Kunal Prayjot Doshi

Beyond the near-term sector rotation, one group continues to stand apart on a year-to-date basis: Bitcoin Miners, up 150.32% YTD. That outpaces Crypto Equities at 16.13% and leaves BTC itself, up just 1.05%, far behind. This miner outperformance reflects a structural shift in how the market values the sector.

This is a segment from the 0xResearch newsletter. To read full editions, . Tron cut transaction fees by 60% last Friday. While this looks like a move to improve accessibility, the real driver is almost certainly the looming launch of Plasma, which will enable zero-fee USDT transfers. Tron's moat has always been its distribution. Users continue to transact on Tron despite much cheaper alternatives, a sign of the deep merchant and banking ties it has built, especially in Latin America.

The weakness in the market continues, with BTC and ETH down 7.5% and 9.5%, respectively, over the last seven days. With majors showing a first real sign of correction in weeks, it's an apt time to ask if the local top could be in. One segment of the market I like to watch is retail interest. When retail participation surges, it often signals that the crowd is in, which historically marks the local top in markets.