Reflexivity Research

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This week, Hyperliquid has crossed ~$4 Trillion in cumulative perp volume while today the Assistance Fund has reached $1B in total buybacks, burning 41.71M HYPE (4.17% of supply) forever.

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This week, @tethergold took the spotlight in our newsletter as we covered how XAU₮ is enabling the first-ever gold dividend distribution by a public gold company. To read more about XAU₮, check out our research piece for Valour below

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This week, @LayerZero_Core held the spotlight in our weekly newsletter as we took a closer look at Zero: The Decentralized Multi-Core World Computer

📊 Introducing the DEFT Valour Investment Opportunity Index (DVIO) Weekly Report We are pleased to release the first edition of our weekly intelligence report tracking how institutional capital is being allocated across digital assets. The DVIO Index monitors 50 digital assets within @ValourFunds' regulated ETP ecosystem, with weights updated weekly based on assets under management and capital flow momentum. The result is a transparent, rules-based view of where regulated investor capital is actually moving, reflecting real institutional positioning rather than purely price-driven allocation. Key insights from this week’s report (February 6, 2026): 🔹 @Bitcoin continues to dominate institutional capital allocation, accounting for more than 50% of total weekly inflows. 🔹 The DVIO Altcoin Barometer (DAB) indicates a rotation toward #Bitcoin, suggesting a consolidation in investor positioning. 🔹#HYPE recorded strong positive momentum, ranking among the top assets for both weekly price performance and net inflows, signaling increasing investor conviction. 🔹 Weekly index rebalancing resulted in @iota being added to the Index, reflecting evolving capital allocation trends across the Valour ETP ecosystem. The DVIO Weekly Report provides: 🔹 Detailed capital flow analysis 🔹 Price–flow divergence indicators ⁠⁠🔹Institutional accumulation and distribution signals ⁠⁠🔹 A Watchlist tracking emerging assets outside the Top 50 for early-stage momentum signals DVIO is designed to deliver the institutional clarity digital asset markets have long needed, translating Web3 complexity into structured, decision-ready intelligence that asset managers and professional investors can analyze, interpret, and act upon. To learn more about the DVIO Index, its insights framework, and how Valour’s regulated ETP ecosystem can support digital asset portfolio strategy, risk management, and allocation decisions, please contact @forson. 📩 #DeFiTechnologies #Valour #DigitalAssets #InstitutionalFinance #DVIO #AssetAllocation #CryptoETPs @reflexivityres @DigitalStillman @HyperliquidX

Reflexivity Research: January 2026 Monthly Review 📊 Sentiment turns defensive as Bitcoin ETFs see -$1.6B outflows and Fear & Greed hits 26. Yet institutional rails advance: NYSE plans 24/7 trading platform, Valour launches staking ETPs on LSE, and stablecoins expand across payments. Security incidents accelerate with $26M Truebit exploit, but product velocity stays high with wallet-native prediction markets and ETHGas enabling 240x faster Ethereum UX. Read our full analysis: coinmarketcap.com/academy/articl… (CMC Research Partner)

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This week, @OndoFinance took the spotlight in our weekly newsletter as we took a closer look at their summit and new @OndoPerps product

Also now live on @CoinMarketCap: coinmarketcap.com/community/arti…

Check out our latest report on @LayerTwoLabs

As digital assets mature, investors need higher-quality signals to navigate increasingly complex market dynamics. 💡 The DEFT Valour Investment Opportunity (#DVIO) Index, developed by DeFi Technologies, leveraging data from its regulated ETP platform @ValourFunds, is an institutional-grade benchmark designed to show how regulated investor capital is allocated across digital assets. 📊 #Valour operates a world-leading portfolio of over 100 regulated digital asset #ETPs listed on major securities exchanges, providing a uniquely broad and consistent dataset that enables the generation of high-quality, data-driven capital-flow signals. Unlike metrics based on price movements or fragmented exchange data, the DVIO Index tracks real capital flows through Valour’s regulated and structurally efficient #ETP ecosystem. 📈 By leveraging consistent pricing, transparent fee structures, and uniform product design, the Index delivers a forward-looking view of investor positioning, sentiment, and capital rotation with enhanced signal quality. With weekly rebalancing reflecting changes in capital allocation and net flows across the top 50 digital assets by AUM within Valour’s offering, DVIO provides: 🔹 ⁠A clearer view of institutional sentiment 🔹 ⁠Insight into capital rotation beyond price movements 🔹 ⁠A consistent, regulated, and data-driven framework for understanding capital allocation 🔍 Beyond benchmarking, DVIO serves as the foundation for a broader analytics and insights platform, supporting research, portfolio construction, reporting, and the development of future index-linked investment products and licensing opportunities. DVIO establishes a new reference point for professional digital asset investors. 🔗 defi.tech/indices/overvi… @DigitalStillman @reflexivityres

DeFi Technologies Insights Symposium – São Paulo 🇧🇷 On March 16, 2026, DeFi Technologies will host an exclusive, in-person symposium in São Paulo, bringing together senior leaders across traditional finance and digital assets to discuss the next phase of institutional crypto adoption. Hosted in partnership with @mmerge_io, this private forum will feature proprietary data and market intelligence derived from the DEFT Valour Investment Opportunity (#DVIO) Index, offering participants a unique perspective on how regulated capital is shaping digital asset markets. ⁠🌐 The discussion will explore: 🔹 ⁠Where institutional capital is moving and the drivers behind those flows 🔹 ⁠Underrated opportunities emerging beneath the surface 🔹⁠ ⁠The fundamental narratives supporting today’s leading digital assets 🔹 ⁠How institutions are positioning for the next phase of growth Brazil is becoming a strategic hub in global digital assets. In December 2025, @ValourFunds expanded into the Brazilian market through the launch of BRL-denominated digital asset #ETPs listed on @B3_Oficial, alongside BDRs representing DeFi Technologies’ publicly listed shares, providing local investors access to digital assets through familiar and regulated capital market infrastructure. Valour currently lists six instruments on B3: ⁠🔹 ⁠DEFT31 (ISIN: BRDEFTBDR004) ⁠🔹 ⁠⁠BTCV (Valour Bitcoin, ISIN: BRBTCVBDR009) ⁠🔹⁠ ⁠⁠ETHV (Valour Ethereum, ISIN: BRETHVBDR002) ⁠🔹⁠ ⁠⁠XRPV (Valour Ripple, ISIN: BRXRPVBDR009) ⁠🔹⁠ ⁠⁠VSOL (Valour Solana, ISIN: BRVSOLBDR005) ⁠🔹⁠ ⁠⁠VSUI (Valour Sui, ISIN: BRVSUIBDR008) 🔒 Invitation-only | Limited capacity 📝 Attendance is subject to confirmation 👉 Request an invitation via our Luma page: luma.com/a2zu32wi @reflexivityres @DigitalStillman @BlackVogel_ @BTQ_Tech

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This week, @virtuals_io took the spotlight in our weekly newsletter. We give a higher-level overview of their 60 days initiative

h/t @hydromancerxyz for the data (flowscan.xyz)

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Hyperliquid is the highlight in this week’s newsletter. HIP-3 open interest is up nearly 3x over the past 30 days, reaching a new all-time high of ~$800M. Below is a snapshot of HIP-3 open interest market share.