Welcome back to Market Matters – August edition!

Since our last discussion, volatility has stayed muted but the macro liquidity picture is shifting fast. We kick things off with a teaser from our upcoming macro report on the looming TGA refill, a stealth form of QT that could weigh on markets for the next 2 to 4 months. With fewer buffer

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Remember when we worried about AI taking programming jobs? Turns out the bots went straight for the lucrative stuff first.

Researchers at the University of Sydney and University College London just dropped a paper on A1, an AI agent that hunts smart contract bugs and writes working exploits. Not vulnerability reports, but actual attack co

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BTC vs USD. 5th round TKO?

BTC is showing signs of reverting back to its inverse correlation with the US dollar. While most are watching equities or ETF flows, not many are tracking BTC’s relationship to the Inverse DXY and that’s where I think the signal is right now. The dollar is struggling to reclaim the key 100 level which has histor

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Introduction

Prediction markets have been booming lately, from betting on what tie Jerome Powell will wear to whether Jesus Christ will return this year; hyperfinancialization is at our doorstep and growing rapidly. Kalshi and Polymarket represent the two leaders in this sphere, yet they differ in their offerings and structure. Kalshi is

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Just sharing a protocol that for some might be under radar. Already farming $ENA and Ethereal with your $eUSDe? You might as well triple dip here. 

If you’re already using $eUSDe to farm Ethereal and $ENA, you can now also deposit it into @strata_money and start stacking points for their upcoming airdrop too.

Quick recap:

• Ethereal is

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Two months have passed since I published the World report – lots has happened since. This piece will be brief, focusing on the adoption metrics and ecosystem updates since May. 

The Growth Story Continues

World seems to be gaining momentum. 

Here are the high level numbers as of the mid-May (the 18th to be exact):

And now (July 28

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I’d like to preface this as my personal thesis on where I believe we currently are in the cycle. As we were consolidating back in April and everyone was calling for the end of the cycle, I wasn’t fully sold on the idea that we had topped out.

CT has a short memory, but the market never really forgets. Every cycle, without fail, there’s a

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Went live with Laura Shin on Unchained this morning alongside Jason and Yan breaking down what’s weighed on $PUMP since TGE.

We discussed what’s driving the price action, how the ICO structure may have impacted launch dynamics, potential airdrop timing, buyback strategy, and whether Pump can claw back crypto market share from letsbonk.fu

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Pumpfun founder Alon appeared on threadguy’s stream today. A summary of the discussion can be found here. Meanwhile, Believe App founder Ben Pasternak came out with a public apology for the poor communication in recent weeks. The market reacted poorly to each, with both tokens plunging 15% today.

The big winner over the past few weeks

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