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OVERVIEW

First Half Of 2025 Corpse Count: It's An Altpocalypse Out There 🧟

Before we dive in, here’s today’s crypto market heatmap:

And here’s a look at crypto’s total market and altcoin market cap charts:

TECHNICAL ANALYSIS
Q2 2025: The Good, The Bad, And The Terminally Bleeding 💉 

If it wasn’t for a few select altcoins propping up the entire market outside of Bitcoin, the crypto market would look dead. 💀 

And by dead I mean it looks worse than when Terra or FTX collapsed. Don’t believe me? See for yourself.

The Green Gang - Winning by Miles … or Millimeters

Headline-Hog: XRP

Four straight green quarters and highest quarterly close ever. 🤷‍♂️

The Red Registry - Losers, Drifters, and Serial Under-Performers

• Komodo - -67%: Hit a fresh all-time low. Komodo dragons? Extinct.

• Optimism - sixth red quarter in a row lower: Name’s the cruelest joke in crypto.

• Celestia - fifth consecutive red quarter: Galaxy-brain tech, landfill chart.

• Dash - 10-year low: Grandpa coin forgot why it existed.

• Band, BAT, Filecoin, Storj, SKALE, Secret: All posted lowest quarterly closes ever.

• Axie Infinity: Four-year downtrend hasn’t ended since you unboxed that overpriced cartoon monster.

Runner-up misery: Akash, Cosmos, Avalanche, IMX, Mina, NEAR, Sandbox, Tezos, Zcash. Each printed its second (or third… or fifth) consecutive red quarterly candle. The “long-term vision” crowd better have snacks. 🤮 

Micro-Narratives Readers Actually Care About

• Privacy Punch-Up - Monero’s best quarter in four years, Zcash trips on its face. Lesson: pick the right cloak.

• Meme Renaissance - Dogwifhat, BONK, Pepe all spiked.

• NFT Whisper - Apecoin’s +30% hints at a heartbeat in jpeg land. No guarantees the patient survives.

• “AI” Everything - FetchAI and Bittensor nearly +50%. Slap “AI” on a protocol, watch liquidity teleport. Unless you’re Render.

So What?

Q2 rewarded gamblers who held their nose and bought weird stuff: Hyperledger, dogwifhat, Sei. It punished “blue-chip” loyalists clinging to 2021 narratives (looking at you, Cardano and Avalanche).

Range trading is still king. If your coin printed its lowest quarterly close ever, assume capitulation hasn’t finished.

Summer’s up next. Historically lighter volume, heavier nonsense. 😉

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The best part? Their revenue is historically tied to ATM usage, not Bitcoin’s price.

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^{_{The above is for general informational purposes only and is not investment advice nor does it constitute an offer, recommendation, or solicitation to buy or sell a particular financial instrument. Bitcoin Depot is not a registered investment adviser under the U.S. Investment Advisers Act of 1940. Nothing contained herein constitutes a solicitation, recommendation, endorsement, or offer by Bitcoin Depot to buy or sell any securities or other financial instruments}}

TECHNICAL ANALYSIS
H1 2025: Six-Month Sit-Rep-Spoiler, Most of You Bled 🩸

Pretty much the only big name crypto that had a good first half (H1) of 2025 was Bitcoin. Everything else? If it’s red, it looks dead. 😵

Survivors’ Club (Green-and Feeling Smug)

Hemorrhage Hall of Fame (Red)

Broken Streaks & Other Drama

• Five-Plus Green Runs Snapped – Uniswap’s record five-half win streak died at -46 %. BONK and BNB ended three-half runs.

• Triple-Red Club – ATOM, Arbitrum, IMX, Injective, Optimism, SKALE, Tellor hit a third straight red half.

• All-Time Lows – Polkadot, SKALE, Celestia, and a parade of lesser-knowns printed lowest six-month closes ever.

• Range Rulers – AAVE was down 63% mid-March then clawed back to -11%. Volatility loves DeFi.

Micro-Narratives That Matter

• Layer-2 Blues - Arbitrum and Optimism posted worst halves ever. “Scaling” doesn’t scale if price dies.

• Memecoin Meltdown - Doge and Shib both nuked –48%. Apparently the puppy bowl ended.

• AI Bubble Leaks - Injective’s “worst half ever” and Bittensor –24% show hype fatigue.

• Old-Guard Privacy vs. Ghost Chains - Monero thrived while Zcash wasn’t even worth mentioning.

So What?

If you weren’t Bitcoin, Tron, or Monero and some others I didn’t have room to include, the first half felt like a slow, painful death. ☠️ 

STOCKTWITS EDGE INSIGHTS
Retail Is Charged Up About Luckin Coffee ($LKNCY) ☕️ 

China-based coffee chain Luckin Coffee is back on retail’s radar after opening its first U.S. stores in New York City. The fundamental news helped spark a breakout to multi-year highs in the stock, and Stocktwits Sentiment implies retail is betting on even higher prices ahead.

Stocktwits Sentiment and Message Volume have been rising steadily since mid-May, before prices began to move higher. Now, sentiment is at its highest level of the year, sitting firmly in ‘Extremely Bullish’ territory as the stock picks up steam. 🚂 

This social signal appears to confirm the stock’s breakout to nearly five-year highs. Shares are now firmly above their 2024 weekly closing highs near $35.80 and look to be targeting the $50 all-time highs made just before the pandemic. These factors will likely keep the stock atop the Stocktwits trending list this week. 👀 

Add $LKNCY to your watchlist to monitor this setup. More importantly, to source these trade ideas yourself, subscribe to Stocktwits Edge to unlock all the historical sentiment data for equities and crypto. 🔓️ 

NEWS IN THREE SENTENCES
AI, Stablecoins, & Privacy News 🕵️

🆔 Orange’s Human Passport Wants to Prove You’re Not a Bot-Without Showing Your ID

Five reputation scores bundle Sybil resistance, KYC, and sanctions checks into one privacy-friendly credential. Ontology’s ONT ID snaps right in, giving DAOs and gated communities an off-the-shelf “trust but verify” filter. If this sticks, sock-puppet armies might need day jobs. Ontology.

🔎 UMA’s Optimistic Truth Bot Hits 95 % Accuracy and Knows When to Shut Up

In a fake-news desert, cautious robots might be the oasis. The new modular agent scrapes Perplexity, proposes oracle answers, and self-rejects dodgy data before humans ever dispute. AI drafts, the crowd decides-speed without surrendering trust. UMA.

🤖 ASI Alliance Recap: Fitness Firm Buys $55M FET, Bots Plan Your Breakfast

TRNR scooped FET for agentic gym apps as ASI:One rolled out browser, social, finance, and flight-booking agents. Cudo Compute metrics popped, and Fetch.ai teased a $50M token buyback. Artificial Superintelligence Alliance.

NEWS IN THREE SENTENCES
Real World Asset Tokenization (RWA) News 🪙

🔗 Axelar Plugs XRPL EVM into 80+ Chains, Wrapped XRP Gets a Passport

Ripple just outsourced interoperability and saved a whitepaper. Day-one bridge support lets XRPL sidechain hop assets and RWAs across nearly the entire multichain zoo. Squid handles the UI while wrapped XRP doubles as gas. Axelar.

🌍 MANTRA Testnet Goes Full EVM, Claims First MultiVM RWA Playground

Cosmos EVM module on Dukong lets Solidity apps deploy with zero tweaks while CosmWasm hums alongside. Low fees and cross-chain perks aim to lure asset-tokenizers before regulators finish coffee. MANTRA.

NEWS IN THREE SENTENCES
Metaverse, NFT, & Gaming News 🎮️

🗣️ Sonic Pays You to Tweet Nice Things with Kaito Yap Points

Welcome to DeFi where clout literally mints coins. Season 2 airdrop math now counts your Sonic hot takes, not just on-chain clicks. Kaito’s leaderboard tallies every fee-monetization brag and punishes malicious FUD by slashing allocations. Sonic Labs.

NEWS IN THREE SENTENCES
DeFi, DEX, & Lending Protocol News 🏦

📈 Crypto.com Embeds dYdX Engine, Puts Perps in Your Pocket

The Onchain App now serves trillion-dollar dYdX liquidity without leaving self-custody. Traders get mobile perpetuals speed that doesn’t feel like DeFi molasses. Centralized exchanges just lost their last excuse. dYdX.

⚙️ Tezos Bolts a RISC-V Engine Next to WASM for Turbo Rollups

Adding the minimalist instruction set gives devs lower-level control, snappier fraud proofs, and room for JIT magic. WASM stays, RISC-V arrives for power users chasing cheaper gas. Tezos.

LINKS
Links That Don’t Suck 🔗

😃 SEC considers allowing crypto ETFs to launch without 19b-4 filing

🐼 Deutsche Bank taps Bitpanda to launch crypto custody service in 2026: Bloomberg

🍜 $528 million Bitcoin deal just announced by Asian food giant: Details

🤖 Senate strikes AI provision from GOP bill after uproar from the states

🚗 Grand Theft Auto and Red Dead Redemption writer's new novel is about ill-fated game development

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Author Disclosure: The author of this newsletter holds positions in ADA, IMX, COPI, MIN, AGIX, ALGO, ZEC, XLM, and NEAR. 📋