Binance Research

Institutions want more crypto, but trust comes first.

🔸 73% plan to add more crypto this year
🔸 80% value security over past returns
🔸 Market-neutral & multi-strat: 92% of AUM
🔸 Oct: BTC -7.2%, directional funds +1.9%*

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#NeoCloud is coming back.

The 5 Nov sell-off was a sector funding and permitting scare. CoreWeave, Nebius and IREN all hit their lows in the same hour. What has come back is not demand, which never really left, but the way the buildout gets financed.

$CRWV ’s Q3 showed customers prepaying about $9B over the next three months, and investment-grade contracts financing most of the related capex. That is why it has already taken out the 4 Nov close, and $IREN , with revenue slipped into 2027, has not. The funding discount is being repaired. The leverage risk is not gone.

$NBIS reports before the open on 12 Nov, and will set the tone for the rest of the group. 24/7 pricing made the split easier to see.

~50% of $NVDA volume traded while US markets were closed on perps since last Friday

🔸 Weekend: 96% of the -7.3% Fri-Mon gap priced pre-open
🔸 Weeknight: 91% of the Mon-Tue gap priced overnight
🔸 Within 0.3% of the open both times

TradFi-Perps never sleep

bStocks is now the #1 tokenized stocks platform by AUM

🔸 US$1.5B AUM, 31% of the category
🔸 Tokenized stocks AUM at US$4.8B, near its record high
🔸 US$1M to US$1B in 127 days, about half Ondo's 253
🔸 bStocks accounts for 48% of all tokenized stocks AUM growth since June

Big Tech is now spending more on AI than it earns.

🔸 Top 5 AI spenders' $230B capex topped their $199B operating cash
🔸 AI usage on crypto networks is up 7.5x this year
🔸 Rate hikes are losing steam, just like before crypto's last recovery

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