Uphold Market Commentary Crypto faced another wave of heavy liquidations yesterday, with over $2 billion wiped out, mostly from long positions. BTC briefly broke below $100,000 for the first time since May. ETH underperformed major peers, falling below its YTD open and testing $3,000 support. A modest rebound followed, with BTC back above $103,500 at the time of writing, though risk sentiment remains fragile amid weak equities and a 5-month high in DXY above 100 weighing on broader markets. ETF flows continue to trend negative, with BTC spot ETFs seeing $578 million in outflows and ETH ETFs losing $219 million, both extending to a 5 consecutive days of redemptions. In contrast, SOL ETFs posted $14.8 million in inflows, highlighting a growing divergence in institutional preferences. Meanwhile, Ripple raised $500 million at a $40 billion valuation, reinforcing institutional confidence in infrastructure plays, despite XRP trading 25% lower over the past month, now at $2.26 on Uphold Ascent. Looking ahead, markets are watching the U.S. Supreme Court hearing on Trump tariffs, with Trump urging the court to uphold them, warning a reversal could destabilise markets. The outcome could carry broad policy and sentiment implications heading into year-end. Alt Focus Despite the broader drawdown, a few names continue to stand out. ASTER is holding above $1, showing relative strength, while ZEC remains one of the top performers, up 194% over the past 30 days with minimal pullback. Meanwhile, DeFi sentiment remains fragile. Following the Balancer exploit, Stream Finance reported a $93 million loss tied to its external fund manager. The protocol has since suspended deposits and withdrawals, and its stablecoin XUSD has collapsed 85%, adding to concerns around risk management in on-chain capital allocation platforms. In Layer 1s, Hyperliquid and BNB Chain now capture over 60% of total fees, as Solana's share continues to decline, a sign of shifting momentum toward ecosystems riding the derivatives trading wave. Trading Flows Over the past 24hrs at Uphold we have seen better buying of SHIB (11.51x), AAVE (10.7x) and DOT (8.47x). We have seen better selling of ENS (4.03x), BCH (3.69x) and LDO (3.68x). The 3 most active assets across our platform in the last 24hrs generally have been SOL, ZBCN and HBAR.