The macro picture is messy. Bitcoin's refusal to crash during the Iran conflict is getting a lot of attention. Some are calling it a sign of underlying strength, but our view is more cautious. It's ho
Two big stories today, and they're pulling in opposite directions.
First, Delaware is moving to set up a state-level framework for stablecoin issuers. This is a high-signal, pro-adoption move. It sho
The macro backdrop is getting ugly. F&G at 14 (Extreme Fear) while headlines scream about war-driven oil spikes, rising yields, and a flight to cash. This is classic risk-off pressure hitting all asse
The headlines today are a wild mix of macro and micro. On one hand, Michael Saylor's got access to another $44B for buying Bitcoin. That's a massive, long-term bullish tailwind for BTC supply.
On the
The news flow right now is all about two things: regulation and geopolitics. On the regulatory front, the big story is the push for a federal stablecoin framework. Delaware is moving to license issuer
While the prior digest highlighted Bitcoin's leading indicator role, new data quantifies the capital flight. According to JPMorgan, Bitcoin and Gold ETFs have shown a sharp divergence in flows since t
Bitcoin's predictive power is on full display: its sharp drop to $60k preceded the current global stock market decline, reinforcing its role as the canary in the coal mine for risk assets. This correl