Market Update The crypto market experienced a flash crash as BTC moved downwards to ~$42k and ETH to ~$3k. ETH […]...

The Aftermath of One Big Macro Trade The risks of insolvency and deflation were core themes in our latest...The kicker is the higher the risk of deflation, the more extreme response we’d expect from global policymakers...In our macro outlook, we stressed the importance of the banking system in the fight against deflation...

Many have pointed to the deflation caused by recent market events as evidence that a sustained increase...in on-chain activity during the next bull market can lead to massive deflation in ETH...

...where we are headed. of the low inflation world are changing… …central banks are done with fighting deflation...with asset price inflation, and are now fighting inflation with asset price deflation.

Incoming Ethereum burns from EIP-1559 flared up in the month so far, resulting in the largest daily deflation...

However, many have pointed to the deflation caused by the XEN token as evidence that a sustained increase...in on-chain activity during the next bull market can lead to massive deflation in ETH.

Denomination matters too… ETH staking – future cashflows are in a deflating currency in ETH (making...If you denominate in ETH, you’ll happily stack your increasingly deflating asset.

Denomination matters too: ETH staking – future cashflows are in a deflating currency in ETH (making...If you denominate in ETH, you’ll happily stack your increasingly deflating asset....The second half weights the real yield of holders not staking (i.e., they lose inflation or gain deflation...

This can be seen in the increasing trend on the 7-day moving average deflation rates, which picked up...The sensitivity tables above show supply deflation rates for RLB based on our Bear/Base/Bull cases at...In a scenario where the RLB price drops but buybacks remain consistent, the deflation rate will rise,...

Denomination matters too… ETH staking – future cashflows are in a deflating currency in ETH (making...If you denominate in ETH, you’ll happily stack your increasingly deflating asset.

...uncertainty, stalemate regarding fiscal stimulus and/or a rise in real rates and a global move towards deflation...A dollar break-out would be bearish for all risk assets and potentially signal the beginnings of deflation...

However, as the chart below shows, the spike in veCRV % was not related to earnings or a deflated CRV...

...the debt ceiling of 2011 and 2013 under the Obama administration created financial uncertainty and deflated...

The recent increase in breeding activities has caused SLP to deflate momentarily as more SLP was burnt...SLP supply peaked at 584mil on 29th May and had a short period of deflation.

Furthermore, the merge will turn ETH into a deflationary asset, with a simulated yearly net deflation...

While total supply has inflated, total circulating supply (unstaked tokens) has deflated and decreased...

If we look outside, Japan is in the midst of a currency crisis, China is battling serious deflation pressures...it would give the PBOC more breathing room to provide more stimulus and credit support to stave off deflation...sizable drawdown in the TGA and/or RRP; if the PBOC doesn’t provide more stimulus to combat domestic deflation...

The second half weights the real yield of holders not staking (i.e., they lose inflation or gain deflation...

Source: Employ America Many analysts expected auto production to rebound in 2023 and drive outsized deflation...“Against rising MSRPs for new vehicles in an environment of persistent shortage, for outright deflation...more new vehicles to come to market before we see used car prices materially fall and contribute to deflation...

The former lasts and the latter deflates.    Conviction is earned, never granted.