On 🇺🇸 US Credit Downgrades ↑ ∘ Yahoo Link: finance.yahoo.com/news/worst-spa… Traded Credit Flat ∘ OAS spreads still not moving from historically low levels Credit Risk is historically under-priced here ∘ HY and external EM debt very overpriced #credit

People are telling me that $BTC is digital gold and $ETH is digital tech again #thistimeisdifferent #Ethereum

On Perp Funding Still more to go but the overall funding (by OI) is the most elevated since Trump's election victory. There was a lot of hopium following Trump's re-election back in Oct '24. We should be asking ourselves if the current conditions justify a return to that

Imagine thinking that the White House has an actual trade plan...

GOLDMAN SACHS AND BANK OF NEW YORK MELLON HAVE CREATED THE ABILITY FOR INSTITUTIONAL INVESTORS TO PURCHASE TOKENIZED MONEY MARKET FUNDS, CNBC HAS LEARNED. CLIENTS OF BNY, THE WORLD’S LARGEST CUSTODY BANK, WILL BE ABLE TO INVEST IN MONEY MARKET FUNDS WHOSE OWNERSHIP WILL BE

x.com/saylor/status/…

On $ETH Short Liquidation ∘ $ETH potential short liquidation same size as $BTC (highly unusual) ∘ $SOL potential liquidation for example is 30% of that size. $XRP is 10% ∘ $ETH short interest probably driven in part of the $stETH unstaking queue as well instead simply

On Downside Reflexivity of Crypto Treasury Companies Related Post: x.com/itscorrekt/sta… A friend was asking me about the potential unwind risks related to the trend of firms acquiring crypto-based treasuries. Here are some thoughts: ∘ I don’t think the negative

On Vol Landscape ∘ Barclays Equity Euphoria Indicator nears ATH ∘ $VIX spot drop breaks 15 ∘ $VIX term structure contango steepening for > 2mths ∘ inverse $VIX ETFs up +54%, long $VIX ETFs down -57% over the same period ∘ 1W / 2W / 1M realized vol on $SPX down

🇺🇸 On US Treasury QRA (Q3) Prev QRA Post: x.com/itscorrekt/sta… Treasury Refunding Announcement ============================ ➜ Q3 borrowing needs drops steeply: from $514B → $35.2B. Reasons include: ∘ Congress passed the "One Big Beautiful Bill Act", raising the debt

A Historical Plunge in Copper Futures ∘ Copper futures plunged by around 20% on July 30, 2025, marking the largest single-day fall since records began in 1968. Tariff Exclusions ∘ President Trump’s new 50% tariffs would not include refined copper (cathodes and anodes),

🇺🇸 The Stealth Treasury Refinancing Dug a little more into an earlier post: x.com/itscorrekt/sta… ℹ️ QRA vs. Total Borrowing Estimate ∘ The QRA details the "refunding" portion of Treasury refi which is about the schedule and sizes of Treasury notes and bond auctions ∘

$BTC vs $ETH Treasuries Putting things into context: ∘ $BTC treasuries outweigh $ETH ones by 43x ∘ while $BTC MC is just 5.15x that of $ETH #crypto_treasury

🇺🇲 On Appeals Court Hearing on the Legality of Trump's Hearing From GenAI: ∘ A major appeals court hearing regarding the legality of President Donald Trump’s tariffs on America’s trading partners took place as scheduled on Thursday, July 31, 2025. ∘ The oral arguments

🇺🇸 Rate Cut Odds after NFP ∘ Jul NFP missed ∘ Jun NFP revised from +144K to +19K ∘ May NFP revised from +147K to +14K 2 rate cuts by Dec 2025 about 90% priced in #us_rates