ilqdty daily2 min readRead the latest
bitmex closed for good at 04:00 utc after eleven years
the same morning, six of canada's biggest banks agreed to put customer deposits on a blockchain.
| Markets | Level | 24h | week |
|---|---|---|---|
| $BTC | 85,900 | -0.4% | +12.8% |
| $ETH | 2735.6 | -0.7% | +13.2% |
| $SOL | 117.3 | -1.1% | +19.0% |
| BTC.D | 58.7% | ||
| F&G | 71 greed |
01Crypto4 stories
- $NEAR is up 76.6% in seven days and its spot market opened on hyperliquid, where traders already hold near $344M of positions against itNEAR Protocol
- sofi will settle its entire $25 billion card program in stablecoins on mastercardSoFi
- all six of canada's largest banks formed a joint venture to tokenize bank deposits@CoinDesk
- solana tested alpenglow, which cuts the time a transaction is final from 12.8 seconds to 150 milliseconds@CoinDesk
02Macro3 stories
- iran signaled it could reopen the strait of hormuz, the shipping lane for a fifth of the world's oil, within seven daysReuters
- fed officials floated more hikes this week, days after the last oneCNBC
- gold fell about 0.8% to roughly $4,308 on those remarksFortune
03Trends3 stories
- hyperliquid's perp venue passed pons, the launchpad on robinhood chain, on fees this week: $20.0M against $19.0M over seven days. over thirty days pons is still the bigger business, $138.0M against $73.9MDefiLlama
- stonkfun out-earned pumpfun on solana again, $1.27M against $1.25M in daily revenueDefiLlama
- apecoin went canonical on solana and traded $17.7M on day one with 19,847 walletsSunrise
04Today3 stories
- flash september pmis print this morning, the first read on how factories and services did this month and the only real growth number of the week
- the weekly us oil inventory report lands today, which decides whether crude's slide was demand or supply
- friday carries the august pce inflation report at 8:30 ET and the quarterly bitcoin and ether options expiry on deribit at 4am ET
05My view
sofi and six canadian banks moved real payment money onto crypto rails on the same morning bitmex turned its servers off. one of those is the end of the offshore era and the other is what replaced it, and what replaced it settles far more money than bitmex ever did.
the risk i'm tracking is where the bid comes from. stablecoin supply sits at $311.7B and grew 0.70% in seven days, so a double-digit week in every major coin ran mostly on cash that was already here. spot bitcoin funds took in $714.7M on the latest print, which is new money arriving through wall street and not through the stablecoin door. the ten-year at 4.96% is what keeps that second door shut, and friday's inflation number is when it gets tested.
what would move me is stablecoin supply climbing while yields stay up here, because that means someone chose crypto over a 5% treasury. it has not happened yet, and the majors closed the week green anyway. that is the part worth sitting with.
pmis this morning, inflation friday. lock in.