This is one of the most challenging macro environments we’ve seen in a long time. The latest soft data seems to illuminate a path to rate cuts and a soft landing, but that rosy outlook could change qu...

One of our highest conviction theses at the start of the year was that — given a more supportive liquidity […]...

Introduction — Oh, How Far We’ve Come Exactly one year ago, we published our last Markets Year Ahead report — […]...

Crypto Markets Take Center Stage The much-anticipated debate between ‘Uptober’ and ‘Octover’ came to a head in spectacular fashion. The […]...

We’re getting closer to the point where the rubber will meet the road. We’ve written plenty on the bull case […]...

A Certified OG Coinbase was founded on June 20th, 2012. That same day, the price of BTC hit $6.65. It […]...

Narratives are meeting places for minds. They are how we make sense of our confusing, intimidating, and seemingly random world. Humans have been inventing narratives since at least the time of ancient...

This month’s musing will be devoted to analyzing vibes. You might think, what’s the point of wasting time on, uh, “vibes?” Shouldn’t we focus on more important stuff like numbers, charts, and math? We...

In early February, we wrote about the turnaround in the global liquidity cycle and its influence on the market’s strong start to the year. Since then, the broad crypto market is up ~14%, largely drive...

We’ve been saying for months that access to funding is the biggest risk to the crypto industry this year. Never has that been more relevant than right now given the events of the last few days....

Investors are people, and they, too, underestimate the likelihood (and duration) of bad things happening. So far, 2023 is shaping up to be a case study in this kind of wishful thinking....

Recent increases in global liquidity have been a driving factor in this year's market rally. There is evidence supporting potential trend continuation in the coming weeks, as there are still multiple...

2022 was The Great Reset for crypto. Overly hyped trends and mass speculation pushed the crypto market far out over its skis by the end of 2021, so this year’s washout was a necessary reset. Sizable c...

Crypto markets have been attached at the hip to traditional risk assets for the better part of the last 12 months. For better or for worse, everything has been distilled down into one big macro trade....

Introduction It has long been theorized that Satoshi’s inspiration behind the creation of Bitcoin was born in the wake of […]...

Introduction Since we published our “Searching for Market Bottoms” report, things have started to accelerate. We outlined a number of […]...