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Equity Perps Are Where Crypto Perps Were in 2024
The common critique of equity perps is that funding is expensive, order books are thin, and mark-to-underlying...Using 22,672 hourly observations across 13 equity perps on Hyperliquid and Lighter, we find these critiques...We expect equity perps to follow the same arc, catalyzed by regulatory clarity, 24/7 equity trading,...
DeFi
Mar 2026
Across Token -> Equity Swap
With all of the token vs equity talk recently I think this is a very interesting proposal by Across....They are proposing getting rid of the token + foundation model to a single equity c-corp model. ...C‑corp. via a token-to-equity exchange and token buyout....-> tokenize the equity.
2 Min
Infrastructure
Mar 2026
The IPO Narrative – Is the Market Rotating into Crypto Equities?
Meanwhile, crypto-aligned equities – anchored in audited revenues and enforceable ownership rights are...UNI holders, meanwhile, would have no legal recourse and no equity linkage....Will protocols start dual-tracking equity and tokens?...Equities offer that....If we abandon tokens altogether, we might as well just be trading traditional equities.
9 Min
Macro & Markets
Jun 2025
Equity Bulls Eye Golden Cross
Since 2000, the equity index experienced a positive gain in every prior instance over the following 90...Since 2000, the equity index experienced a positive gain in every prior instance over the fo...
1 Min
Macro & Markets
Jan 2023
Hivemind: Will 2026 Be Bullish & Crypto's Token vs Equity Problem
We then dive into the ongoing token vs equity debate in crypto and explore the best way to structure...18:56 Crypto’s Token vs Equity Problem 26:43 The MetaDAO Model 39:48 What Defines Success For ICOs?
65 Min
Infrastructure
Feb 2026
Bitcoin vs Equity Market Divergence - A Simple Beta Dislocation Analysis
...the ~2.0 Macro Beta Benchmark Bitcoin has consistently exhibited a macro beta near 2.0x versus major equity...is exaggerated relative to broader markets, we examine its historical beta relationship with major equity...Importantly, the recent BTC decline (Aug 13-18) appears elevated relative to equity market softness,...
3 Min
Macro & Markets
Aug 2025
Indicator With 100% Hit Rate Implies New Equity Bull Market
Stocks have been on a tear since bottoming back in October – so a pullback is arguably overdue – but the equity...
1 Min
Macro & Markets
Jul 2023
The Evolution of Digital Asset Secondary Markets
Digital asset secondary markets have structurally flipped from token-dominated to equity-preferred, with...equity commanding a 2x size premium and 5 of the top 12 most sought-after assets now being AI/deep tech...equities.
Macro & Markets
Apr 2026
LUNA ATH Breakout, DEX Volumes Rise, Hawkish Fed Commentary
Powell’s Hawkish Comments Spark Volatility US equity markets opened higher today, recovering from yesterday...quicker, the slowdown in global liquidity growth contributes to a somewhat negative outlook for both the equity...Powell’s Hawkish Comments Spark Volatility US equity markets opened higher today, recovering from yesterday...
5 Min
Macro & Markets
Dec 2021
The Public Crypto Accumulator Era - Part 1
These are public crypto accumulators: companies that use equity, debt, and reflexive investor demand...These firms are capital structure optimizers: using equity issuance, debt instruments, and reflexive...As crypto holdings rise, equity/debt demand grows, which enables further accumulation.
31 Min
Macro & Markets
Jun 2025
The Resurrection of the "Everything Rally"
Key Takeaways Gold’s latest surge puts it among this year’s best performing assets, outpacing global equities...Once again, investors find themselves grappling with raging equity valuations on one hand and glaring...Momentum still favors equity bulls and the sheer weight of the FAAMG names means the latest uptrend could...
7 Min
DeFi
Aug 2020
The Evolution of Digital Asset Secondary Markets - 2025
A pivotal change is the resurgence of crypto IPOs, steering dynamics toward equity structures with clear...Recently, a shift back toward pure equity has emerged post-Circle’s IPO....The most notable year-over-year delta is in the growth in equity/token mixed rounds, rising from 3-6%...Implications for Secondary Markets: Are Equity Deals Poised To Dominate?
14 Min
Financial Market Themes
Aug 2025
Exchange Tokens: Features and Value Accrual
Token vs Equity  Exchange tokens have gradually evolved from the traditional role of providing utility...for users to incorporate more equity-like characteristics, such as the cash-flow based token burn model...However, unlike equity, token holders do not have rights to ownership nor legal rights to cash flows...
6 Min
Data
Apr 2021
CSOs & The Evolution of Capital
...a proportion of company sales makes this kind of offering an attractive alternative to traditional equity...In reality, many equity investments are made in anticipation of price appreciation rather than a steady...CSOs also remove some of the inherent complexities of valuing traditional equity investments because...
7 Min
Structured Products
Oct 2020
Crypto's Make or Break Moment
Equities appear to be on the verge of another major test, and so far, there has not been enough evidence...As we noted, the correlation between crypto and growth equities still remains high....Historically, equities tend to see sizeable drawdowns during recessions....For the sellers, there’s still one sizable cohort that hasn’t capitulated on equities yet, and that’s...
13 Min
Global Macro Themes
Oct 2022
Summer Doldrums Not So Dull - Macro & Markets June 2025
Markets wasted little time, retracing the initial move in oil, with both equities and crypto pushing...Crypto related equities like Coinbase, Robinhood and Galaxy (among others) have performed admirably in...Circle’s massively successful foray into public equity markets has also shown that investors are hungry...
14 Min
Macro & Markets
Jul 2025
The Year Ahead for Markets 2026
Gold tends to outperform equities during extended periods of DXY weakness too....Over the past 24 months, crypto equities have outperformed the majority of crypto altcoins....@felixprotocol has launched equity perps, with TSLA and CRCL perps available for trade....As more equities get tokenized, more crypto companies will become equities.
71 Min
Macro & Markets
Dec 2025
Why Bitcoin Is Behaving Like it Should
This is not native to the crypto market either; traditional markets like equities often see correlations...The sell-off in the crypto market was far more drastic than equities, but that’s to be expected given...While they aren’t the biggest bet on fiat currency debasement, equities have an element of scarcity themselves...
8 Min
Proof-of-Work
Jan 2022
One Big Macro Trade: Precious Metals Take Off
Emerging market equities, for example, are one way to play a weaker dollar trade as they tend to have...It drives everything from global equity markets to sovereign bonds to the direction of the US dollar;...Source: Bloomberg, MSCI   A weaker greenback tends to bode well for US equities, especially multi-nationals...
5 Min
DeFi
Jul 2020