Derivatives
Regulation
SEC gives Bitcoin-heavy trusts a new 15% window to venture beyond existing listing rules
A new SEC-approved rule gives Bitcoin-heavy trusts more room to add other assets and derivatives without automatically losing access to a faster listing process.
Tokenization
It looks like a stock and trades like a stock, but it isn’t actually a stock – what is it?
Tokenized stocks can look remarkably like the shares investors already know, but beneath the familiar ticker can sit a very different deal over ownership, dividends and voting rights.
Lending
You can borrow against Bitcoin without selling it, but there’s a catch
Bitcoin can serve as collateral for a loan without being sold, but moving its value into blockchain lending markets introduces risks that owning BTC alone doesn't carry.
Market
Bitcoin just hit a decade-low S&P 500 correlation, but the daily data tells a different story
Bitcoin and the S&P 500 are showing their lowest correlation in a decade by one measure, even as their daily losses continue to overlap.
Analysis
Strong jobs just triggered a hawkish UBS reversal that could pressure Bitcoin through December
UBS now expects two Fed rate hikes this year, extending Bitcoin’s macro headwind through December.
Macro
Bitcoin’s faces a weird new macro reality as the Fed turns off the tap and Treasury opens the floodgates
The Fed and Treasury are approaching the bond market with very different problems, and Bitcoin ultimately feels both of them.
ETF
The $63 billion revolving door carrying the entire US Bitcoin ETF market
IBIT has become Bitcoin’s dominant US ETF with enough inflows to offset the combined net withdrawals from every rival fund.
Analysis
Inside the 15-minute trading pulse that moves $14 billion in Bitcoin perpetual futures
Crypto trades through every hour of the week, but its supposedly continuous market has built an opening bell that rings 96 times a day.
Analysis
From power laws to AI networks, why complex Bitcoin price models memorize market noise
Bitcoin has inspired hundreds of increasingly elaborate attempts to predict its price, but many of them still struggle to outperform the simplest possible answer once the future actually arrives.
DAOs
DAOs are forcing crypto protocols to choose between code and emergency brakes
DAOs replaced boards and executives with token holders and software, but new research suggests the machinery protecting those systems can easily rebuild the concentrations of power they were meant to escape.
DeFi
How the “buy, borrow, die” tax trade is quietly loading DeFi pools with hidden credit risk
Borrowing against appreciated crypto can postpone a tax bill and preserve exposure to future gains, but the same incentive that makes the trade attractive can become a source of risk for everyone funding the loan.
AI
Wall Street is turning AI’s massive electricity appetite into a $61 billion bond market
AI has made access to electricity so valuable that Wall Street is beginning to package those megawatts into investable debt.
