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ETH MVRV Below 0.8, ARB Fee Structure & THORChain Bug | Jul 11
Audio is available on Spreaker — see link below.
Ethereum's MVRV ratio has dropped below 0.8 — a level that marked every major long-term bottom — just as spot ETH ETF inflows turn positive for the first time since May. Plus: why Robinhood Chain's $568M volume day tells you almost nothing about ARB's fundamental repricing, THORChain's consensus bug, and a joint Hyperliquid-Phantom CFTC filing.
Audio is available on Spreaker — see link below.
Robinhood Chain posted five hundred sixty-eight million dollars in daily trading volume on July eighth, and ARB jumped nineteen percent on the back of it. Here's the key thing: that volume tells you almost nothing about whether ARB is repricing on fundamentals.
The composition of that volume makes the narrative even harder to sustain. Robinhood Chain was built for tokenized stocks and Treasury bonds.
Nine days after launch, confirmed reports surfaced of wallet drainers, honeypot contracts, and phishing schemes already active on the network. That's fast even by permissionless chain standards.
Separate from the Arbitrum story, Ethereum's on-chain setup is worth attention. The MVRV ratio has dropped below zero point eight.
On the infrastructure side, THORChain has paused vault rotation after a consensus bug during churning. Three older bugs chained together created an exploitable condition.
Two other developments are worth tracking. Hyperliquid and Phantom filed jointly with the CFTC, pushing to distinguish open-source software development from regulated financial intermediation.
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