Since the Paxos/BUSD news broke yesterday we’ve seen a 4.2% ($685M) drop in stablecoin supply of BUSD. At the same time, USDT has seen a 1.37% ($935M) increase over the same period, suggesting the majority of BUSD flows have been going into USDT. The... Read more

USDT/USDC on Coinbase is up; BUSD/USDT on Binance is down. Expected reaction on BUSD given the events that have transpired over the last day. But USDT finding demand as the narrative shifts to it being a stablecoin less vulnerable to regulatory ove... Read more

With Paxos shutting down BUSD after the SEC alleged it’s a “security”, CZ says Binance are exploring alternative issuers — and perhaps even non-USD stablecoins. With Binance’s user base, stablecoin issuers should be running after the opportunity to b... Read more

Per a recent blogpost, Jump Crypto has disclosed the discovery & patching of an infinite mint exploit on BNB Chain. An attacker could have minted an infinite amount of BNB tokens, sold them for stables or ETH on BNB Chain, and then bridged to Ethereu... Read more

In our Market Frameworks reports, I often talk about market imbalances/inefficiencies. A few examples are volume gaps, liquidation events, and time/volume imbalances. In the below example we will look at recent price action demonstrating what time/vo... Read more

“Checks” – the latest NFT art collection by @jackbutcher – is sparking a heated debate on the notion of “notability”. Who decides what becomes notable and what doesn’t? Through its use of memes, this thought-provoking collection delivers a powerful m... Read more

“The prominent risk lies deep in the weeds of the monetary system, with so-called collateral shortages. These are systemic failures of the daisy chains formed in repo markets, which tend to occur during panics… When disorder emerges, as we’ve seen i... Read more

Record tightening in financial conditions was one of the main contributors to last year’s dismal year for markets. No surprise then that the recent loosening in financial conditions has given a boost to risk assets, most notably crypto (and the most... Read more

Bitcoin just printed a golden cross as its 50-day SMA crossed above its 200-day equivalent. We’ve been tracking BTC’s price action relative to how it performed in Q2 2019 and this latest signal marks another similarity between the two periods (see he... Read more

Just a few days after the deployment of Arrakis V2 & PALM, we have one of the more high-profile liquidity mining programs on Uniswap v3 to date. Lyra Finance has decided to move its governance to Ethereum Mainnet to better serve its newly cross-chain... Read more