# On-Chain Related Articles

HTX News Center provides the latest articles and in-depth analysis on "On-Chain", covering market trends, project updates, tech developments, and regulatory policies in the crypto industry.

More Accurate Than Brokerages? TradeXYZ Priced CXMT Ahead of Its IPO

TradeXYZ, a decentralized trading platform, accurately predicted the market debut price of CXMT (ChangXin Memory Technologies) on China's A-share STAR Market. On July 27, CXMT listed with a staggering opening market cap of 3.31 trillion RMB (approx. 3.28 trillion USD at the time). Prior to this, TradeXYZ had launched a pre-IPO perpetual contract for CXMT. During the pre-IPO period, the contract price closely mirrored final market expectations, with an opening price discrepancy of less than $0.20 compared to the A-share listing. This success demonstrated TradeXYZ's growing capability in price discovery for major global IPOs, offering global investors a novel channel to gain exposure to assets like A-shares without traditional market barriers. However, a brief discount emerged post-listing due to a controlled transition in the platform's oracle price feed mechanism. On-chain data revealed significant trading activity, with notable profits for early bulls and losses for a major "whale" short-seller. Regional wallet analysis showed a predominance of long positions from US and Greater China wallets, while Korean-labeled wallets were net short.

Odaily星球日报07/27 09:21

More Accurate Than Brokerages? TradeXYZ Priced CXMT Ahead of Its IPO

Odaily星球日报07/27 09:21

Morpho Launches Fixed-Rate Product Midnight: Lenders and Borrowers Set Their Own Rates, Ending the Era of Interest Rate Models

Morpho Launches Fixed-Rate Product Midnight: Lenders and Borrowers Set Their Own Rates, Ending the Era of Algorithmic Interest Models On-chain lending has grown to $60 billion but remains minuscule compared to traditional finance's $200 trillion annual credit volume. Morpho identifies the lack of fixed rates and maturity dates as key bottlenecks. Institutions need predictability, not the passive floating rates set by algorithmic models. Midnight allows lenders and borrowers to directly quote rates, set terms, and become price makers, not takers. Fixed-rate lending is now viable due to cheaper, faster blockchains and the entry of institutions demanding control and certainty over returns, costs, and duration. Morpho Blue previously gave users control over risk; Midnight adds control over interest rates. Past attempts at on-chain fixed-rate lending failed primarily because they were built on top of floating-rate pools (creating unpredictability) or lacked sufficient active participants. Midnight avoids these pitfalls as a standalone primitive with fixed rates at its core, built upon Morpho Blue's existing large and active user base. Midnight offers distinct value: institutions gain predictable term structures and full control; fintech companies can offer tailored fixed-rate products; lenders/borrowers achieve predictability and efficiency; and curators can now differentiate by configuring both risk and interest rates. Morpho Midnight is not a replacement for Morpho Blue. The Morpho network will now feature two complementary market structures: floating-rate/open-term (Blue) for flexibility and fixed-rate/fixed-term (Midnight) for predictability. Liquidity can flow between them. The launch will be gradual, prioritizing security. Initially, it will support direct lending on Base network with one trading pair (cbBTC/USDC) and limited maturity dates. Advanced features like auto-rollovers will be introduced later.

marsbit07/22 06:32

Morpho Launches Fixed-Rate Product Midnight: Lenders and Borrowers Set Their Own Rates, Ending the Era of Interest Rate Models

marsbit07/22 06:32

Bitcoin flashes 3 macro-bottom signals – But can BTC reach $70K?

The article discusses Bitcoin's recent price movement above $66,000 and a shift in market analysis from focusing on a local bottom to a potential macro-cycle bottom. It cites a crypto analyst noting that BTC has flashed three historical technical signals that previously coincided with major market bottoms in 2015, 2019, and 2022, suggesting the current zone could be a strong long-term accumulation area. However, the article also highlights a significant challenge: despite the price breakout, on-chain data shows a lack of supporting liquidity. Stablecoin dominance is rising while the total stablecoin market cap is shrinking, with capital continuing to leave exchanges. This divergence indicates that while the technical setup is bullish, the rally may struggle to sustain enough momentum for a decisive move into the $70,000 region without an influx of fresh capital.

ambcrypto07/22 01:03

Bitcoin flashes 3 macro-bottom signals – But can BTC reach $70K?

ambcrypto07/22 01:03

Matrixdock Completes Independent Reserve Verification for Two Consecutive Years, Continuously Enhancing Reserve Transparency System

Matrixdock, the RWA tokenization platform under BIT (formerly Matrixport), has completed its fourth consecutive semi-annual independent reserve audit. Conducted by Bureau Veritas, the audit scope was expanded this time to include the tokenized silver product XAGm alongside XAUm (tokenized gold). The verification covered 574 gold and silver bars stored across three institutional vaults. As of the audit date, the holdings comprised 508 gold bars (16,331.184 troy oz) backing 16,331.179 XAUm tokens, and 66 silver bars (65,934 troy oz) backing 65,998.551 XAGm tokens, with the latter applying an ozPerToken conversion factor. The total asset value was approximately $66.09 million for gold and $4.04 million for silver. No discrepancies were found between the physical assets and the platform's records. This marks two years of consistent audits by the same independent firm. Matrixdock highlights this continuous, multi-layered "Reserve Transparency Stack" – which also includes monthly reports and on-chain Proof of Reserves – as key to building long-term trust. The platform views ongoing verifiability of underlying assets as a foundational capability for tokenized assets to evolve within broader financial infrastructure.

marsbit07/21 09:38

Matrixdock Completes Independent Reserve Verification for Two Consecutive Years, Continuously Enhancing Reserve Transparency System

marsbit07/21 09:38

Bitcoin Consolidation Underway: Selling Pressure from Long-Term Holders Eases, ETF Outflows Slow

Bitcoin is in the process of bottoming out, with key dynamics shifting. Long-term holder capitulation has cooled from its peak, and profit-taking has largely subsided. The sell-off at the June lows was absorbed by broad-based buying. The price is now recovering and testing towards key overhead resistance around the short-term holder cost basis near $69,000, where significant supply pressure is expected. Macro drivers are evolving: Bitcoin is increasingly reacting inversely to the US dollar and showing a more positive response to favorable economic data like soft inflation reports, while its correlation with equities has weakened. On-chain data shows that long-term holders are now mainly selling at a loss, a classic late-cycle signal. This primary source of sell-side pressure is no longer expanding. ETF outflows have slowed but haven't reversed, indicating institutional selling has paused but not turned into buying. In derivatives markets, bearish bets are being unwound as seen in falling put/call ratios and reduced crash protection costs, though this positioning adjustment hasn't yet translated into strong spot market buying. Volatility has compressed to yearly lows, a potential calm before the next decisive move. While the foundation for a recovery is being laid with seller exhaustion and demand absorption at lows, confirmation is still missing. A sustainable uptrend requires spot-driven buying to decisively break and hold above the short-term holder cost basis. Failure to do so, or a reacceleration of long-term holder losses, would signal a return to range-bound trading.

marsbit07/16 12:08

Bitcoin Consolidation Underway: Selling Pressure from Long-Term Holders Eases, ETF Outflows Slow

marsbit07/16 12:08

Primit Season 1 Officially Launches: $100,000 Avalanche On-Chain Perp Trading Incentive Event Now Live

Primit, in collaboration with Avalanche, has officially launched "Season 1: On-Chain Perp Frenzy," a large-scale incentive event for on-chain perpetual trading on the Avalanche network. The campaign features a total prize pool equivalent to 100,000 USDT in AVAX, distributed across four concurrent reward mechanisms. Key components of the event include: * **Daily Random User Rewards ($7,000 pool):** Over 14 days, 20 users daily with at least $200 in trading volume are randomly selected to share a $500 daily pool. * **Twitter Contributor Rewards ($5,200 pool):** Rewards of $300–$500 for high-quality community content about Primit on Twitter/X using #PrimitAvalanche. * **Referral Rebate Mechanism ($50,000 pool):** A proportional share of the pool is distributed based on valid referral volume, with no individual cap. Referred users must register via a code and achieve ≥$500 cumulative volume with ≥5 trades. * **Volume Leaderboard ($37,800 pool):** Top 120 traders by cumulative volume receive rewards ranging from $100 to $4,000. The event runs from July 15 to July 28. Trading volume from AVAX-related pairs or using native gas receives a 1.5x multiplier, incentivizing engagement with Avalanche's core ecosystem. According to the Primit team, the season serves as a product stress test to demonstrate the readiness of on-chain perpetuals for high-frequency, professional trading demand, facilitated by Avalanche's high-performance infrastructure. Relevant links to the official Twitter and event portal are provided.

TheNewsCrypto07/15 13:02

Primit Season 1 Officially Launches: $100,000 Avalanche On-Chain Perp Trading Incentive Event Now Live

TheNewsCrypto07/15 13:02

Ethereum vs. Bitcoin: Is ETH’s 5% Q3 rally the start of a structural rotation?

The article examines whether Ethereum's (ETH) recent 5% Q3 rally against Bitcoin (BTC) signals a lasting capital rotation or is merely another short-term move. Historically, ETH has struggled to sustain outperformance; a strong 2025 Q3 rally was largely reversed, suggesting temporary rotations as capital flowed back to Bitcoin. Currently, Bitcoin dominance is testing a key resistance level, hinting at a possible shift back toward BTC. However, on-chain and institutional data present a counter-narrative. Ethereum ETFs have attracted significant net inflows this month, outperforming Bitcoin ETFs. A key catalyst is Robinhood's new Layer 2 network, which uses ETH for gas and settlement. Data shows a nearly 10x weekly surge in ETH bridged to this chain, indicating growing ecosystem activity and ETH demand. While it's premature to confirm a structural shift, the rally appears increasingly supported by fundamentals—including institutional inflows, rising Layer 2 adoption, and stronger on-chain metrics—rather than just market rotation. If these trends persist, the current ETH/BTC breakout could signal the beginning of a broader capital move into Ethereum during Q3.

ambcrypto07/12 09:02

Ethereum vs. Bitcoin: Is ETH’s 5% Q3 rally the start of a structural rotation?

ambcrypto07/12 09:02

Glassnode: Crypto Market Enters Later Stages of Bottoming Phase

Glassnode: Crypto Market Enters Later Stages of Bottom Formation Bitcoin has traded below the true market average and the short-term holder cost basis for five consecutive months, indicating a deep undervaluation. On-chain data reveals a significant shift in selling pressure, with long-term holders now accounting for 43% of all realized losses. Daily realized losses for this group recently peaked at $280 million, the highest level since December 2022. While this large-scale capitulation is a hallmark of bear market bottoms, a sustained decline in this metric is a prerequisite for a sustained recovery. Institutional demand remains weak. US spot Bitcoin ETFs continue to see monthly net outflows, although the pace has moderated from June's peak. Furthermore, average daily ETF trading volumes have contracted by approximately 80% from their October 2025 peak, reflecting subdued institutional participation. Derivatives markets present a mixed picture. Overall positioning has shifted to cautiously bullish, with the put/call ratio dropping to a yearly low. However, the options volatility skew remains elevated, signaling that traders are still paying a premium for downside protection. The spot price also trades below the gamma "max pain" level. In summary, multiple indicators suggest the market is in the later phases of a bottoming process, characterized by long-term holder capitulation and weak institutional inflows. However, key confirmation signals for a durable trend reversal—a sustained drop in long-term holder selling pressure, stabilization of ETF flows, and a price recovery above key cost bases—are still pending.

Foresight News07/09 02:41

Glassnode: Crypto Market Enters Later Stages of Bottoming Phase

Foresight News07/09 02:41

Dogecoin Holds Above Support As Whale Flows Give DOGE Traders A Data Point

Dogecoin (DOGE) is currently holding above a key support level, providing traders with a more practical, data-driven angle to monitor its price action. The focus is on on-chain whale activity, which offers a measurable signal in a market often dominated by sentiment and noise. While these large-wallet flows don't guarantee future price direction, they indicate whether major holders are accumulating during price weakness or stepping away. This data point becomes crucial for assessing market health: if whales are buying while support holds, it's viewed as a positive setup; however, a break below support could turn that same leverage into a trap for traders. The report emphasizes separating this confirmed on-chain development from speculation, using it as a clearer frame to watch for follow-through in subsequent trading sessions. The information is sourced from Arkham Intelligence.

bitcoinist07/08 21:18

Dogecoin Holds Above Support As Whale Flows Give DOGE Traders A Data Point

bitcoinist07/08 21:18

Primit Officially Deploys on Avalanche, Launching Season 1 Trading Incentive Program

Primit has officially deployed on the Avalanche network, launching "Season 1: On-Chain Perp Frenzy" on July 15. This 14-day trading incentive program offers a total reward pool of $100,000 in AVAX to on-chain perpetual traders. Primit selected Avalanche for its sub-second finality and low gas costs, which are critical for high-frequency trading. The platform aims to prove its capability to handle professional-grade demand. The event features four reward mechanisms: daily random rewards for 20 users, a $3,000 pool for Twitter contributors, a $50,000 referral rebate pool, and a volume leaderboard with $37,800 for the top 120 traders. Trades involving AVAX pairs receive a 1.5x volume multiplier. Concurrently, Primit is introducing a permanent, volume-based tiered fee structure to maintain a competitive edge alongside Avalanche's low transaction costs. The event runs from July 15 to July 28, 2026.

TheNewsCrypto07/08 14:17

Primit Officially Deploys on Avalanche, Launching Season 1 Trading Incentive Program