Liquidity-weighted average lending yields across Aave & Compound
Since early this month, stablecoin yields have trended upwards with USDT lending yields spiking as high as 16%
Algorithmic stablecoin DAI, also saw a similar uptick and now trades on par with other dollar-collateralised stablecoin
Total Stablecoin value locked in Aave and Compound
USDC TVL
USDT TVL
DAI TVL
TUSD TVL
WBTC TVL
WETH
This month also brings a strong and sustained inflow of ETH tokens into the borrowing and lending markets.
We see both the borrowing demand for the token, as well as the lending liquidity available drastically increase
The same could only be said for BTC earlier on in the month, as new deposits the increase in lending liquidity has since plateaued
Uniswap V3
Uniswap V3 Hourly Volumes
Uniswap V3 Hourly Volumes
Liquidations
Aggregate Liquidations across Aave & Compound
This month has so far seen a modest amount of liquidations occur so far, the largest of which was a $127K TUSD that was collateralising an ETH loan on AAVE
The transaction was carried out by an MEV bot, which used a combination of flash loans and atomic swaps to capitalise on the opportunity single transaction
Bitget’s Cross-Asset Unified Account (UTA) allows 370+ eligible assets, including 125 tokenised US stocks, to act as margin rather than sit idle. We model a representative $1M multi-asset portfolio of tokenised equities and crypto perpetual swaps and find it requires ~$165K less USDT margin, roughly half the capital otherwise required. But the efficiency depends on the type of collateral, not just how much of it there is: collateral that moves in line with the positions it backs brings the liquidation point six percentage points closer than holding USDT. We also map liquidation risk by collateral volatility and correlation, and explore the UTA’s use cases beyond margining.
The first half of 2026 was characterized by cross-asset volatility from cryptocurrencies to US equities and precious metals. Of the three asset classes however, crypto prices have fared the worst, with BTC down 50% from its October 2025 all-time high and ETH down more than 66% from its respective August 2025 high. Each successive leg lower in crypto-asset prices through the year was driven by a different factor — some were idiosyncratic to digital assets, and others a consequence of a deteriorating macro backdrop.
Realized volatility has fallen sharply following the announcement of an interim peace agreement between the US and Iran, reversing much of the volatility spike that accompanied BTC's brief drop below $60K earlier this month. As such, realized volatility is returning to the subdued levels that have characterized the May-to-August summer period since 2023. Options markets are increasingly pricing for those calmer conditions to persist. Short-dated BTC at-the-money implied volatility has fallen to 33%, only marginally below longer-dated tenors at 37%, leaving volatility expectations close to their year-to-date lows across the term structure.