Derivatives
Investments
The death of the crypto startup: RIP 2017 – 2026
The industry is shifting from scrappy startups toward institutional consolidation.
Analysis
Americans lost hundreds of billions on crypto speculation. Why is only some of it considered gambling?
As speculation spreads across new asset classes, the line between investing and gambling has become a matter of which regulator gets there first.
Analysis
Crypto wanted to replace Wall Street – Instead, Wall Street took over crypto
Crypto set out to remove financial intermediaries, but the industry's most successful products now depend on them.
Analysis
Crypto exchanges are selling stock options and tokenized stocks but users may not own what they think
A crypto exchange is now offering the same call and put contracts that traded 15.2 billion times on US markets last year, and it's selling them right next to 500 tokenized stocks that are nothing alike.
Analysis
What states can still do to crypto after GENIUS and CLARITY
Federal law can decide what crypto is, but Illinois just proved a state can still decide how much it costs to use.
Analysis
Bitcoin treasury investors are turning on companies diluting them to keep buying
For two years, buying more Bitcoin was enough to lift a treasury stock. Strategy's BTC Yield is now sliding, Metaplanet sits below the value of its coins, and Europe's new entrants are asking investors to fund them on terms nobody has priced yet.
Regulation
Ripple’s MiCA win is not a full license yet – Here’s what it still has to prove
Ripple’s MiCA push is moving from celebration to execution, as Luxembourg regulators now test whether its local entity has the people, capital and controls to match its ambitions.
Regulation
Congress blocks introduction of any CBDC in the next 4 years – but the fight over digital money is just starting
Congress banned a Fed digital dollar through 2030, handing stablecoins a win. But big banks are building a tokenized deposit rival that could prove the bigger threat.
Analysis
Fed stress tests reveal whether banks can survive a 10% unemployment shock
A perfect stress test result sounds bullish until you realize it clears the Fed to keep financial conditions exactly where Bitcoin doesn't want them.
Stablecoins
The UK softened stablecoin rules, but may still be capping its own market
Britain finally let people hold as much sterling stablecoin as they want, then capped how big any single one of those coins can ever get.
ETF
Did $6B in ETF outflows just mark Bitcoin’s first Wall Street capitulation?
Six weeks of relentless Bitcoin ETF outflows have investors asking whether institutional conviction has finally broken.
Mining
Bitcoin’s broken production cost floor is splitting miners into survivors and sellers
Bitcoin miners' production cost was supposed to be the level Bitcoin couldn't fall through, but it's been sitting below it for weeks.
