catching up on my mail just to see that some of my favorite newsletters by Blockworks is shutting down. this is a sad day for me, as not only were these top tier newsletters, i also relied on it for personal research, as i also write a newsletter. these were my lens to nfts,

Analytic Sages Weekly Recap - 9th November, 2025 👋 A Note from the Founder Hey Sages, Every market cycle tests your patience. Every dataset tests your focus. But the goal was never to be loud. it was to be right. True builders don’t wait for trends to validate them; they use

sent out 📤 this week's newsletter. happy reading 🤓 in this week’s week in charts, i broke down the structural shifts shaping crypto: • solana DATs are slowing, with mNAV discounts limiting new SOL accumulation • bitcoin at 1,084 days since its cycle low, right in the

$btc price respecting the 1yr MA. this is the line in the sand for bull markets as losing this has resulted in bear markets 100% of the time.

.Plasma stablecoin supply is down -74% from its peak of $6.35b to $1.63. this is despite the 977k $xpl ongoing incentive program, juicing up lending rates on Aave to 8.5%. this is supposed to be a stablecoin chain primarily, so this is a major concern imo.

about $5b have left the Plasma ecosystem in the past 2 weeks, despite high incentives. you'd be expecting to see the opposite. CT is increasingly getting difficult to impress.

sui dexs recorded $2.4b in volumes last week, with MomentumⓂ️Ⓜ️T accounting for 42% of that at $1b.

$sol etfs has had consistent inflows in the past 2 weeks, despite $btc and $eth seeing outflows and sol price declining.

both $btc, $eth, $sol, and most of the markets are down YTD. the irony that nobody's bitcoin price prediction for 2025 will come true is crazy and funny.

in a year time, it will be so obvious in hindsight that the DAT buying spree was actually this cycle’s top.

about a month ago Bankless had Thomas (Tom) Lee (not drummer) FSInsight.com and Arthur Hayes on the pod calling for $15k $eth by EOY. a week later, had Michael Nadeau | The DeFi Report says the cycle is over. so far, micheal has been right on the money. is why you never miss an episode.

every time bitcoin has closed below the 50-week MA, it was a bear market, and prices would go on to decline an additional 50% - 65%. happened in 2014, 2018, 2022, and again last week. with an avg decline of 60%, $btc could reach $38k by next year. these are just fractals,

$mstr officially trading below 1 mNAV in a very long time. this makes ATM share offerings dilutive, and less buying powder for $btc. tradfi investors got to earn their stripes, brother.

$btc officially lost the 1yr MA. hello bear market

despite falling prices of $pump, pump.fun made ~$10m in revenue last week. pumpfun might just keep printing revenues even during the bear market.

maybe we have gone past that chasm where solana was the leading network in terms of revenue as its share has shrunk from 21% to 12% in the last 2 months. perhaps this is no longer a casual flip, and Hyperliquid is now the new leader.