Markets Editor — macro, rates, equity-crypto flows
Block 1,050,000 lands around April 2028, cutting the subsidy from 3.125 BTC to 1.5625 BTC. Daily issuance falls to 225 BTC. Here…
The Bitcoin whitepaper is nine pages. Most modern whitepapers are 60-page marketing decks dressed in LaTeX. Here is the strategist's checklist for…
Perpetual futures account for over 75% of crypto derivatives volume. They have no expiry, use a funding rate to anchor to spot,…
Spot Bitcoin ETFs hold actual BTC in custody. Futures ETFs hold rolling CME contracts. The basis between them costs investors 4-8% a…
Bitcoin in 2026 is a $1.3T monetary asset with a fixed 21M cap, 10-minute blocks, and a halving every 210,000 blocks. Here…
USDJPY at 157.20 is 4 yen from the MOF's implicit intervention threshold. With Ueda's BoJ signalling October hike, the carry-trade unwind that…
Lagarde, Lane, and Stournaras lean dovish on a July cut; Schnabel, Holzmann, and Nagel hold the hawkish line. The June staff projections…
BUIDL crossed $1.4bn in AUM Tuesday, growing $312m in May alone. The underlying is plain-vanilla short T-bills, but the wrapper is the…
312 days to the 5th BTC halving. Subsidy drops 3.125 to 1.5625 BTC at block 1,050,000. CleanSpark, Riot, and Marathon will all…
The 2s10s flattened 12bp on Tuesday's $42bn 7-year auction, with the long end leading. Term premium is back negative for the first…
