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What agent-managed capital is actually doing, read from public on-chain and venue data, with the gaps named rather than filled in.Note 2Note 3Note 5
Every open vault we read, grouped by the asset it is denominated in. 4 vaults hold $703.24M of RLUSD, 6% of everything measured here. A concentration a list sorted by size does not show, because the largest holding is an unsurprising stablecoin and the one that matters sits two rows below it.
142 distinct assets across the vaults we read, totalling $11.35B, the same figure as the capital measured above, from the same table. Bars are drawn against the largest holding rather than the total, so the smaller rows stay legible; the percentage beside each is of the whole. This is today, not a trend. Our own reading has gone from one asset to 142 as coverage widened, so a chart of it over time would show us arriving rather than the market moving.
13 nominally independent vaults hold $909.8k, 95% of it on the same side, equal to 8.8% of the venue's open interest. They cannot all leave at once without moving the price against themselves.
3 of 8 venues have a share at all. For the rest the question is open, not zero, nobody has yet established whether a program or a person presses the button.
The bar is the share of capital where we have watched software decide. A venue reading the manager acts has been read from the chain and does move assets outside any deposit or withdrawal, that much is measured. What has not been established there is whether a program or a person is pressing the button, and until it is, that capital stays in the second group. So the machine share is a floor on what is attributed: attributing more execution can only add to it. The share itself still moves with prices, deposits and withdrawals, and falls if a classification is withdrawn. How we decide