Delphi's Market Matters - September 2026

Welcome back to Market Matters, September edition.

What a difference a few weeks can make.

Last month, markets continued to chug along, with our unified macro regime pointing to further upside potential and an overall risk-on environment for assets. Today, our unified macro regime remains cautiously constructive after moving back into “neutral” territory, with our outlook remaining bullish risk assets.

A few days after publishing the August edition of Market Matters, the market was bombarded with a slew of news announcements. Most notably, the US Treasury announcement from Scott Bessent with respect long end bond liquidity support, set to begin September 9th. On top of this, we’ve had several positive regulatory related headlines hit the press as well.

Since these announcements, we have seen an about face in crypto, with BTC rallying from low 60Ks to low 80Ks. Major and many alts have also caught a bid, with Hyperliquid trading at all time highs around $80 and Lighter closing in on $4. Alt season on Robinhood Chain has begun, with many projects, coins and meme pulling parabolic moves.

Are we back? Is there still room to run, or is the market still in “guilty until proven innocent” mode? You wont want to miss this month’s episode!