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A Fragile Absorption: The 2025 TGA Refill and the New Liquidity Regime
Reserve....If the Federal Reserve maintains its tightening stance or delays a pivot, the resulting mismatch between...framework is shifting in real time The Fed is still draining liquidity through QT The Federal Reserve...Treasury issuance as part of their reserve accumulation....And importantly, the composition of reserves still matters.
26 Min
Macro & Markets
Aug 2025
NFT Worlds Crashes, Otherside Kodas
🚨 In Case You Missed It US Federal Reserve hikes interest rates by 75 bps for second consecutive month...🚨 In Case You Missed It US Federal Reserve hikes interest rates by 75 bps for second consecutive month...
4 Min
Virtual Worlds
Jul 2022
The Standard Reserve Mint Sept 14
I’ve highlighted this in the Pro chat but the Standard Reserve mint goes live Sept 14 at 5:30pm et for...Whitelist is 0.15ETH and public is dutch auction starting at 1.25ETH down to 0.15 ETH The Standard Reserve...Day 1 Protocol Details pic.twitter.com/kX9vZgrsAF — Unknown (@unknown)           The standard reserve...
4 Min
DeFi
Sep 2026
April Showers… May Flowers? - Macro & Markets May 2025
Ethereum and Solana are emerging as strategic reserve assets, backed by targeted financings and integrated...From a narrative standpoint, it reframes Ethereum as a form of digital reserve collateral, much like...Both are deploying capital to acquire, stake, and monetize their SOL reserves, effectively turning into...
25 Min
Macro & Markets
Jun 2025
Summer Doldrums Not So Dull - Macro & Markets June 2025
If anyone had reservations around what Wall Street & institutional appetite would be for this type...Most involve staking or validator strategies, turning equity capital into a yield-generating on-chain reserve...The focus now is on where capital formation is clustering, how equity markets are pricing on-chain reserves...
14 Min
Macro & Markets
Jul 2025
The End Game
...currency A reserve currency is a double-edged sword....Treasury) issues the debt, while another government entity (the Federal Reserve) buys the debt....The second was the freeze placed on $300B of Russia’s foreign reserves....And in April, Israel added the yuan to its foreign reserves.
38 Min
Macro & Markets
May 2023
The Crypto Conspiracy
BlackRock has filed a Bitcoin ETF, Chairman of The Federal Reserve Jerome Powell has said “we see stablecoins...Yesterday, Jerome Powell of the Federal Reserve stated both that crypto was an investable asset class...
7 Min
Asset Management
Jun 2023
Avoiding the Real Banking Iceberg
Despite the decline in deposits, and the >$1.2T drawdown in bank reserves, banks have continued to...Meanwhile, the Fed has been reducing its balance sheet, which lowered the amount of bank reserves in...Bank reserves are critical for liquidity....But bank reserves aren’t increasing because the Fed is buying assets, it increased because banks are...
38 Min
Global Macro Themes
Mar 2023
The House Always Wins: Why Speculation is the Theme of the Decade
Then money got cheap, the Bank of England cut its rate from 4 to 2.5 percent in 1844, shares could be reserved...Federal outlays for net interest and national defense, trailing 12-month totals....is pushback (AEP Ohio now makes large data centers pay for at least 85 percent of the capacity they reserve...
56 Min
Macro & Markets
Oct 2026
The Dawn of Bitcoin Programmability: Paving the Way for Rollups
Bridges Multisigs/ Federation controlled are the current status quo in BTC....In this case, BitVM federation acts as the oracle network to minimise the trust....The BitVM Federation collectively signs a matching pre-created token (CET) from users DLC contract....party in Federation can challenge it.
60 Min
Layer 2 / L2
May 2024
Optimism Adoption And Stickiness On The Rise
The US Treasury is pushing for crypto regulation and a federal court has ruled that the CFTC can legally...A federal court rules that the CFTC can legally sue Ooki DAO members by posting the complaint on its...The US Treasury is pushing for crypto regulation and a federal court has ruled that the CFTC can […]...
5 Min
Oct 2022
Monthly Chartbook - AI Narrative Takes the Wheel
A declining Dec 2023 SOFR yield suggests market participants expect the Federal Reserve to lower interest...That left non-defense discretionary spending — less than 15% of federal spending — still in congressional...In FinTwit speak, it’s a massive blow to bank reserves....@TheShortBear And for that matter, neither is the Federal Reserve.
30 Min
Global Macro Themes
Jun 2023
USDC De-Pegs & Bitcoin Rallies
The Federal Deposit Insurance Corporation (FDIC) took over the bank....The Federal Reserve also created a program to provide $25B in one-year loans to any banks that need it...Circle, the issuer of the second-largest stablecoin USDC, held $3.3B of reserves at Silicon Valley Bank...
8 Min
Cash-Backed (Custodian) Stablecoins
Mar 2023
NFT Blue Chip Flippening, Anchor Grows Reserves, & Crypto Fund Flows
Anchor’s Yield Reserve Grows Steadily as Staking Yield Rises Since bETH was added as collateral on...Terra’s Anchor Protocol, the yield reserve has consistently grown....Recently, the growth in LUNA’s staking yield has also resulted in significant growth in Anchor’s yield reserves...
3 Min
NFTs
Dec 2021
The Public Crypto Accumulator Era - Part 1
A Deeper Dive Into The Accumulation of ETH, SOL and XRP While Bitcoin remains the benchmark reserve asset...Reframing Ethereum as a Capital Reserve Asset While SharpLink exemplifies the capital markets route to...SharpLink’s model proves that public firms can now raise capital to hold ETH as a strategic reserve and...
31 Min
Macro & Markets
Jun 2025
Monthly Chartbook - Wishful Thinking
Reserve to keep rates “higher for longer.”...Reserve’s quantitative tightening (QT) program marched on....On March 12th, it was announced that the Federal Reserve Board will make additional funding available...GHST’s reserve ratio is 33%, which results in low price sensitivity.
19 Min
NFTs
Mar 2023
Risk Analysis on Centralized Stablecoins
Reserve aggressively raised interest rates to curb inflation....The excess assets can also act as reserves to backstop losses and further grow the company....They have also launched the Circle Reserve Fund with BlackRock, investing USDC reserve assets in T-bills...Most stablecoin issuers invest their reserve dollars in U.S. T-bills.
12 Min
Stablecoins
Apr 2023
Binance Sees USD Outflows of $5B as Users Withdraw Funds
The Federal Reserve hikes its benchmark interest rate by 50 bps to 4.50%, the highest level in 15 years...Binance published a proof-of-reserves report on Dec. 7, 2022, stating that the exchange held more assets...
4 Min
Spot Exchange
Dec 2022
Monthly Chartbook - Spring Crossroads
“The Committee raised the target range for the federal funds rate by ¼ percentage point, bringing the...This “dot” represents the Federal Reserve’s expectations for the Fed funds rate at the end of 2023....The Federal Reserve originally created the program to provide a floor on interest rates in the money...
26 Min
Macro & Markets
Apr 2023
No Pain, No Gain
...an inopportune time as US tax season ramps up, as we will likely see a liquidity drain from MMFs and reserves...Mandatory spending programs and net interest outlays on US federal debt are now greater than total government...
13 Min
Macro & Markets
Apr 2024