Bitcoin's derivatives market gave us the best explanation of this week's macro stress. Funding rates turned sharply negative, open interest stayed elevated, and then the US jobs report landed. Put t�...
Headlines about Bitcoin ETF outflows often mix two things: Bitcoin's price move and actual share redemptions. If BTC drops, ETF AUM drops in dollars even if nobody sells a single share. That mark-to�...
A large volume of US commercial real estate (CRE) debt is rolling into a very different market from the one that produced it. The Mortgage Bankers Association says $875 billion of commercial and mul�...
Bitcoins rebound on March 4 looked odd if you only watched it through the usual “risk assets are breaking” lens. Oil was jumping, shipping insurers were repricing war risk, and traders were treati...
The Bye America trade has a habit of returning when markets stop debating whether the US is still the safest house on the block and start debating the price of living in it. Over the past week, that�...
By the end of 2025, a corner of the market most Ethereum traders rarely watch had built a position large enough to matter for everyone else. Everstakes annual Ethereum staking report estimates that �...
Bitcoin treasuries are designed to look uncomfortable in drawdowns, because the trade they're running is simple: take a volatile asset, put it on a corporate balance sheet, and finance more of it thr�...
Japan spent decades as the worlds best destination for the world's easiest funding trade. You could borrow yen at very low rates, buy almost anything with a higher yield, hedge just enough to feel re�...
In a global investor survey from Coinbase Institutional and Glassnode, 1 in 4 institutions agreed that crypto has now entered a bear market. Yet the majority of institutions still said Bitcoin was un�...
Bitcoins Thursday slide was a perfect illustration of a market that lost its marginal buyer and then discovered, in real time, how much leverage was sitting on top of that demand. The move wasn't a �...