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上漲40%，BTC主導地位下降，鏈上交易量上升。但這波行情能否持續？

<p><em>閱讀時間：約6分鐘</em></p><h2><strong>⚡</strong>快照</h2><ul><li><p>我們回來了嗎？分析。</p></li><li><p>以太坊Pectra升級已上線</p></li><li><p>新的一鍵收益最佳化器</p></li><li><p>本週關鍵事件</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="圖片" title="圖片"></source></picture><div></div></div></a></figure></div><p><a href="https://newsletter.dynamodefi.com/subscribe?" rel="nofollow"><span>立即訂閱</span></a></p>

(以下內容已翻譯，但由於篇幅限制，未全部展示)</p><h3>Token Unlocks：本週解鎖15億美元</h3><p>🔓<strong><a href="https://tokenomist.ai/?aff=dynamo" rel="nofollow">Tokenomist</a>：跟蹤代幣解鎖並做出更好的投資決策。使用我的優惠碼DDNM5可享受5折<a href="https://tokenomist.ai/?aff=dynamo" rel="nofollow">專業版計劃</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>釋出與更新</h3><p><em>請注意，這些釋出大多未經Dynamo DeFi團隊稽核，這並不意味著對它們的背書。</em></p><p>🚀 Ador v2.5.2釋出 - <strong>5月12日</strong>（<a href="https://x.com/ArdorPlatform/status/1917176107729609035" rel="nofollow">來源</a>）</p><p>🚀 Zilliqa 2.0測試網和主網釋出 - <strong>5月13日</strong>（<a href="https://x.com/zilliqa/status/1915060854199906524" rel="nofollow">來源</a>）</p><p>🚀 VanEck的鏈上經濟ETF釋出 - <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">來源</a>）</p><p>🚀 Metis的下一個重大網路升級 - <strong>5月14日</strong>（<a href="https://x.com/MetisL2/status/1920857313394491563" rel="nofollow">來源</a>）</p><p>🚀COPX AI釋出 - <strong>5月15日</strong>（<a href="https://x.com/Copx_AI/status/1918666908544684506" rel="nofollow">來源</a>）</p><h2>⚡最喜歡的資源</h2><p>如果你想深入瞭解，以下是我最喜歡的資源：</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多種加密工具的綜合列表，可幫助跟蹤投資組合、分析、空投等。</p><p>🚀 <strong><a href="https://app.rocketx.exchange/?ref=LM7Xqe1h" rel="nofollow">RocketX</a>：</strong>獲取鏈上和跨鏈交換最佳費率的一站式平臺。</p><p>🛡️ <strong><a href="https://shop.ledger.com/?r=65575d7c00d2" rel="nofollow">Ledger</a>：</strong>保護加密資產的最智慧方式。完全控制購買和出售加密資產。</p><p>想獲取更頻繁的內容，請關注我的<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>立即訂閱</span></a></p><p>再見，</p><p>Dynamo DeFi</p>

️ Alt 季節回來了嗎？這張圖表或許表明

本文目錄
- 分析師看法分歧
- 審慎派觀點：市場熱度與挑戰並存
- 關鍵指標與宏觀變數
以太坊（ETH）近日展現出超越比特幣的強勁上漲動能，今（11）晨在川普宣布和中國貿易會談有重大進展後，ETH 一度突破 2,600 美元，重新點燃市場短期樂觀情緒。
同時間，CMC 統計的山寨季指數近日已觸底回升站上 40，創下近 90 天內高點。引發山寨季（Altcoin Season）是否將來臨的熱議。
...

以太坊領漲，「山寨季」要回來了？分析師們怎麼看

本報告總結了2025年4月份Web3鏈上數據情況，Solana維持日均超9300萬筆交易，持續領跑全鏈。4月各公鏈資金流數據中，Ethereum錄得超9.04億美元淨流入，金額位居全網第一。BTC持有超過10000枚的錢包地址，累積分數介於0.9至1之間，顯示幾乎處於全面淨買入狀態。

Gate研究院4月鏈上數據解讀：Solana交易活躍，Ethereum資金回流，比特幣結構性反彈

2025年5月12日，X 用戶 @cryptomanran 的一條爆料點燃了加密社區的熱情：“Truth Social Meme 幣將在未來72小時內上線，看起來是和 $TRUMP 團隊類似的成員搞的。” 這條消息迅速引發熱議，@rovercrc 甚至喊出“別錯過像 $TRUMP 那樣的機會！” 對於熟悉川普家族加密貨幣佈局的人來說，這不只是又一個 Meme 幣傳聞，而是可能重現 $TRUMP 暴...

️ Alt 季節回來了嗎？這張圖表或許表明

⚡快照

Token Unlocks：本週解鎖15億美元

釋出與更新

⚡最喜歡的資源