace 9 hora(s)

Banks oppose stablecoin yield deal – Can CLARITY Act find 60 votes?

The Bank Policy Institute (BPI) has opposed the latest draft of the CLARITY Act, criticizing its provisions on stablecoin yield and illicit finance. The banking industry sought a total ban on stablecoin yield, but the bill's compromise only prohibits passive yield on idle balances. This opposition has influenced lawmakers, reducing tentative Republican Senate support to potentially 49 votes. With the 60-vote threshold needed, securing sufficient Democratic support appears difficult as some pro-crypto Democrats also oppose the bill due to ethics and illicit finance concerns. Senate Majority Leader John Thune expressed doubt the bill can pass before the August recess. Market odds for the bill's passage in 2026 have fallen, leaving its future uncertain.

ambcryptoHace 10 hora(s)

Banks oppose stablecoin yield deal – Can CLARITY Act find 60 votes?

ambcryptoHace 10 hora(s)

2 Months, Valuation Soars from $8.8B to $68B! The Largest AI Model Hub OpenRouter May Be Acquired

Stripe is reportedly in talks to acquire AI model marketplace OpenRouter for a price nearing $10 billion, a dramatic increase from its $1.3 billion valuation just two months prior. The deal, which could be announced within a month, would see the payment giant absorb a key "router" or aggregation layer in the AI infrastructure stack. OpenRouter provides developers with a single API to access over 400 large language models (LLMs), automatically routing queries to the most suitable model based on cost, capability, and speed. This allows AI applications to optimize expenses while maintaining user experience. Founded in 2023 by ex-OpenSea co-founder Alex Atallah and Louis Vichy, OpenRouter has grown rapidly, reaching $50 million in annualized revenue by April and serving over one million developers. For Stripe, the acquisition of OpenRouter follows its late-2025 purchase of usage-based billing platform Metronome. The combined strategy aims to create an integrated suite for the AI economy: OpenRouter would handle model selection and routing, Metronome would manage granular usage-based billing, and Stripe's core platform would process payments. This positions Stripe to control a critical part of the AI application value chain, influencing which models get used while simplifying cost management for enterprise customers.

链捕手Hace 10 hora(s)

2 Months, Valuation Soars from $8.8B to $68B! The Largest AI Model Hub OpenRouter May Be Acquired

链捕手Hace 10 hora(s)

From OpenSea to OpenRouter: Is Alex Atallah Repeating His 'Exit at the Peak' Playbook?

From OpenSea to OpenRouter: Is Alex Atallah Repeating His "Exit at the Peak" Playbook? According to the Wall Street Journal, payments giant Stripe is in talks to acquire the AI model aggregation platform OpenRouter in a potential deal valuing the company near $100 billion. This would mark founder Alex Atallah's second creation of a company reaching a $100 billion valuation, following his co-founding of NFT marketplace OpenSea. OpenRouter, founded just over three years ago, has grown rapidly by acting as a unified gateway for developers to access over 400 AI models. It currently has about 10 million users and processes over 200 trillion tokens monthly. While the platform's annualized revenue is around $50 million, its valuation has skyrocketed from $1.3 billion in March 2026. The potential acquisition by Stripe, a company OpenRouter's founder once likened it to, represents a major expansion into AI infrastructure for the payments leader. This move echoes Atallah's previous timing with OpenSea, where he departed before the NFT market's significant downturn. For OpenRouter, selling now may be strategic. Despite its scale, its business model—charging a 5-5.5% fee on AI inference calls—faces pressure from competition, open-source models, and potential price wars among model providers, limiting its profitability narrative for an IPO. A key asset for potential acquirers like Stripe is OpenRouter's vast repository of real-world AI usage data, which offers unique insights into model performance and developer preferences that are difficult to replicate. Whether this potential deal signifies a new valuation benchmark for AI infrastructure or another market peak signal remains to be seen.

链捕手Hace 10 hora(s)

Pons V2 brings RWA trading pairs as Robinhood Chain broadens its ambitions

Pons, a key launchpad on Robinhood Chain, has launched its V2 upgrade. The update aims to boost liquidity, remove trading restrictions for most users via an ETH-denominated bonding curve, and introduces support for custom tokenized real-world asset (RWA) trading pairs. This aligns with Robinhood Chain's broader RWA focus. The upgrade also allows creators to collect fees in ETH by default. The network itself is growing rapidly, surpassing $300 million in Total Value Locked. Its cumulative DEX volume has exceeded $9 billion, with about 80% coming from speculative memecoin trading. However, data shows 63% of traders are at a loss, with profits concentrated in a small number of wallets. The introduction of RWAs could help drive more organic adoption for the chain, which is positioning itself as a major player for speculative trading, challenging networks like Base and Solana.

ambcryptoHace 10 hora(s)

Trading

Spot

Artículos destacados

Cómo comprar 4

¡Bienvenido a HTX.com! Hemos hecho que comprar 4 (4) sea simple y conveniente. Sigue nuestra guía paso a paso para iniciar tu viaje de criptos.Paso 1: crea tu cuenta HTXUtiliza tu correo electrónico o número de teléfono para registrarte y obtener una cuenta gratuita en HTX. Experimenta un proceso de registro sin complicaciones y desbloquea todas las funciones.Obtener mi cuentaPaso 2: ve a Comprar cripto y elige tu método de pagoTarjeta de crédito/débito: usa tu Visa o Mastercard para comprar 4 (4) al instante.Saldo: utiliza fondos del saldo de tu cuenta HTX para tradear sin problemas.Terceros: hemos agregado métodos de pago populares como Google Pay y Apple Pay para mejorar la comodidad.P2P: tradear directamente con otros usuarios en HTX.Over-the-Counter (OTC): ofrecemos servicios personalizados y tipos de cambio competitivos para los traders.Paso 3: guarda tu 4 (4)Después de comprar tu 4 (4), guárdalo en tu cuenta HTX. Alternativamente, puedes enviarlo a otro lugar mediante transferencia blockchain o utilizarlo para tradear otras criptomonedas.Paso 4: tradear 4 (4)Tradear fácilmente con 4 (4) en HTX's mercado spot. Simplemente accede a tu cuenta, selecciona tu par de trading, ejecuta tus trades y monitorea en tiempo real. Ofrecemos una experiencia fácil de usar tanto para principiantes como para traders experimentados.

802 Vistas totalesPublicado en 2025.10.20Actualizado en 2026.06.02

Discusiones

Bienvenido a la comunidad de HTX. Aquí puedes mantenerte informado sobre los últimos desarrollos de la plataforma y acceder a análisis profesionales del mercado. A continuación se presentan las opiniones de los usuarios sobre el precio de 4 (4).