Over the past 60 days, Bitcoin’s share of trading volume has surged and has come to dominate block space. This is not an isolated piece of news. Behind it, the market narrative is actually shifting from traditional finance to DeFi. 1. First, let’s look at market changes. Bitcoin’s 60% trading volume share and 40% block space share are far beyond those of other assets—something extremely rare in history—signaling a major shift in market preference. 2. This is not just Bitcoin’s strength; it also reflects the growing influence of the DeFi ecosystem. As a DeFi project, Alkanes has seen both a sharp rise in development activity and in trading volume, already drawing significant capital attention. If this continues to build momentum, it could rewrite a flow of funds. 3. Next, don’t just watch the price—watch the activity level of DeFi projects and the inflow of capital. The Alkanes alpha development team is highly active and working at full throttle, which may be a new starting point for DeFi narratives. 4. Today’s key variables to monitor are DeFi projects’ capital inflows and activity levels, especially projects like Alkanes. Today’s watchlist: 1. Alkanes’ trading volume and capital inflows; 2. Bitcoin’s trading volume share and block space share; 3. Capital inflows to other DeFi projects; 4. Changes in the market’s overall attention to DeFi. If you can only watch one variable, which one would you choose?

BTC DeFi market capital flow line, capital inflow