ilqdty daily2 min readRead the latest
moody's rated a stablecoin for the first time, an A2 for ripple's $2.5B RLUSD
SourceThe Block
the fed decides today and i think this rating outlasts whatever warsh says.
| Markets | Level | 24h | week |
|---|---|---|---|
| $BTC | 81,513 | +0.8% | -3.0% |
| $ETH | 2368.9 | +0.8% | -4.2% |
| $SOL | 103.2 | +1.8% | -3.5% |
| BTC.D | 59.5% | ||
| F&G | 51 neutral |
01Crypto3 stories
02Macro3 stories
03Trends3 stories
- on solana, pumpfun took $1.85M in fees over the last day and the ten trending coins traded $47M. $INVERSE (+18071%) and $MOGZ (+17211%) went from nowhere to $0.5M caps each, and $STONK (+16%) climbed to $119.7M
- tron passed solana in chain fees over the last 7 days, $5.30M against $3.94M. over 30 days solana still leads, $24.4M against $24.2MDefiLlama fees
- robinhood chain, the brokerage's own blockchain, made $26M of revenue on $80B of trading volume in its first quarterThe Block
04Today3 stories
- 9:45 ET: bank of canada decides, with markets split between holding at 2.25% and a hike
- 2:00 ET: the fed decision, then warsh's press conference at 2:30. whether he keeps a december hike alive is the whole story
- after the close: microsoft and alphabet report, a read on how much big tech is still spending on AI
05My view
the slow money kept building this week while prices slipped. a ratings agency graded a stablecoin for the first time, and a manager the size of janus henderson put an index fund on a blockchain. those decisions take months of lawyers, and they don't get undone on a red week.
the risk i'm tracking is rates. the ten-year sits at 4.995% and the thirty-year at 5.309% (CNBC), and every major coin is down on the week alongside them. if warsh leaves december open this afternoon, that pressure carries into tomorrow's PCE inflation print at 8:30 ET. i honestly can't tell yet if he wants to sound tough or actually hike.
what changes my mind is crypto falling on a calm press conference, because then the selling has nothing to do with the fed. my lean is that the builders are early and price catches up once yields stop climbing.
fed day, then gdp and pce tomorrow morning. lock in.