Helping institutions, builders, and individuals power the future with liquidity, capital, ideas, and infrastructure. Managing Partner: @ag_dwf
Joined June 2022
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Every week we publish our perspectives on the markets (and more) through the lens of a market-tested liquidity provider, investor and incubator.
→ Eyes on the Market, our weekly market briefing
→ Research from @DWFVentures
→ Data stories and commentary
Be the first to read: dwflabs.substack.com/
Big ETF outflow on a day BTC barely moved?
It’s the one setup worth watching: BTC fell over the next 20 days in 8 of 12 cases. But all of those came from just three sell-offs.
A warning, not a signal.
DWF Labs retweeted
US spot Bitcoin ETFs saw outflows in seven of eight selloffs of at least 15% since January 2024, @DWFLabs found.
Withdrawals hit a record $8.2B during the May–June 2026 decline, when Bitcoin fell 28.8%.
via @hardeyjumoh
cryptoslate.com/bitcoin-etfs…
Building and collaboration IRL. At this week’s HotDesk Wednesday, we brought our Dubai community together for a chance to connect, work, and learn.
@Legoman_Grizu from @hypewrks hosted a workshop on how GenAI is reshaping video production and how teams can collaborate at scale.
To join next week’s HotDesk event, register here: luma.com/th1tt2tg
Catch our team in Dubai 🇦🇪
@ag_dwf and @AlessiaBaumgar will be speaking at @BlLife_Forum on 1-2 December.
See you there:
blockchain-life.com/?utm_sou…
Eyes on the Market Vol. 26: Inflation Running Hot
BTC fell 2.47% from Monday’s open to Friday’s close. The Nasdaq fell 4.43% on an AI selloff. BTC lost a little over half as much as tech. ETH fell 4.81% and lost the relative strength against BTC we have tracked since July.
What moved markets this week:
→ Core CPI beat. Headline rose 0.6% m/m as expected, but core rose 0.3% against 0.2% expected and 2.6% y/y against 2.5%. Annual core had hit its lowest level since March 2021 a month ago. That low has now reversed.
→ PPI rose 1.3%, its largest monthly gain since March 2022. Goods prices rose 2.6%, a record for the series. Crude oil inputs jumped 28.3%, costs businesses have not yet passed on.
→ October hike odds on Polymarket jumped from 22% to 48% on CPI, then fell to 13% after Warsh declined to signal the October 27–28 decision.
→ MSCI adopted its non-operating company screen. Strategy and Metaplanet are on the provisional deletion list, effective November 30.
→ ETFs lost $548.5M. ETH ETFs posted a third straight outflow week, $1B over three weeks, reversing 62% of their 2026 inflows.
Catch @Lingersj, Partner, at the @DAF_Global Forum in New York City on 13 November 2026.
Register to see her on stage: eblockchainconvention.com/di…
Lingling Jiang (@Lingersj) brings 10+ years across derivatives, global markets and digital assets, with experience at BNP Paribas, Point72 and OSL.
Today, as Partner at @DWFLabs, she works across liquidity, venture investment and ecosystem development. She also serves as Partner at Falcon Finance, driving partnerships across DeFi, security and RWAs.
Lingling joins the DAF New York speaker lineup this November.
Be in the room where institutional digital assets get decided:
eblockchainconvention.com/di…
Key events for the week ahead:
Tuesday, October 20
US: The comment period closes on the SEC’s Regulation Crypto Assets proposal.
Wednesday, October 21
EIA crude inventories, 10:30am ET.
Thursday, October 22
US: Initial jobless claims, 8:30am ET. The prior reading was 199K, consensus is 200K.
Friday, October 23
US: S&P Global flash manufacturing and services PMIs, 9:45am ET. September’s readings were 55.9 for manufacturing and 58.8 for services.
Reminder: Tomorrow at HotDesk Wednesday, @hypewrks’ Grahame will share how GenAI is reshaping video production and how teams can collaborate at scale.
Building? Come along.
T-2 days: HotDesk Wednesday in Dubai with Grahame, Art Director and Head of GenAI Production at @hypewrks covering creative operations and workflows.
October 21, 10AM - 6PM GST.
Work alongside our team, community, and more.
luma.com/bar073rc
Registration required, connection guaranteed.
T-2 days: HotDesk Wednesday in Dubai with Grahame, Art Director and Head of GenAI Production at @hypewrks covering creative operations and workflows.
October 21, 10AM - 6PM GST.
Work alongside our team, community, and more.
luma.com/bar073rc
T-2 days: HotDesk Wednesday in Dubai with Grahame, Art Director and Head of GenAI Production at @hypewrks covering creative operations and workflows.
October 21, 10AM - 6PM GST.
Work alongside our team, community, and more.
luma.com/bar073rc
The Bright Side is our research series on the parts of the market thriving amid volatility. It's also a chance for our team to dive a little deeper.
Last week: tokenized equities. Strong pick up so far.
Full read 👇
About 8% of tokenized equities’ market cap is now deployed in DeFi. It was roughly 2% in January.
DeFi active TVL grew from $15.5M to $313M this year. That’s about 20x, against 5.8x for market cap.
Where it's sitting:
1) Spot DEX pools (Uniswap V4, Raydium, Aerodrome): $77.9M
2) Lending and borrowing (Kamino, Jupiter Lend, Frankencoin): $51.3M
3) Saturn: $50.9M
4) Figure Markets Exchange: $48.9M
5) Pendle: $42.6M
The top ten protocols hold 89% of the total.
Weekly spot DEX volume in tokenized equities surged from $45.8M to $2.54B this year.
55x, against 5.8x for market cap.
Volume reached $7.26B in the week of Aug 31, 158x the January level. Robinhood Chain accounted for 74% of that ($5.36B).
Trading has also spread beyond Solana, which carried 99.8% of volume in January.
1) @solana: 31%
2) @RobinhoodCrypto Chain: 26%
3) @BNBCHAIN: 25%
4) @base: 18%
Trading has grown as a share of onchain movement too: 14.5% of transfer volume in October, up from 10.9% in January.
