The FTX Bankruptcy and contagion to other platforms is likely to be the Lehman moment for crypto assets. While we don’t know the exact details leading to the failure, on-chain analysis shows the 3AC failure in June as a flash point. We wish the analysis had been presented a few weeks prior, and not after […]
crypto yield
Crypto Breaks Cyclical Patterns
The current price action makes it increasingly clear that crypto breaks cyclical patterns of the past. In bitcoin’s short three-cycle history, each cycle saw the token price drop to the 200-week moving average (wma) at the depth of the bear market. However, the price did not fall below the prior cycle high. The current price […]
Crypto Yield Has Been Muzzled
Crypto Yield has been muzzled as BlockFi pulls offering in the US after settling with the SEC and states. This follows the SEC litigation threat against Coinbase’s proposed Lend product. You bet other companies offering crypto yield will be in the SEC’s crosshairs. Crypto yield offerings are both innovative and complicated. The products have provided […]
Bitcoin futures ETF is inefficient
The US finally got a bitcoin ETF, but one that provides exposure via the inefficient futures market. This ETF is an expensive solution due to the cost of rolling future each month. We are talking 5-15% annualized cost. This is what counts as “investor protection” in today’s regulatory world. Yes, bitcoin futures trade on the […]