Derivatives
Stablecoins
8x faster than US cash: The $1T network settling millions while banks sleep on weekends
Stablecoins were once treated as cash parked on crypto exchanges, but their rising velocity now resembles wholesale financial infrastructure.
Derivatives
The $1.2 billion options wall came down, and this time Bitcoin actually moved
The options wall blamed for Bitcoin's stagnation was worth $1.2 billion in notional value and almost nothing in real pressure.
Analysis
Treasuries are amplifying market selloffs and Bitcoin is paying the price
Bitcoin’s long-term case is strengthening for the same reason its price keeps suffering
Macro
Bitcoin rallied on cheaper gas while Americans expect rents to surge 8.3%
Both of the two big US report that landed this week have a blind spot that makes it harder to tell a healthy consumer from a squeezed one.
Analysis
Wall Street’s $128 billion private credit exposure is starting to look harder to contain
Bitcoin faces liquidity pressure if private credit stress tightens bank funding lines and drains risk appetite.
Macro
Bitcoin is trading through a dangerous weekend as 20% of the world’s oil hangs in the balance
Bitcoin will trade through the weekend while oil futures, Treasuries, and US equities remain closed, making it the first global risk asset forced to absorb Hormuz developments.
Macro
China found a $125 billion escape valve for an economy running out of momentum
China has found a way to keep its factories busy without fixing the economy at home: sell more goods abroad.
Regulation
Circle became a federal trust bank – now lenders warn stablecoins is projected to drain $500 billion
Circle’s charter raises a bigger question than crypto regulation: who funds American lending if deposits move?
Macro
Bitcoin faces a 90-minute Fed shock as CPI and Warsh testimony collide today
Fed Chair Kevin Warsh faces the House Financial Services Committee 90 minutes after the June CPI release, and his interpretation of the data will carry more weight than the data.
Stablecoins
Stablecoins are moving more money while crypto’s cash pile gets smaller
Stablecoins look stronger than ever as payment infrastructure and weaker than ever as crypto liquidity.
Tokenization
Tether’s $20 billion mountain of gold – equal to a national reserve – to be used for lending
Tether's gold position now rivals that of several sovereign nations, and a new partnership with a lending platform is testing whether tokenized bullion can function as collateral in the same way Bitcoin already does.
Tokenization
A $407 million Treasury fund reveals how Wall Street is building crypto’s missing collateral layer
Stablecoins brought digital cash onchain, and tokenized Treasury funds are beginning to supply the yield-bearing collateral digital markets have lacked.
