After a couple of poor days at the end of February and start of March, flows did go back to the levels seen in the second week of February (they had trailed off afterwards), and after the ATH break on 8th March (itself a relatively modest day), we saw a…

To give a brief view of the 'why' here insofar as anyone has a strong indication: we tend to think a lot of it has to do with weakness on ETH as a market leader (the expected hangover after the Dencun upgrade's implementation, murmurs around the ETH ETFs being rejected…

Today will see - or, by the time you read it, most likely has seen - the Dencun upgrade come to Ethereum. In truth, this was not something that we particularly planned to write about here; while Dencun is an important upgrade (and the realisation of many, many years of…

OI has - unsurprisingly given recent price action - continued to rise, albeit not too far above levels on February 14th, and with micro-BTC in particular seeing a decent sell-off/shift towards the short side going into last week. Whatever the dynamics were at play there, it doesn't seem to have…

We will speak more on inflows by product in the next section, but in terms of the general trend: the last couple of weeks have been indicating towards something very different to where we were at the end of January. We do need to make the point here that while…

You know that a bull market is coming when you start seeing products pushed with increasingly obtuse financial engineering. This, we think, is a fair characterisation of the latest pseudo-stable in the form of Ethena's USDe. Off the bat: we don't think USDe is a particularly good product, and we…