The big news last week was the Nasdaq dropping 4% on Friday, taking us back to where we were a month ago (we are down another 3% today as of writing). The market appears to be reassessing the likely interest rate path for the Fed. Last Friday’s strong labor market print (non farm payrolls) caused US 2y yields to sell off.

This negative s

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Strategy shareholders approved a change to STRC yesterday. It splits the monthly dividend into two smaller payments. The change was built to smooth out one specific source of friction.

Currently, STRC pays a dividend, and on each ex-dividend date, the price drops by about the payout amount, roughly $0.96. The drop is mechanical- the valu

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TLDR

The Fast Money Index (FMI) is a daily gauge of how stretched the altcoin market has become. It rolls 7 measures of speculative excess, leverage, funding, positioning, momentum, into one number from 0 to 100. A low reading means the structure is calm. A high reading means leverage and speculation have crowded in and the market is frag

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About a year ago, Trump touched down in Riyadh, shook hands with MBS, and walked away with a $600 billion Saudi investment pledge. Jensen Huang stood on the same stage and announced that 18,000 Nvidia GB300 Blackwell GPUs were heading to HUMAIN, a br... Read more

Two of the world’s most consequential non-Western economies moved in the same direction in the same week, and I am not sure the market fully noticed. On May 19th, Japan’s governing party formally approved a framework called “Next-Generation AI and O... Read more

Lighter: An Update For Those Too Busy To Pay Attention TLDR Despite common bearish/aggressive crypto twitter sentiment towards Lighter and specifically the LIT oken, the team has continued to ship new features, products, and is growing their distribution via their partner attribution program which allows both crypto native and tra... Read more

Decibel is a fully onchain perpetuals DEX on Aptos. One deposited dollar earns vault yield, backs a perp position, and works as collateral on other dApps. It runs two revenue streams in parallel, and one of them holds when trading volume drops.

Onchain perps stopped being a rounding error this year. 24/7 price-discovery demand pulled flo

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TLDR

3 months ago, I published “Bitcoin vs Gold: Positioning for the Next Relative Cycle” with a simple thesis: the BTC/Gold ratio was at the 2nd deepest drawdown in the history of the 1W 9/21 EMA framework and we were statistically near the floor.

That call is tracking. The ratio has recovered roughly +46% from its February lows. Gold h

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Strategy repurchased $1.5B worth of its 0% Convertible Senior Notes due 2029 for an estimated $1.38B in cash.

The 2029 Notes were the most problematic tranche in its convertible stack. Conversion price: $672. MSTR’s all-time high: $474. Nearly 4x away from today’s price. These notes were never converting to equity. They were always going

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The retail options trading cohort is largely nonexistent onchain, and I don’t think this is because perps are the end-all be-all.

Perps and options can coexist and complement each other perfectly. I believe it’s more so that there’s no good UX for retail to trade crypto options. There’s certainly no good onchain experience for trading opt

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