AltStreet Weekly Markets: Oil jumps 13.8% as Hiive50 reaches a one-year high

WTI Cushing spot rose 13.8% to $79.20 per barrel on July 13 from $69.60 on July 6, according to official U.S. EIA data. Henry Hub natural gas moved in the opposite direction, falling 14.0% to $2.83 per MMBtu from $3.29, while Lower-48 working gas in storage increased to 3,024 Bcf for the week ending July 10 from 2,983 Bcf the prior week. The split was the clearest cross-asset signal in this week’s alternative-markets tape: stronger oil pricing improved the near-term backdrop for oil-linked royalty cash flows, while weaker natural gas pricing pointed the other way for gas-heavy exposure.

Private-market pricing remained firm. The Hiive50 Index stood at 164.18 as of July 17, the top of its observed one-year range of 109.19 to 164.18 and 54.99% above its level twelve months earlier, according to Hiive. Onchain readings were substantial but concentrated: AltStreet Covered RWA Protocol TVL stood at $5.15 billion across Ondo Finance and Centrifuge, Covered On-Chain Private Credit TVL stood at $2.43 billion across Maple Finance and Goldfinch, and the AltStreet Large-Pool Stablecoin Yield Median was 3.75% across 95 qualifying pools.

Three things that mattered

1. Oil and gas diverged sharply. WTI rose 13.8% between July 6 and July 13, while Henry Hub fell 14.0%. That divergence matters more than either headline alone for energy-linked alternative assets because royalty and mineral portfolios can have materially different oil-versus-gas exposure.

2. The Hiive50 reached a one-year high. The index stood at 164.18 as of July 17, with published three-month, six-month, and twelve-month gains of 20.66%, 30.69%, and 54.99%, respectively. The Hiive50 is an equal-weight price index of 50 securities selected using activity and liquidity on Hiive’s private-secondary marketplace; it is not a direct measure of transaction volume or a complete index of the private-company market.

3. Onchain headline totals remained highly concentrated. Ondo represented approximately 68% of AltStreet’s two-protocol covered RWA total, while Maple represented more than 99.9% of the two-protocol covered private-credit total. The concentration makes protocol-level movements more important than the aggregate figures initially suggest.

Strong headline totals, narrow underlying breadth

AltStreet Covered RWA Protocol TVL stood at $5,152,372,814 as of July 17. The measure currently includes two protocols with verified DefiLlama identifiers and data meeting AltStreet’s freshness requirements: Ondo Finance at $3,513,943,113 and Centrifuge at $1,638,429,701. These are point-in-time TVL balances, not measures of weekly capital inflows, and the aggregate is not intended to represent the entire tokenized-RWA market.

Ondo accounted for approximately 68% of the covered total and Centrifuge approximately 32%. Ondo’s weight means the aggregate is especially sensitive to demand for its Treasury-linked product suite and to protocol-specific changes. Centrifuge contributes a more structurally varied pool universe, but its smaller weight means movements in Ondo will generally have the larger effect on the headline series.

The concentration was even more pronounced in private credit. AltStreet Covered On-Chain Private Credit TVL stood at $2,425,628,150 as of July 17, including Maple Finance at $2,423,448,544 and Goldfinch at $2,179,606. Maple therefore represented more than 99.9% of the covered total. Until additional protocols meet the coverage methodology, the series should be read primarily as a monitored Maple balance with a small Goldfinch component rather than as a broad private-credit market index.

The AltStreet Large-Pool Stablecoin Yield Median stood at 3.75% APY across 95 qualifying pools with at least $50 million in TVL. Among the ten largest pools by TVL, published APYs ranged from 3.15% for Circle’s USYC on BSC to 4.83% for Maple’s USDC pool. BlackRock’s BUIDL appeared on Ethereum at 3.54%, Aptos at 3.20%, and Avalanche at 3.51%. Because this is the first stored benchmark in the current dossier, the reading establishes a baseline rather than a week-over-week directional signal.

New AltStreet benchmarks and secondary reads

New benchmark — GPU rental pricing. The AltStreet GPU Rental Index launched with an H100 on-demand median of $4.19 per GPU-hour as of July 17 across nine verified offers from Azure, CoreWeave, Lambda Labs, and RunPod. The observed range was $2.89 to $12.29 per hour. The A100 80GB on-demand median was $3.2315 per hour across four offers, and the RTX 4090 spot median was $0.272 per hour across two offers. With no prior-week observations stored, these figures are inaugural benchmark levels rather than directional market moves.

Digital royalties — no weekly print. AltStreet identified no usable Royalty Exchange closings in the trailing seven days as of July 17, below the three-deal minimum required to publish a weekly median. The trailing 28-day window contained 10 usable deals and produced a median last-twelve-month entry yield of 24.82%. The four-week figure is included for context but is not directly comparable with a weekly print.

Compute and climate tokens remained secondary signals. Render traded at $1.47, Akash at $0.5425, and Bittensor at $193.39 as of July 17, but no prior weekly observations were available for those series. Nature Carbon Tonne stood at $0.2239, while Klima’s K2 and kVCM tokens were down approximately 18.9% and 19.4% over 24 hours, respectively. kVCM generated only about $1,000 in daily volume across five DEX pairs, so its quoted price should be treated as a thin-market indication rather than a robust carbon-market benchmark.

Frequently asked

What drove this week’s market wrap? The clearest weekly move was the split in energy pricing: WTI Cushing spot rose 13.8% to $79.20 per barrel between July 6 and July 13, while Henry Hub natural gas fell 14.0% to $2.83 per MMBtu. The Hiive50 Index also reached the top of its observed one-year range at 164.18 as of July 17.

What does AltStreet Covered RWA Protocol TVL include? The $5.15 billion reading includes Ondo Finance at $3.51 billion and Centrifuge at $1.64 billion, sourced through DefiLlama and aggregated by AltStreet. It is a defined two-protocol coverage universe, not a whole-market estimate, and it will expand only as additional protocols satisfy AltStreet’s identifier and freshness requirements.

What does the Hiive50 Index measure? Hiive publishes the Hiive50 as an equal-weight price index of 50 securities selected using marketplace activity and liquidity. It is recalculated hourly and reconstituted quarterly. AltStreet records only the attributed headline level and published period changes; it does not ingest or republish constituent-level Hiive Prices.

Why are some AltStreet series shown without weekly changes? The GPU rental and several token-price series did not yet have prior-week observations stored in the current dossier. Their July 17 values are therefore reported as benchmark baselines rather than characterized as weekly increases or declines.

Disclosures

AltStreet Weekly Markets presents descriptive market data within stated coverage scopes. Metrics labeled AltStreet Covered or AltStreet Tracked reflect only the protocols, pools, offers, and sources identified in each module and are not whole-market measurements. The Hiive50 Index is published by Hiive and quoted as attributed news only. WTI Cushing spot, Henry Hub natural gas spot, and U.S. natural-gas storage figures are official U.S. Energy Information Administration data. Royalty-yield calculations use publicly available Royalty Exchange past-deal listings. Thinly traded token prices may be volatile or unrepresentative of executable value. Nothing in this report constitutes investment advice, a solicitation, or an offer to buy or sell any security or asset.