ETH up 40%, BTC dominance down, onchain volume rising. But will the rally hold?

<p><em>Read Time: ~6 minutes</em></p><h2><strong>⚡</strong>Snapshot</h2><ul><li><p>Are we back? Analysis.</p></li><li><p>Ethereum Pectra upgrade is live</p></li><li><p>New one-click yield optimizer</p></li><li><p>Key events this week</p></li></ul><div><figure><a href="https://x.com/alpha_pls/status/1921869335926108169" rel="nofollow"><div><picture><source><img src="https://static.fwimg.io/img/feed/26518c88f0dfdd8bb96aab66d6d538bd.jpg" alt="Image" title="Image"></source></picture><div></div></div></a></figure></div><p><a href="https://newsletter.dynamodefi.com/subscribe?" rel="nofollow"><span>Subscribe now</span></a></p><div><hr></div><h2>📖 Recommended Reads</h2><p><strong>⚡<a href="https://x.com/tradetheflow_/status/1920807749132116401" rel="nofollow">An update on the state of Solana</a></strong></p><p>State of the network, onchain update, ecosystem development and more</p><p><strong>⚡<a href="https://x.com/DLNewsInfo/status/1921942398499745829" rel="nofollow">Cardano wants to be the first blockchain with a privacy stablecoin</a></strong></p><p>Cardano co-founder proposes privacy-preserving stablecoins as a new crypto frontier</p><p><strong>⚡<a href="https://x.com/ethereum/status/1920061243966054696" rel="nofollow">Ethereum Pectra upgrade is live</a></strong></p><p>Smart accounts, UX improvements and data storage increases now active</p><p><strong>⚡<a href="https://x.com/blocmatesnews/status/1921955722507497963" rel="nofollow">Strategy has some competition</a></strong></p><p>The Bitcoin Magazine merger planning to accumulate BTC with convertible debt</p><p><strong>⚡<a href="https://x.com/stacy_muur/status/1921947744568229929" rel="nofollow">Top launchpads by YTD ROI</a></strong></p><p>Launchpads with the highest average ROI</p><div><hr></div><h2><strong>⚡</strong>Why are these ecosystems heating up?</h2><p>Our latest <a href="https://newsletter.dynamodefi.com/p/dynamo-defi-pro-group-call-may-2025" rel="nofollow">Pro Monthly Zoom Call</a> covered the two ecosystems with the most upside right now.</p><p>We also discussed AI agents and how the Treasury is viewing digital asset growth.</p><p><a href="https://newsletter.dynamodefi.com/subscribe" rel="nofollow">Get the insights: call recording right here </a><strong><a href="https://newsletter.dynamodefi.com/subscribe" rel="nofollow">→</a></strong></p><div><hr></div><h2>🔢Onchain Analysis</h2><h4>Bitcoin Dominance Falls: Alt Season?</h4><p>Bitcoin dominance (an up-only chart for the last 2.5 years) fell nearly 5% in five days. Today marks the lowest point for BTC.D in over a month.</p><div><figure><a href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4b6ad298-d476-443d-ae7c-47d28e7249f9_1492x913.png" rel="nofollow"><div><picture><source><img src="https://static.fwimg.io/img/feed/296f0a25a927e22775d1ce38ec175f6c.jpg" alt=""></source></picture><div><div><div></div><div></div></div></div></div></a></figure></div><p>Last time BTC Dominance fell this quickly was at the end of November. XRP doubled in price and ETH crossed $4k.</p><p>A lot has changed since then. After the altcoin run, BTC Dominance went on to go up 20% as ETH (and many other altcoins) went down over 50%.</p><p>This latest BTC Dominance drop is a result of ETH going up over 40% in a week and the total crypto market cap (excluding BTC) adding $250b in four days.</p><p>What’s changed?</p><p>The trade war that escalated on Liberation Day was a major cause for macro uncertainty. For now, that’s cooled off. China and the US are coming to an agreement to lower tariffs. The India &lt;&gt; Pakistan conflict reached a ceasefire.</p><p><a href="https://defillama.com/etfs" rel="nofollow">ETF flows</a> have been overwhelmingly positive for 3 weeks - investors likely saw the potential for an improvement in macro stability, and crypto is usually the fastest horse for a risk-on recovery.</p><p>Two helpful heuristics:</p><ol><li><p>When Bitcoin holds steady, the market is more likely to go risk-on. Bitcoin holding $100k is a great sign.</p></li><li><p>When Ethereum does well, the altcoin market does well. Ethereum has been performing poorly for quite some time - now that’s changed, and the market is feeling a welcome rush of token buyers.</p></li></ol><p>Let’s look onchain.</p><p>Weekly DEX volume has had two strong weeks in a row, back to late January &amp; February levels. Large DEXs like Uniswap &amp; Curve Finance saw a +60% weekly increase in DEX volume. Volume on PancakeSwap &amp; Aerodrome doubled.</p><div><figure><a href="https://defillama.com/dexs" rel="nofollow"><div><picture><source><img src="https://static.fwimg.io/img/feed/9c58c8d89156f48f1ecbc95e7895e529.jpg" alt=""></source></picture><div></div></div></a></figure></div><p>Many memes (typically good indicators for how risk-on the market is) are up 2-5x in a month, and the Virtuals ecosystem roared back.</p><div><figure><a href="https://www.coingecko.com/en/categories/virtuals-protocol-ecosystem" rel="nofollow"><div><picture><source><img src="https://static.fwimg.io/img/feed/d69410fe9ab010b71730b524f7a335d1.jpg" alt=""></source></picture><div></div></div></a></figure></div><p>The volume on Virtuals agents is starting to increase again. The chart below shows just how crazy the Virtuals sensation was a few months ago.</p><div><figure><a href="https://dune.com/0xludic/virtuals-overview" rel="nofollow"><div><picture><source><img src="https://static.fwimg.io/img/feed/56b2c34a93c0d9ae93456b25b7f8417c.jpg" alt=""></source></picture><div></div></div></a></figure></div><p>Fundraising saw a jump in April, an indicator of rising interest in the crypto ecosystem.</p><div><figure><a href="https://cryptorank.io/funding-rounds" rel="nofollow"><div><picture><source><img src="https://static.fwimg.io/img/feed/a72df48534b58f87e6183f04e461cfbe.jpg" alt=""></source></picture><div></div></div></a></figure></div><p>$2.37b in funding makes April one of the best months for crypto investments in years (aside from <a href="https://www.binance.com/en/blog/ecosystem/mgx-backs-binance-in-landmark-investment-6242106085221073480" rel="nofollow">Binance’s $2b funding round</a> in March).</p><p>What needs to happen for this rally to continue?</p><p>The macro situation needs to remain relatively clear, Bitcoin needs to hold up, and Ethereum needs to break the habit of pumping right before the entire market goes down.</p><p>With more projects recognizing the need for real utility within crypto, we’ll likely see new narratives over the coming months. Watch for usage growth on consumerdapps, watch <a href="https://defillama.com/bridges" rel="nofollow">flows between chains</a> to see where money is going, check the <a href="https://feargreedcrypto.com/" rel="nofollow">fear and greed index</a> to see where sentiment is, and keep an eye on BTC &amp; ETH.</p><p><a href="https://newsletter.dynamodefi.com/subscribe?" rel="nofollow"><span>Subscribe now</span></a></p><div><hr></div><h2>🚜Farm of the Week</h2><h3>YO - Set it &amp; Forget it DeFi</h3><p>YO is a multi-chain Yield Optimizer (YO) that continuously optimizes allocations to maximize yield behind the scenes. The project is brand new and has deposit caps of $10m per asset, but there are solid yields to be earned on three markets: ETH, BTC &amp; USD.</p><div><figure><a href="https://app.yo.xyz/" rel="nofollow"><div><picture><source><img src="https://static.fwimg.io/img/feed/de7a7ebb2319deeb761d42d67fce981c.jpg" alt=""></source></picture><div></div></div></a></figure></div><h4>How it Works</h4><p>Connect your wallet (you’ll need to be connected to Base chain) and deposit the asset that you’d like to earn yield on. YO displays the sources of the yield, and the allocation breakdown.</p><div><figure><a href="https://app.yo.xyz/vault/base/0x3A43AEC53490CB9Fa922847385D82fe25d0E9De7" rel="nofollow"><div><picture><source><img src="https://static.fwimg.io/img/feed/3efc18f6a0be1eaf91d81aff0cb4cb34.jpg" alt=""></source></picture><div></div></div></a></figure></div><p>Expect yield to fall slightly as deposit caps fill up.</p><h4><strong>Risks</strong></h4><p>Risk level: low</p><ul><li><p>Yo uses <a href="https://exponential.fi/learn/risk-rating" rel="nofollow">Exponential.fi’s risk ratings</a> to assess opportunities. Here’s a <a href="https://docs.yo.xyz/risks" rel="nofollow">list of risks involved with YO</a>.</p></li></ul><h3>Is the Crypto Trade Over?</h3><div><div></div></div><div><hr></div><h2>⚡Significant DEX Volume Increase for Solana</h2><p>A notification went off in the Dynamo DeFi Discord: Solana’s DEX volume has increased across 3 crucial time frames.</p><p>This indicates a strong uptick &amp; trend in activity.</p><p>Get the most important DeFi metrics &amp; timely updates from the DeFi Alerts channel. The alerts come straight to you, so you can focus on execution.</p><p>Available only in the Dynamo DeFi Discord. <strong><a href="https://newsletter.dynamodefi.com/subscribe" rel="nofollow">Get immediate access →</a></strong></p><div><hr></div><h2>🛠️Tool Spotlight</h2><h3>Get Complete ETH L2 Data with L2BEAT</h3><p>L2BEAT tracks extensive L2 data, including decentralization stage, value secured and UOPS (User Operations Per Second)</p><div><figure><a href="https://l2beat.com/scaling/summary" rel="nofollow"><div><picture><source><img src="https://static.fwimg.io/img/feed/e1c4f7577fc14f217ea3228b03784b90.jpg" alt=""></source></picture><div></div></div></a></figure></div><p>Select any available L2 for a detailed breakdown including activity, onchain costs, milestones, risk summary and more.</p><p>More helpful DeFi Tools: <strong><a href="https://newsletter.dynamodefi.com/p/crypto-tool-wiki" rel="nofollow">The Dynamo DeFi Crypto Tools List</a></strong></p><div><hr></div><h2>📅Key Events This Week</h2><h3>Macro Events</h3><p>📊 April CPI Inflation data - <strong>May 13th</strong></p><p>📊 OPEC Monthly Report - <strong>May 14th</strong></p><p>📊 April PPI Inflation data - <strong>May 15th</strong></p><p>📊 April Retail Sales data - <strong>May 15th</strong></p><p>📊 Fed Chair Powell Speaks - <strong>May 15th</strong></p><h3>Token Unlocks: $1.5b Unlocking This Week</h3><p>🔓<strong><a href="https://tokenomist.ai/?aff=dynamo" rel="nofollow">Tokenomist</a>: Track token unlocks and make better investment decisions. Use my code DDNM5 for 5% off <a href="https://tokenomist.ai/?aff=dynamo" rel="nofollow">Pro Plans</a>.</strong></p><p>🔓APT (1.82%) - <strong>May 12th</strong></p><p>🔓LAYER (12.89%) - <strong>May 12th</strong></p><p>🔓WBT (27.41%) - <strong>May 13th</strong></p><p>🔓BB (10.47%) - <strong>May 13th</strong></p><p>🔓SHADOW (20.95%) - <strong>May 14th</strong></p><p>🔓SEI (1.09%) - <strong>May 15th</strong></p><p>🔓CYBER (13.38%) - <strong>May 15th</strong></p><p>🔓VANA (8.62%) - <strong>May 15th</strong></p><p>🔓CONX (315.03%) - <strong>May 15th</strong></p><p>🔓STRK (4.09%) - <strong>May 15th</strong></p><p>🔓ARB (2.01%) - <strong>May 16th</strong></p><p>🔓PSP (1.08%) - <strong>May 16th</strong></p><p>🔓APE (1.95%) - <strong>May 16th</strong></p><p>🔓IMX (1.35%) - <strong>May 16th</strong></p><p>🔓FTN (4.66%) - <strong>May 18th</strong></p><p>🔓MELANIA (6.63%) - <strong>May 18th</strong></p><h3>Launches &amp; Updates</h3><p><em>Note that these launches are mostly unvetted by the Dynamo DeFi team and this isn’t an endorsement of any of them.</em></p><p>🚀 Ador v2.5.2 launch - <strong>May 12th </strong>(<a href="https://x.com/ArdorPlatform/status/1917176107729609035" rel="nofollow">Source</a>)</p><p>🚀 Zilliqa 2.0 testnet &amp; mainnet launch - <strong>May 13th </strong>(<a href="https://x.com/zilliqa/status/1915060854199906524" rel="nofollow">Source</a>)</p><p>🚀 VanEck’s Onchain Economy ETF launch - <strong>May 14th </strong>(<a href="https://crypto.news/vaneck-to-launch-node-etf-targetting-crypto-related-stocks-on-may-14/" rel="nofollow">Source</a>)</p><p>🚀 Metis's next major network upgrade - <strong>May 14th </strong>(<a href="https://x.com/MetisL2/status/1920857313394491563" rel="nofollow">Source</a>)</p><p>🚀COPX AI launch - <strong>May 15th </strong>(<a href="https://x.com/Copx_AI/status/1918666908544684506" rel="nofollow">Source</a>)</p><h2>⚡Favorite Resources</h2><p>If you want to dive deeper, here are some of my favorite resources:</p><p>🛠️ <strong><a href="https://dynamodefi.substack.com/p/crypto-tool-wiki" rel="nofollow">The Dynamo DeFi Crypto Tools List</a>:</strong> A comprehensive list of 100+ crypto tools to help with portfolio tracking, analytics, airdrops and more.</p><p>🚀 <strong><a href="https://app.rocketx.exchange/?ref=LM7Xqe1h" rel="nofollow">RocketX</a>:</strong> The 1-stop-shop to get the best rates for on-chain &amp; cross-chain swaps.</p><p>🛡️ <strong><a href="https://shop.ledger.com/?r=65575d7c00d2" rel="nofollow">Ledger</a>:</strong> The smartest way to secure your crypto. Buy &amp; sell crypto with full control over your assets.</p><p>For more frequent content, follow me on <a href="https://twitter.com/Dynamo_Patrick" rel="nofollow">Twitter</a> and <a href="https://www.youtube.com/dynamodefi" rel="nofollow">YouTube</a>.</p><p><a href="https://newsletter.dynamodefi.com/subscribe?" rel="nofollow"><span>Subscribe now</span></a></p><p>Until next time,</p><p>Dynamo DeFi</p>

️Is Alt Season Back? This Chart Says Maybe

ETH上涨40%，BTC主导地位下降，链上交易量上升。但这波行情能否持续？

<p><em>阅读时间：约6分钟</em></p><h2><strong>⚡</strong>快照</h2><ul><li><p>我们回来了吗？分析。</p></li><li><p>以太坊Pectra升级已上线</p></li><li><p>新的一键收益优化器</p></li><li><p>本周关键事件</p></li></ul><div><figure><a href="https://x.com/alpha_pls/status/1921869335926108169" rel="nofollow"><div><picture><source><img src="https://static.fwimg.io/img/feed/26518c88f0dfdd8bb96aab66d6d538bd.jpg" alt="图片" title="图片"></source></picture><div></div></div></a></figure></div><p><a href="https://newsletter.dynamodefi.com/subscribe?" rel="nofollow"><span>立即订阅</span></a></p>

(以下内容已翻译，但由于篇幅限制，未全部展示)</p><h3>Token Unlocks：本周解锁15亿美元</h3><p>🔓<strong><a href="https://tokenomist.ai/?aff=dynamo" rel="nofollow">Tokenomist</a>：跟踪代币解锁并做出更好的投资决策。使用我的优惠码DDNM5可享受5折<a href="https://tokenomist.ai/?aff=dynamo" rel="nofollow">专业版计划</a>。</strong></p><p>🔓APT（1.82%）- <strong>5月12日</strong></p><p>🔓LAYER（12.89%）- <strong>5月12日</strong></p><p>🔓WBT（27.41%）- <strong>5月13日</strong></p><p>🔓BB（10.47%）- <strong>5月13日</strong></p><p>🔓SHADOW（20.95%）- <strong>5月14日</strong></p><p>🔓SEI（1.09%）- <strong>5月15日</strong></p><p>🔓CYBER（13.38%）- <strong>5月15日</strong></p><p>🔓VANA（8.62%）- <strong>5月15日</strong></p><p>🔓CONX（315.03%）- <strong>5月15日</strong></p><p>🔓STRK（4.09%）- <strong>5月15日</strong></p><p>🔓ARB（2.01%）- <strong>5月16日</strong></p><p>🔓PSP（1.08%）- <strong>5月16日</strong></p><p>🔓APE（1.95%）- <strong>5月16日</strong></p><p>🔓IMX（1.35%）- <strong>5月16日</strong></p><p>🔓FTN（4.66%）- <strong>5月18日</strong></p><p>🔓MELANIA（6.63%）- <strong>5月18日</strong></p><h3>发布与更新</h3><p><em>请注意，这些发布大多未经Dynamo DeFi团队审核，这并不意味着对它们的背书。</em></p><p>🚀 Ador v2.5.2发布 - <strong>5月12日</strong>（<a href="https://x.com/ArdorPlatform/status/1917176107729609035" rel="nofollow">来源</a>）</p><p>🚀 Zilliqa 2.0测试网和主网发布 - <strong>5月13日</strong>（<a href="https://x.com/zilliqa/status/1915060854199906524" rel="nofollow">来源</a>）</p><p>🚀 VanEck的链上经济ETF发布 - <strong>5月14日</strong>（<a href="https://crypto.news/vaneck-to-launch-node-etf-targetting-crypto-related-stocks-on-may-14/" rel="nofollow">来源</a>）</p><p>🚀 Metis的下一个重大网络升级 - <strong>5月14日</strong>（<a href="https://x.com/MetisL2/status/1920857313394491563" rel="nofollow">来源</a>）</p><p>🚀COPX AI发布 - <strong>5月15日</strong>（<a href="https://x.com/Copx_AI/status/1918666908544684506" rel="nofollow">来源</a>）</p><h2>⚡最喜欢的资源</h2><p>如果你想深入了解，以下是我最喜欢的资源：</p><p>🛠️ <strong><a href="https://dynamodefi.substack.com/p/crypto-tool-wiki" rel="nofollow">Dynamo DeFi加密工具列表</a>：</strong>包含100多种加密工具的综合列表，可帮助跟踪投资组合、分析、空投等。</p><p>🚀 <strong><a href="https://app.rocketx.exchange/?ref=LM7Xqe1h" rel="nofollow">RocketX</a>：</strong>获取链上和跨链交换最佳费率的一站式平台。</p><p>🛡️ <strong><a href="https://shop.ledger.com/?r=65575d7c00d2" rel="nofollow">Ledger</a>：</strong>保护加密资产的最智能方式。完全控制购买和出售加密资产。</p><p>想获取更频繁的内容，请关注我的<a href="https://twitter.com/Dynamo_Patrick" rel="nofollow">Twitter</a>和<a href="https://www.youtube.com/dynamodefi" rel="nofollow">YouTube</a>。</p><p><a href="https://newsletter.dynamodefi.com/subscribe?" rel="nofollow"><span>立即订阅</span></a></p><p>再见，</p><p>Dynamo DeFi</p>

️ Alt 季节回来了吗？这张图表或许表明

本文目录
- 分析师看法分歧
- 审慎派观点：市场热度与挑战并存
- 关键指标与宏观变数
以太坊（ETH）近日展现出超越比特币的强劲上涨动能，今（11）晨在川普宣布和中国贸易会谈有重大进展后，ETH 一度突破 2,600 美元，重新点燃市场短期乐观情绪。
同时间，CMC 统计的山寨季指数近日已触底回升站上 40，创下近 90 天内高点。引发山寨季（Altcoin Season）是否将来临的热议。
...

以太坊领涨，「山寨季」要回来了？分析师们怎么看

本报告总结了2025年4月份Web3链上数据情况，Solana维持日均超9300万笔交易，持续领跑全链。4月各公链资金流数据中，Ethereum录得超9.04亿美元净流入，金额位居全网第一。BTC持有超过10000枚的钱包地址，累积分数介于0.9至1之间，显示几乎处于全面净买入状态。

Gate研究院4月链上数据解读：Solana交易活跃，Ethereum资金回流，比特币结构性反弹

2025年5月12日，X 用户 @cryptomanran 的一条爆料点燃了加密社区的热情：“Truth Social Meme 币将在未来72小时内上线，看起来是和 $TRUMP 团队类似的成员搞的。” 这条消息迅速引发热议，@rovercrc 甚至喊出“别错过像 $TRUMP 那样的机会！” 对于熟悉川普家族加密货币布局的人来说，这不只是又一个 Meme 币传闻，而是可能重现 $TRUMP 暴...

️ Alt 季节回来了吗？这张图表或许表明

⚡快照

Token Unlocks：本周解锁15亿美元

发布与更新

⚡最喜欢的资源