Analyst at HashKey Capital. Writes occasionally. All thoughts are my own
Just a moment...
Just a moment...
Monthly Market Update (Apr)
MacroApril marked a month where risk-on capital re-entered the market despite headlines still being dominated by the Iran war as investors increasingly came to terms with a future defined by heightened geopolitical conflicts and repositioned their capital for the new normal. Equity markets surged with the S&P 500 rising 10.4%, Nasdaq up 15.3%, Dow Jones up 7.1%. Globally, the MSCI Asia Pacific Ex Japan index rose 15.1%, while the MSCI Emerging Market gained 14.7%, largely driven by a rebound ...
Monthly Market Update (Apr)
MacroApril marked a month where risk-on capital re-entered the market despite headlines still being dominated by the Iran war as investors increasingly came to terms with a future defined by heightened geopolitical conflicts and repositioned their capital for the new normal. Equity markets surged with the S&P 500 rising 10.4%, Nasdaq up 15.3%, Dow Jones up 7.1%. Globally, the MSCI Asia Pacific Ex Japan index rose 15.1%, while the MSCI Emerging Market gained 14.7%, largely driven by a rebound ...
The Tokenized Commodities Market in 2026: Evolution, Adoption, and Outlook
OverviewTokenized commodities scaled rapidly over the past year, expanding its AUM from $1.37B to $5.46B YoY, representing an annual growth of ~300%. While the sector growth has accelerated, this expansion is largely attributed to increased demand for precious metals, specifically gold. The top 2 tokenized gold assets XAUT by Tether and PAXG by Paxos, collectively hold ~95% market share of total tokenized commodities. That concentration is not a weakness in itself. It is the clearest signal t...
The Tokenized Commodities Market in 2026: Evolution, Adoption, and Outlook
OverviewTokenized commodities scaled rapidly over the past year, expanding its AUM from $1.37B to $5.46B YoY, representing an annual growth of ~300%. While the sector growth has accelerated, this expansion is largely attributed to increased demand for precious metals, specifically gold. The top 2 tokenized gold assets XAUT by Tether and PAXG by Paxos, collectively hold ~95% market share of total tokenized commodities. That concentration is not a weakness in itself. It is the clearest signal t...
Monthly Market Update (March 2026)
Executive SummaryMarch 2026 was defined by three forces: the U.S.-Israel military campaign against Iran (launched February 28) that sent Brent crude above $119/bbl and reshuffled safe-haven dynamics; a hawkish Federal Reserve that held rates steady and warned of greater inflation ahead, dimming hopes of further rate cuts into 2026; and a decisive institutional recovery in Bitcoin ETF flows that brought more than $1.35B in March. The total crypto market cap closed at $2.3T relatively unchanged...
Monthly Market Update (March 2026)
Executive SummaryMarch 2026 was defined by three forces: the U.S.-Israel military campaign against Iran (launched February 28) that sent Brent crude above $119/bbl and reshuffled safe-haven dynamics; a hawkish Federal Reserve that held rates steady and warned of greater inflation ahead, dimming hopes of further rate cuts into 2026; and a decisive institutional recovery in Bitcoin ETF flows that brought more than $1.35B in March. The total crypto market cap closed at $2.3T relatively unchanged...
Monthly Market Update (October)
Overall Market PerformanceOctober marked the start of the longest period of US government shutdown in history, with the shutdown continuing into November. Geopolitical tensions also flared up between US and China over rare earth controls, causing gold prices to rise to its highest level on October 17. On the policy front, the Fed has issued its second rate cut of the year and promised to end quantitative tightening in December, although its hawkish tone towards a definitive rate cut in Decemb...
Monthly Market Update (October)
Overall Market PerformanceOctober marked the start of the longest period of US government shutdown in history, with the shutdown continuing into November. Geopolitical tensions also flared up between US and China over rare earth controls, causing gold prices to rise to its highest level on October 17. On the policy front, the Fed has issued its second rate cut of the year and promised to end quantitative tightening in December, although its hawkish tone towards a definitive rate cut in Decemb...
