Last week, I sat down with Gav Blaxberg, CEO and Founder of Wolf Financial, to discuss whether we're entering a new investing supercycle, how retail investor behavior is evolving, and why financial education may become one of the most valuable assets of the next decade.

Welcome to The Market Runup! This week, we’re diving into what happened in the crypto market onchain and off-chain, as well macro developments — so you can get smarter on your Mondays and prepare for the week ahead.

New here? Subscribe to get updates straight to your inbox.

This week I sat down with Gav Blaxberg, founder & CEO of Wolf Financial, to discuss how investing is evolving for the next generation.

We covered whether we're entering a new investing supercycle, the growing sophistication of retail investors, the macro indicators that will matter most over the next year, and the biggest mistakes investors continue making in today's market.

We also discussed the future of creator-led financial media, and why trust may become one of the most valuable assets in an increasingly crowded information landscape.

Blaxberg also touched on the upcoming Wolf Financial Summit in New York, and what attendees can expect from the event.

The Market Runup’s Take: For the first time in history, individual investors have access to institutional-quality research thanks to AI, as well as increasing access to the global financial community. It’s also never been easier to communicate with the people building the companies you’re investing in. 

Like any trader worth her salt, I adore charts. But a crucial lesson I’ve learnt over and over in my career is that the best opportunities come from conversations and relationships. 

I've been fortunate to learn from founders, investors, traders, and entrepreneurs who were willing to share their experiences. Looking back, my career has been shaped more by simple introductions and honest conversations than anything else.

I don't think the investors who outperform over the next decade will necessarily be the ones with the best AI tools or the fastest news feeds. As in every other market over the decades, the people who can think independently, stay disciplined, and develop a framework for making decisions instead of reacting to every headline will continue reaping bigger rewards. 

Markets will always fluctuate, but the ability to exercise sound judgment remains one of the few advantages that technology can't automate.

The percentages and metrics are based on a 7-day timeframe, unless noted otherwise.

Perpetual Motion is our new section covering the latest in the booming perpetual futures market. This section is brought to you by Synthetix, the leading decentralized perpetual futures protocol of Ethereum Mainnet.

Perpetual futures continued moving closer to the center of global trading this week. Hyperliquid reached a record 9.4% share of aggregate perpetual-futures open interest across decentralized and centralized venues, up from roughly 6.9% six weeks earlier. 

Total crypto futures open interest across the market remained above $110 billion, as traders carry substantial leveraged exposure despite Bitcoin’s uneven spot performance.

The most interesting development, however, has been the uptick in retail participation in perpetual-style contracts since regulated platforms began introducing them in May. Traders have been drawn to these contracts’ features such as 24-hour access, leverage, and lack of an expiration date. 

But that growth is also heightening concerns around automatic liquidations, and whether newer traders fully understand the risks they are taking. 

Perps are fast transforming from offshore crypto products into a mainstream trading format that could one day compete with traditional futures markets.

What to watch next: Whether rising open interest is accompanied by higher spot demand. 

If leverage expands and spot buying remains weak, the market will grow more exposed to liquidation cascades. Both metrics rising together would suggest broader conviction rather than derivatives-only speculation.

Risk appetite remained constructive throughout the week as investors continued favoring assets with visible long-term growth drivers. 

AI infrastructure and large-cap technology stocks led stock markets, while Bitcoin ETFs continued attracting institutional demand. Meanwhile,  digital asset infrastructure companies — including treasury and payments-focused businesses — are receiving increased attention. 

Rather than chasing every rally, investors appeared willing to concentrate capital in sectors they believe can generate durable growth over the next several years.

One of crypto’s biggest structural shifts is happening on the ownership side.

As more institutions access Bitcoin through ETFs and large enterprises build treasury strategies, spot ownership is slowly eclipsing the importance of leveraged trading activity.

Interest rates, regulatory developments, AI investment, private credit, and equity market performance are increasingly influencing digital asset prices alongside crypto-specific catalysts.

We liked what they wrote, so we thought you would, too.

To get this newsletter delivered to your inbox, subscribe here.

This product was built by StrataMedia, home to Token Relations, Talking Tokens, The Market Runup and more.

This information is for entertainment purposes only. It should not be considered financial advice, nor should it be used to make investment decisions. Cryptocurrencies are high risk and you should consult a financial professional before making any financial decisions. Make sure you do your own research.