DWF Labs Broadcast

In this week’s Eyes on the Market, we cover: → Assets de-risking into a decision-filled week, with BTC down 2.96% and ETH flat. → PPI at 5.4% and a mixed CPI print taking September hike odds from 57% to 79%. → CLARITY revived on Sunday night's final text, odds of passing go from 16% to 33%. → ETH ETFs drawing $197.1M while BTC lost $462.7M. → Key events to look out for during the coming week. Read the full piece here.

It's all happening. Thank you Sadyr Zhaparov, Farkhat Iminov, and #KyrgyzRepublic 🇰🇬

Proprietary AMMs have captured a major share of trading volume, and over 90% of SOL-stablecoin flow. There is an infrastructure gap between propAMMs and traditional AMMs: PropAMMs price against live oracle feeds or off-chain proprietary valuation models. That requires cheap, frequent quote updates, which Solana's architecture provides through low costs and mid-slot repricing. Ethereum's slot times and gas costs make the same design riskier and more expensive to run. Traditional AMMs still dominate long-tail assets, newly launched tokens, and most stablecoin pairs on Ethereum due to static price curves and no oracles, pricing models, or market makers needed. Neither model is being replaced, and each has inherited the market it's built to serve. DWF Ventures on where the volume is going in their article here.

Join us for HotDesk Wednesday at our Dubai office 🤝 Register to work alongside our team and enjoy access to our premium workspace: https://luma.com/zc0gc5x2 The office address will be shared upon approval.

We're excited to be returning to @token2049 Singapore as a Platinum Sponsor this October 🔥 Say hi if you see us around!

Key takeaways from our latest Eyes on the Market: 1) Oil led everything. Brent rose 9.27% to $96.54 as US-Iran strikes resumed. BTC added 2.28% to $79,808, ETH 1.62% to $2,490.60, the S&P 0.40% and the Nasdaq 100 0.73%. 2) Waller signals dovish. Polymarket hike odds fell from 51% to 41% on Thursday's remarks. BTC wicked to $82,262 and closed the session up 5.67%. 3) Payrolls reversed it two days later. 162K against 53K consensus took hike odds back to 49%. BTC fell 2.95% and ETH 2.69%. 4) The move is not levered. Aggregate OI is $139.7B, up 3.5% and the highest since mid-January. Coin-denominated BTC OI fell from 762.2K to 669.6K since mid-August, even as BTC moved from $63K to $80K. 5) ETFs took $1.2B, a third straight week above $1B, the first such run since July 2025. BTC drew $986.7M including $730.8M on September 3, the largest day since January 14. BTC ETFs AUM crossed $103.3B, 6.32% of supply. Read the full piece here.

New series launched. The Bright Side: short pieces, charts, and quick commentary, all on the growth we're seeing in crypto. This first issue covers onchain activity that's picked up over the summer. → Life in the Solana trenches → Coinbase <> Base pipeline → Uniswap's Robinhood Chain payoff → Stable active address growth Read the full piece here.

Regulatory Update: DWF Labs is now a registered Virtual Asset Service Provider (VASP) in the British Virgin Islands. DWF Labs announced an expansion of its global regulatory footprint with a group entity granted Virtual Asset Service Provider (VASP) regulatory approval from the British Virgin Islands Financial Services Commission (BVI FSC). The approval gives institutional clients access to DWF Labs’ integrated OTC trading and market making capabilities, including spot trading across thousands of digital assets and stablecoins through a regulated BVI entity. It also strengthens DWF Labs’ ability to deliver investment, incubation, and ecosystem development services to token issuers globally. Why the BVI is a top jurisdiction for RWA tokenization: 1) ~10% of the global tokenized US Treasuries market ($1.5B) 2) $1.2B+ in circulating stablecoins via BVI entities 3) 24,700+ stablecoin holders, $694.1M in weekly transfer volume Source: rwa.xyz “This is a key step in responsibly expanding and delivering regulated digital asset services to international institutional clients," said Heng Lee, Managing Director & Partner at DWF Labs. DWF Labs will continue expanding its regulatory footprint across key global markets as part of its international growth strategy. Read the full release here.

DWF Labs Haus is coming to Seoul and Singapore 🔥 Join a top tier community of builders, investors, and innovators during Korea Blockchain Week and TOKEN2049 week at our exclusive events. 🔗 Save your spot: Seoul: https://luma.com/DWFLabsHaus-KBW2026 Singapore: https://luma.com/DWFLabsHaus-SG2026 Please note that attendance is subject to approval due to limited venue capacity. Registration does not guarantee entry; approved attendees will receive a separate confirmation email.

Catch up with us in our August recap 👇 1. Andrei Grachev, Managing Partner, was quoted in Cointelegraph on August's CPI print and its implications for the September Fed decision. 2. CoinDesk cited our research series Eyes on the Market on how AI has absorbed institutional and retail attention, and its effects on crypto market performance. 3. Andrei was also featured in CryptoSlate, framing the options market as constructive in positioning but defensive in pricing. 4. We published Eyes on the Market Vol. 17 - "Hawkish Guidance", covering how the Fed's July hold shifted the calculus for risk assets. 5. Eyes on the Market Vol. 18 - "Delayed Clarity" broke down crypto's best ETF week since April, and how ETH ETFs have started outpacing BTC in relative inflows since June. 6. Eyes on the Market Vol. 19 - "Staying Low" examined Wall Street institutions' Q2 crypto holdings. Most institutions increased positions against the broader trend. 7. Eyes on the Market Vol. 20 - "Changing Tides" covered the crypto breakout driven by Treasury buyback signals, regulatory tailwinds, and ETF inflows. 8. Eyes on the Market Vol. 21 - "Hike Fears Return" covered a flat week for BTC and equities as Warsh's Jackson Hole keynote repriced September Fed expectations. August closed as BTC's best month since October 2025. 9. DWF Ventures published a deep dive on tokenized collectibles. Gacha-style platforms have quietly become one of on-chain crypto's largest revenue categories, with Collector Crypt and Courtyard posting $260M+ in combined cumulative net revenue. 10. DWF Ventures also published a deep dive on social trading, examining how the copy-trade mechanic became one of the largest onboarding engines in finance. 11. We launched a new research series called S-Curve Breakdowns. The first edition covered prediction markets: why decades of attempts failed and how Kalshi and Polymarket finally broke through. 12. Falcon Finance announced its regulated pipeline for tokenized real-world asset issuance in El Salvador, starting with a tokenized GPU forward backed by anchor demand from NEAR AI. See you in September 🛠

Key takeaways from our latest Eyes on the Market: 1) Flat week across BTC and equities. BTC open $77.7K, high $81.4K on Thursday, close $77.6K. Flat on the week. ETH lost 1.89% to $2.4K and total market cap held $2.6T. S&P and the Nasdaq barely moved. 2) Hike odds reversed. Polymarket went from 30% hike / 70% hold to 52% / 48% on Warsh's Jackson Hole keynote. FedWatch is more decisive at 62.6% / 37.4%. 3) The volatility breakout lasted a week. BVIV fell from 46.5 to 38.9, back to the 7th percentile of the past 12 months, through a hawkish Fed surprise. 4) ETFs saw $1.9B of inflows. BTC $924.5M, ETH $815.7M, SOL $142.7M, HYPE $56.8M. August is BTC's best month since October 2025 and its best August on record. Read the full piece here.

Could social trading become a frontier to onboard the masses to financial trading? Human psychology plays a large role in the growth of social trading, with shared beliefs within groups having significant impacts on moving prices and trends. As fees race to zero across trading platforms, the differentiators shift to network effects, trader relationships, and proprietary information layers. Growth has been significant, but so are risks. On Fomo, only 6.16% of 292K wallets were profitable over the last three months. Herd-driven volatility, information asymmetry, and undisclosed multi-wallet positions sit underneath the surface of transparent trading. DWF Ventures explores where social trading is heading and what to watch for here. DWF Ventures is always looking for projects to support. If you are building, reach out to the team here.

We'll be at Blockchain Life 2026 in Dubai on December 1-2 🤝 Andrei Grachev, Managing Partner, and Alessia Baumgartner, VP of Ecosystems, will be onstage across the main forum.

Key takeaways from our latest Eyes on the Market: 1) BTC had its best week since March 2023. BTC rose 23.6% to $77.7K and ETH 31.31% to $2.46K, while the S&P 500 fell 1.49% and the Nasdaq 2.26%. 2) The Treasury doubled long-end buybacks and markets read it as yield curve control. Operations go from $2B to at least $4B, effective September 9. 3) Volatility broke out. BTC DVOL went from a 12-month low of 33.91 on August 17 to 43.57, moving from the 6.8th percentile to the 57th. August 19 was the eighth-largest liquidation event on record at $2.99B. 4) Open interest grew but little leverage growth. Aggregate OI rose 16.5% to $137.5B on flat coin-denominated OI. The froth is in the narrative coins. 5) ETFs saw $2.6B of inflows, their best combined week since October 2025. BTC took $1.9B and ETH $692.6M, both on five straight inflow days. BTC ETFs are still net negative $2.8B for 2026. Full post here: https://x.com/DWFLabs/status/2091873796416520582?s=20

Tokenized collectibles have become one of onchain crypto's largest revenue categories, with a combined $260M+ in cumulative net revenue across Collector Crypt and Courtyard. However, sustainability is an aspect to take into consideration. Collectibles existed even back in the 19th century in the form of antiques, but the major surge in real-world popularity of TCGs like Pokemon has only happened in recent years. Gamblers seek a positive expected value and speculative crypto-native traders and farmers look for exposure to a volatile asset class, but the acquisition of collectibles is more about an underlying narrative and cultural demand. The bull case depends on onboarding real collectors and building infrastructure that survives when speculative interest falls. DWF Ventures on structural vs. cyclical growth for onchain collectibles: https://x.com/DWFVentures/status/2088249290862760130

Compute became an asset class this year. 2026 hyperscaler capex guidance sums to roughly $700B. NVIDIA has now organized platforms designed to mobilize over $500B of third-party capital with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs, and KKR. What's missing is an open and accessible market. Compute credit today sits in private vehicles. It cannot be transferred, priced, or pledged. There is no exit and no observable price, so participating means holding to maturity. That market should serve institutions, corporates, startups, and smaller allocators alike. Falcon Finance is building the rails for it. The framework is designed so a tokenized GPU forward can be tradable on secondary markets, posted as collateral onchain and accessed by anyone. Read more here.

Key takeaways from our latest Eyes on the Market: 1) Equities hit record highs and crypto lagged. The S&P rose 0.44% to 7,785.76, a third straight weekly gain, and the Russell 2000 added 3.15%. BTC fell 3.08% to $62.8K and total market cap fell 2.22% to $2.160T. 2) CPI landed exactly on consensus. Headline 3.4% y/y, core 2.5%. Polymarket now prices 75% hold against 25% hike, versus 56% and 41% on August 10. 3) Regulation Crypto proposal vote delayed. No replacement date for the back up proposal for CLARITY. CLARITY sits at 20% on Polymarket, down from 25%. Both the legislative and regulatory paths are now stalled. 4) Q2 13Fs show banks growing ETH exposure three times faster than BTC. Morgan Stanley added 18.6% to ETH against 3.7% to BTC in coin terms; JPMorgan added 67.3% to ETH against 12.2% to BTC. 5) BTC ETFs saw $385.2M in net outflows. ETH ETFs lost $3.0M. ETH continues to hold up better than BTC. Read the full piece: https://x.com/DWFLabs/status/2089337076684640304?s=20

Gacha-style collectible platforms are some of crypto's largest revenue generators. $266m in cumulative net revenue between Collector Crypt and Courtyard. Collector Crypt did just under $16m in June, up 75% month over month. Courtyard cleared $20m+ in June and again in July. The upward trend reflects growing product-market fit. But how much of this growth is durable, and how much is cyclical? DWF Ventures explores the topic in their latest piece: https://x.com/DWFVentures/status/2088249290862760130?s=20

Gacha-style collectible platforms are some of crypto's largest revenue generators. $266m in cumulative net revenue between Collector Crypt and Courtyard. Collector Crypt did just under $16m in June, up 75% month over month. Courtyard cleared $20m+ in June and again in July. The upward trend reflects growing product-market fit. But how much of this growth is durable, and how much is cyclical? DWF Ventures explores the topic in their latest piece: https://x.com/DWFVentures/status/2088249290862760130?s=20