The largest traders have a problem: how to keep their activity quiet enough to not influence market prices or reveal any long-term strategies.

In traditional markets like equities, they’ve had that ability for decades through so-called dark pools and off-exchange venues. Even as far back as January 2025, more than half of all U.S. equities trading took place off public exchanges, according to Bloomberg data.

Crypto has never had an equivalent, and the absence is increasingly difficult to ignore. Every trade on Hyperliquid, every order on a decentralized exchange, is visible to anyone paying attention, and companies like DeFiLlama and Arkham exist to collect and present that data in a digestible way.

The crypto market, which prides itself…