Tazmina Rashid
Research Analyst
Last Updated:
June 27, 2025
•
5 Minutes
DeFi Analytics 27th June 2025
This week's edition of our Crypto DeFi Analytics. BTC’s dramatic fall to under $100K triggered mass liquidations across Aave and Compound and the Beacon Chain balance continues to surge.
Daily Fees Generated across Ethereum, Solana, Tron & Sui
Daily Fee Generation - Last weekend’s spot price volatility across the crypto market saw Ethereum’s daily fee generation spike at over $2M, surpassing Tron which led fee generation for majority of the month.
Solana’s daily fee generation on the other hand remained subdued, fluctuating around the 1M mark and not reacting significantly to market movements.
Daily Fees Generated across Ethereum, Solana, Tron & Sui
Ethereum Gas Market
Hourly Average Gas Fees Burnt per Block
Hourly Average Cost to Transfer ETH (21,000 Gas)
Hourly Average Blob Gas Usage per Ethereum Block
Hourly Average Excess Blob Gas per Ethereum Block
Beacon Chain Balance
Beacon Chain - The Beacon Chain balance again continues its upward trajectory, undeterred by the volatility in the ETH spot market. The pace remains constant, as nearly 1M ETH has been staked in June alone following the SEC’s regulatory guidance on staking.
Beacon Chain Summary
Beacon Chain Balance
Beacon Chain Validator States
Uniswap V3
Uniswap V3 Hourly Volumes - Arbitrum
Uniswap V3 Hourly Transaction Count - Arbitrum
Liquidations
Liquidations - BTC’s dramatic and sudden fall to under $100K on the back of rising Middle East tensions triggered mass liquidations across Aave and Compound. This came as BTC has been comfortably over $100K for the past month.
Aggregate Liquidations across Aave & Compound
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Asian Crypto Pulse
Bitcoin traded sideways near $118K, up 0.8%, with 7-day implied volatility easing from 36.7% to 33%. Ethereum rose over 1% to $3,800, with its 7-day volatility cooling from 70% to 63%. Option skews for BTC and ETH showed short-term sentiment shifts, while altcoins XRP and Solana gained traction. US job openings declined by 275,000 in June to 7.44M, signalling softer labour demand, and Fed rate-hike odds rose to nearly 98%. Strategy, the largest public Bitcoin treasury, purchased 21,021 BTC at $117,256 each, raising its total holdings to 628,791 BTC. The SEC approved in-kind creations/redemptions for Bitcoin and Ether ETPs, while Japan and South Korea advanced crypto regulatory and product initiatives.
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Trade Shifts, Crypto Gains
After weeks of negotiations, the US and the EU have reached a trade agreement that will see a majority of exports from the EU face a 15% tariff. President Trump called it the "biggest of all the deals" and according to the President, the trade deal will also see the EU purchase $750B of energy from the US and invest $600B in the US on top of existing investments. BTC recovered over the weekend from a drop to $115K which coincided with Galaxy Digital helping to facilitate the sale of 80,000 bitcoins "for a Satoshi-era investor" and it currently trades above $119K. ETH's term structure of volatility has inverted once more as front end volatility has jumped from 62% on Saturday to a current level of 71%, while its spot price reached $3,900, a level it last traded at in mid-December 2024. Bitcoin Hashrate is operating in all time high territory at over 1.02 ZH/s.
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Chasing Blocks
Bitcoin rebounded to $119K after briefly dipping near $117K, with its 7-day implied volatility stabilizing around 30%. Ethereum gained over 2% in 24 hours, nearing $3,900, and saw its volatility rise from 63% to 70%. Option skews for both BTC and ETH flipped sharply positive, signaling changing market sentiment. European stocks and S&P 500 futures rose modestly, while the dollar hit a five-week high. ARK Invest added $20M in BitMine shares—now the largest ETH treasury holder—despite the stock falling 11.8%.