The Incentive Crisis: Why the Compression of the "Risk Premium" Has Stifled Liquidity in Cryptocurrencies
Introduction: The Mirage of Liquidity
We often wonder why, despite technological maturity and ETF approvals, the cryptocurrency market isn’t experiencing the widespread euphoria of previous cycles. The answer doesn’t lie in technology, but in the fundamental mathematics of money. My thesis is clear: the crypto market has lost its most aggressive competitive edge—“the yield differential.”
Stablecoins, which have historically served as the fuel for liquidity and the gateway for retail and in

The fall of Bitcoin by 5% is due to Japan 🇯🇵.
The yield on your bonds has surged to levels not seen since 2008.
What does this mean? That the "cheap money" that finances global markets is coming to an end.
Bitcoin immediately feels the lack of liquidity.

The fall of Bitcoin by 5% is due to Japan 🇯🇵.
The yield on your bonds has surged to levels not seen since 2008.
What does this mean? That the "cheap money" that finances global markets is coming to an end.
Bitcoin immediately feels the lack of liquidity.

Are you in trouble $USDT? 🚨
It all started with a warning from Arthur Hayes about the danger of backing the largest stablecoin with volatile assets like #Bitcoin and Gold. 🧵👇

IBIT, BlackRock's ETF, has today 42.95 million in positive flows. And the combined ETFs have 21.25 million, on a day that continues to show indecision.
All this and with the news of the "bonds" from JPMorgan $BTC is trading up over $91,300.

IBIT, BlackRock's ETF, has today 42.95 million in positive flows. And the combined ETFs have 21.25 million, on a day that continues to show indecision.
All this and with the news of the "bonds" from JPMorgan $BTC is trading up over $91,300.

JPMorgan wants to launch bonds backed by #Bitcoin and today the market is responding positively. All of this after they spread terrible FUD about MicroStrategy shorting them and that BTC fell around 45K from historical highs. Manipulation at a God level!

JPMorgan wants to launch bonds backed by #Bitcoin and today the market is responding positively. All of this after they spread terrible FUD about MicroStrategy shorting them and that BTC fell around 45K from historical highs. Manipulation at a God level!

Attention, today the BlackRock IBIT ETF finally launches with positive flows totaling $82.94 million. Adding all combined ETFs with positive flows of $128.64 million. The trend has not changed yet, but they are gradually stopping the sell-off of $BTC.