AltStreet Weekly Markets: Private-Market Index Hits One-Year High

The Hiive50 Index—Hiive’s equal-weight benchmark of the 50 most liquid securities on its private-market platform—stood at 160.98 for the week ending July 12, 2026, matching the top of its observed one-year range. Hiive reported gains of 52.6% over twelve months and 17.9% over three months, pointing to sustained strength among the actively traded private companies represented in the benchmark.

Elsewhere in the market tape, AltStreet’s tracked on-chain indicators were broadly unchanged. AltStreet Tracked RWA TVL stood at $5.16 billion across Ondo Finance and Centrifuge, while the AltStreet Large-Pool Stablecoin Yield Median registered 3.75% across 92 qualifying pools. AltStreet Tracked On-Chain Private Credit TVL totaled $2.28 billion, almost entirely concentrated in Maple Finance.

The remaining series provided baseline readings rather than clear weekly trends. GPU rental prices showed wide dispersion across providers, decentralized-compute tokens moved modestly lower over 24 hours, and the royalty market produced too few closings for a weekly median. Digital-carbon tokens remained thinly traded, limiting the usefulness of their quoted prices as broader market signals.

1. Hiive50 reaches the top of its one-year range. The index printed at 160.98, matching the one-year high recorded in the dossier, compared with a one-year low of 108.40 and a six-month low of 133.08. Hiive reports gains of 17.9% over three months and 27.2% over six months, with the published figures pointing to sustained strength across each measured period.

2. AltStreet Tracked RWA TVL tops $5 billion, led by Ondo. The two-protocol aggregate stood at $5.163 billion as of July 12. Ondo Finance accounted for $3.524 billion of the total, while Centrifuge contributed $1.639 billion, leaving the tracked universe meaningfully concentrated in a single protocol. The figures measure value locked at a point in time, not capital flows, and should be interpreted accordingly.

3. Large-pool stablecoin yields hold at 3.75% across a broad sample. The AltStreet Large-Pool Stablecoin Yield Median, covering DefiLlama pools with at least $50 million in TVL, stood at 3.75% APY across 92 qualifying pools. That was the largest single-week sample in the recent dossier history, indicating that a growing number of on-chain venues continue to clear the $50 million threshold.

Inside AltStreet Tracked RWA TVL: composition, concentration, and what the numbers do and don't say

AltStreet Tracked RWA TVL stood at $5.163 billion as of July 12, based on two protocols currently included in the verified tracking universe: Ondo Finance and Centrifuge. Both maintain active DefiLlama protocol records and met AltStreet’s data-freshness requirements at the reporting cutoff.

The headline figure is useful, but it requires careful framing. It represents the combined value attributed by DefiLlama to the two tracked protocols at a specific point in time. It is therefore a stock measure of assets deposited, issued or otherwise reflected within those ecosystems—not a measure of how much new capital entered during the week. An increase in TVL may reflect net inflows, rising asset values, product expansion or changes in protocol reporting. A decline may similarly reflect redemptions, asset-price movements or reclassification. Without protocol-level flow data, the aggregate should not be described as investor demand or new issuance.

Composition also matters as much as size. Ondo Finance accounted for $3.524 billion, or approximately 68% of the tracked total. Centrifuge contributed the remaining $1.639 billion, representing roughly 32%. That leaves the current AltStreet universe meaningfully concentrated in Ondo: a large move in one protocol can materially shift the aggregate even when conditions across the broader tokenized-asset market remain unchanged.

The two-protocol scope is deliberate but limited. AltStreet Tracked RWA TVL is not presented as a measurement of the entire tokenized real-world asset market. It reflects only the protocols that have been verified, categorized and added to the current tracking universe. Broader industry estimates may include additional Treasury products, private-credit vehicles, tokenized funds, commodities, real estate and institutionally issued assets that are not yet represented here. Readers comparing AltStreet’s figure with larger market totals should account for those differences in coverage.

The underlying exposures are also far from interchangeable. Ondo’s TVL is primarily associated with tokenized cash-management, stable-value and short-duration government-securities products. Centrifuge, by contrast, is more closely tied to structured private-market credit, including receivables, trade finance and other pools backed by off-chain contractual cash flows.

Placing both protocols in a single RWA aggregate is useful for measuring the growth of AltStreet’s tracked universe, but it should not obscure their different economic profiles. Treasury-linked products generally carry shorter duration, greater underlying liquidity and more direct sensitivity to benchmark interest rates. Structured-credit pools introduce additional variables, including borrower performance, underwriting quality, collateral recovery, servicing and repayment timing. A dollar of TVL in one category does not necessarily carry the same risk, liquidity or return characteristics as a dollar in the other.

That distinction will become more important once AltStreet accumulates a longer history. A rise driven primarily by Ondo could signal growth in tokenized Treasury and cash-equivalent products. A rise led by Centrifuge could instead point toward expanding use of blockchain infrastructure for private-credit financing. Concurrent growth across both would provide broader evidence of adoption across separate segments of the RWA market. For now, protocol-level changes remain more informative than the combined total alone.

A separate AltStreet series tracks on-chain private credit and revenue-based financing. AltStreet Tracked On-Chain Private Credit TVL registered $2.281 billion as of July 11. Maple Finance represented approximately $2.280 billion of that amount, while Goldfinch contributed $1.442 million.

The concentration is even more pronounced than in the RWA aggregate. Maple accounted for more than 99.9% of the tracked private-credit total, making the series, in practical terms, a Maple Finance indicator at its current stage of development. A movement in the aggregate should therefore not be interpreted as a broad market shift unless it is accompanied by changes across additional protocols.

Goldfinch remains in the universe because it provides continuity and represents a distinct approach to on-chain lending, but its current TVL is too small to materially influence the combined figure. As a result, the private-credit series currently says more about the scale and direction of Maple than it does about the full decentralized-credit market.

Coverage in both tracking universes will expand as additional protocols are verified and mapped to the appropriate categories. As that universe grows, concentration should decline and the aggregates should become more representative of their respective markets. Until then, AltStreet will continue publishing the headline totals alongside protocol composition, coverage counts and explicit scope limitations so readers can distinguish a useful tracked-market signal from a whole-market estimate.

Elsewhere in the tape

AltStreet GPU Rental Index. The median on-demand price for an H100 GPU stood at $4.19 per GPU-hour as of July 12, based on nine offers from Azure, CoreWeave, Lambda Labs and RunPod. Pricing varied sharply across the sample, ranging from $2.89 to $12.29 per hour—a spread that reflects substantial differences in provider positioning, service terms and infrastructure environments within the on-demand market. The A100 80GB median printed at $3.23 per hour across four offers from Azure, CoreWeave and Lambda Labs, with prices ranging from $2.70 to $4.10. The RTX 4090 spot median stood at $0.272 per hour across two offers from RunPod and SaladCloud, within a range of $0.204 to $0.340. All three series are initial baseline observations, with no prior-period comparison yet available.

Decentralized-compute tokens moved modestly lower. At the reporting cutoff, Bittensor (TAO) was priced at $206.55, Render (RNDR) at $1.53 and Akash (AKT) at $0.595, according to CoinGecko. Their respective 24-hour declines were approximately 2.7%, 3.1% and 2.7%. Market capitalizations stood at roughly $1.98 billion for TAO, $795 million for RNDR and $174 million for AKT. With no prior weekly observations in the dossier, the figures are presented as current market snapshots rather than evidence of a broader trend.

Oil and natural-gas prices remained the principal macro reference for royalty interests. WTI Cushing spot stood at $69.60 per barrel as of July 6, according to the U.S. Energy Information Administration’s PET.RWTC.D series. Henry Hub natural gas spot was $3.29 per MMBtu on the same date, per EIA series NG.RNGWHHD.D. These were the most recent official readings available at the reporting cutoff. Because no comparable prior-week observations are yet recorded in the dossier, the figures serve as baseline inputs for tracking the commodity environment facing oil and gas royalty holders.

The AltStreet Royalty Yield Print produced no qualifying weekly median. Zero usable transactions closed during the seven days ending July 11, leaving the sample below the three-deal minimum required for a weekly calculation. Over the trailing 28 days, eight completed Royalty Exchange transactions produced a median last-twelve-month entry yield of 27.5%. That figure provides broader context but should not be treated as a current spot reading, given its four-week measurement window and limited deal count.

Digital-carbon markets remained thin and offered limited pricing signal. Nature Carbon Tonne (NCT), Toucan Protocol’s tokenized nature-based carbon credit, printed at $0.2248 at the reporting cutoff. CoinGecko did not report a circulating market capitalization, limiting the usefulness of the token’s quoted price as a measure of aggregate market value. Klima Protocol’s K2 governance token stood at $0.02129, with a market capitalization of approximately $1.0 million, while the kVCM carbon-value token printed at $0.03118 on roughly $1,000 in daily decentralized-exchange volume across five pairs. At that level of liquidity, price discovery is extremely limited. Both Klima-linked tokens are tracked for continuity, not as institutional or readily actionable market references.

Frequently asked

How large is AltStreet’s tracked tokenized-RWA universe? AltStreet Tracked RWA TVL currently covers Ondo Finance and Centrifuge, with a combined $5.163 billion as of July 12. This is a defined tracking universe, not a measurement of the entire tokenized-RWA market. Coverage will expand as additional protocols are verified, categorized and added.

Does AltStreet Tracked RWA TVL measure investor inflows? No. TVL is a point-in-time stock measure of value attributed to tracked protocols. Changes may reflect deposits, redemptions, asset-price movements, new products or reporting changes. Without verified flow data, an increase should not automatically be described as new investor demand or capital entering the market.

What does the Hiive50’s 52.6% one-year change represent? The 52.6% figure is published by Hiive under its index methodology. AltStreet attributes the return to Hiive and does not calculate it from the recorded one-year range low. The applicable baseline is the index level twelve months earlier, which is not separately included in AltStreet’s current dossier.

What does the Hiive50 Index track? The Hiive50 is an equal-weight index of the 50 most liquid private securities available on Hiive’s secondary marketplace. Hiive recalculates the index hourly and reconstitutes it quarterly. It offers a directional view of pricing among actively traded private companies, rather than the entire private-market universe.

How is the AltStreet Large-Pool Stablecoin Yield Median calculated? The measure takes the median reported APY across stablecoin pools listed by DefiLlama with at least $50 million in TVL. The current sample includes 92 qualifying pools. The threshold is intended to exclude smaller, less liquid venues, although reported yields can still involve materially different credit, protocol and liquidity risks.

Why are H100 GPU rental prices so widely dispersed? AltStreet recorded H100 prices ranging from $2.89 to $12.29 per GPU-hour. The spread reflects differences in providers, regions, service guarantees, infrastructure configurations and contract terms. A lower hourly price is not necessarily economically equivalent to a higher-priced offer with stronger availability, networking, support or enterprise service commitments.

What does the AltStreet Royalty Yield Print measure? The series calculates the median last-twelve-month entry yield implied by publicly reported Royalty Exchange transactions. A weekly median requires at least three usable closings. No qualifying weekly figure was produced this period, while the trailing 28-day sample of eight deals generated a median entry yield of 27.5%.

How representative is AltStreet’s on-chain private-credit total? The current $2.281 billion aggregate is overwhelmingly concentrated in Maple Finance, which accounts for more than 99.9% of the tracked total. At present, the series functions primarily as a Maple monitor rather than a broad private-credit benchmark. Its representativeness should improve as additional verified protocols enter the universe.

Are decentralized-compute tokens a proxy for GPU rental economics? Not directly. Tokens such as TAO, RNDR and AKT may reflect network activity, token supply, speculation and broader crypto-market conditions in addition to compute demand. AltStreet tracks them alongside GPU rental prices for context, but short-term token movements should not be treated as direct measures of infrastructure utilization or rental profitability.

Why are digital-carbon token prices treated cautiously? Several digital-carbon tokens trade with low market capitalizations, limited circulating-supply data or very thin daily volume. Under those conditions, small trades can materially affect quoted prices. AltStreet records the prints for continuity, but does not treat them as institutional price references or reliable measures of the broader carbon-credit market.

Disclosures

AltStreet Weekly Markets is a descriptive data publication covering verified price and TVL prints within AltStreet's stated tracking universes; it does not purport to represent whole-market measurements beyond those scopes. The Hiive50 Index is quoted as attributed headline data per Hiive's published methodology; constituent-level data is not collected or republished in accordance with Hiive's license terms. Energy spot prices are sourced from U.S. EIA official series and are public-domain government data; royalty yield figures are computed from Royalty Exchange public past-deal listings, attributed accordingly. Nothing in this publication constitutes investment advice or a solicitation to buy or sell any security or financial instrument.