Here's something wild—one lending protocol is swallowing nearly 87% of the entire crypto lending revenue pie. Not half. Not three-quarters. Eighty-seven percent.

We're talking about a monthly fee flow hitting $98 million, and it's not even close to a competition anymore. The dominance here? Absolute.

Now here's where it gets interesting. Multicoin made two separate trips to Galaxy Digital's OTC desk within 48 hours. Each time? $20 million worth of tokens at $178 per piece. When institutional players move that kind of size through over-the-counter channels during a clear market setup, they're usually seeing something the rest of us haven't priced in yet.

A protocol controlling an entire vertical while smart money quietly loads up through private deals—that's not noise. That's a signal.