Derivatives
Trading
Kalshi’s new oil contract promises non-stop exposure, but a hidden flaw could expose traders to massive weekend shocks
A perpetual oil contract sounds like a natural transplant from crypto until the physical realities of crude start getting in the way.
AI
AI data centers are learning the power trick Bitcoin miners mastered first
One of the most promising answers to AI’s electricity problem begins with an almost heretical idea for the tech industry: sometimes the computer should just wait.
Macro
How $739B in new US debt could absorb crypto’s liquidity before buybacks even reach Bitcoin
A bigger Treasury buyback program sounds like liquidity support, but heavy new issuance could offset much of that effect before it reaches Bitcoin.
Banking
The next shadow-banking problem comes from insurance companies, where nobody was looking for a bank run
A $20 billion filing correction is forcing a closer look at how deeply private credit has embedded itself inside US life insurers.
ETF
The SEC is reviewing automatic filing pathways after exotic crypto and event-linked ETF proposals flooded the market
Wall Street has turned the humble ETF into a wrapper for almost any financial bet imaginable.
Mining
Bitcoin miners are no longer pure crypto proxies and are morphing into high-performance computing hubs
Bitcoin miners used to trade like leveraged bets on BTC, but their growing AI businesses are breaking that relationship.
ETF
Crypto ETFs appeared to hit $10B in hours, but filing data exposes where that money really came from
Billions of dollars can appear inside a crypto ETF without investors buying a single new coin on launch day.
Research
Solana traders on OnlyFans just saved a 64-year marmot wildlife study after federal funding stopped
The internet may be fickle, but this summer it helped keep a 64-year marmot research project alive.
ETF
It just got 25 times easier to move self-custody Bitcoin directly onto Wall Street, and $5 billion already has
A sharp drop in conversion minimums is bringing institutional Bitcoin custody within reach of a broader class of investors.
Macro
Is the Jackson Hole central bank retreat now a crypto conference?
Crypto is no longer outside the gates at Jackson Hole.
Derivatives
The US approved high-leverage Bitcoin trading while crypto founders remain legally blocked from raising funds
Washington has made it easier to trade crypto with leverage than to raise the money needed to create the next generation of tokens.
Stablecoins
As foreign investors dump $29 billion in Treasury bills, Washington pivots to stablecoin issuers to back US debt
A $29 billion retreat from Treasury bills shows why stablecoins are now becoming so important to US debt financing.
