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Crypto faces macro headwinds it has not yet encountered in its short history
Correlations between asset classes and within crypto remain high
Unstable stablecoins will attract harsh regulation
USDC could become a private CBDCCeFi lenders could have used some transparency and hubris
Investors were driven to opaque CeFi lenders due to the complexities and risks of managing one’s own keys and coins
Bitcoin failed as an inflation hedge in Q2
Signs of recovery are visible, as founders keep building in the bear
Blockworks is continuing to build throughout these tough times
Launching a new research platform
News and editorial covering every move in the space, allowing the research team to dig deeper into markets
Those who have the patience, vision and runway will make the biggest gains in bear markets
The collapse of Terra's UST stablecoin destroyed over $50 billion in market value in about a week.
An entire layer 1 ecosystem disappeared in days, taking with it Anchor Protocol, which was once worth over $1 billion
Several Terra 1.0 protocols, such as Astroport, are planning on building on the new iteration.
We have not yet learned our lesson with algorithmic stablecoins. All major fiat-backed stablecoins are considered at risk of censorship.
USDC gained significant outflows from USDT and other stablecoins
Stablecoins require a reliable peg, so it makes sense that a $1 IOU is backed by a portfolio of dollar assets
The model chosen by all fiat stables has been proven to be susceptible to bank runs in TradFi, as it is logical for depositors to redeem as fast as possible at the first sign of problems
3AC's collapse led directly to the insolvency of one of crypto's biggest hedge funds.
Directly, their liquidation filing made many retail and possibly some institutional lenders insolvent.
Indirectly, the forced liquidations from 3AC & its lenders caused crypto basis trade spreads to widen, affecting other traders' positions.
Inflation is skyrocketing around the world, but the flight to quality appears to be into USDC rather than any risky token.
Bitcoin has not been an inflation hedge for the last 18 months or so.
Bitcoin is a risk asset, correlated to anything with a risk premium at times of increased macro uncertainty.
In the long run, however, BTC has outperformed every asset class and has bettered inflation by a huge margin.
Crypto is one of the worst performing sectors of Q2, but low-revenue tech sectors are suffering as much or more
Electric Vehicle IPO/SPACs have performed abominably
Velodyne Lidar is down 95% since December 2021
RIDE is down over 90%
Cathie Wood's high profile ARK Innovation ETF is down 70%.
Have builders stopped building? No. Building didn't stop after the dotcom crash.
The next bull will likely be led by new concepts and products
Looking around the corner, we all want to know when the new bull market will start
In general, bottoms take a long time to set in. An up year in US stocks follows a down year about half the time.
TradFi full cycles have taken between 5 and 25 years
Link full:
Crypto faces macro headwinds it has not yet encountered in its short history
Correlations between asset classes and within crypto remain high
Unstable stablecoins will attract harsh regulation
USDC could become a private CBDCCeFi lenders could have used some transparency and hubris
Investors were driven to opaque CeFi lenders due to the complexities and risks of managing one’s own keys and coins
Bitcoin failed as an inflation hedge in Q2
Signs of recovery are visible, as founders keep building in the bear
Blockworks is continuing to build throughout these tough times
Launching a new research platform
News and editorial covering every move in the space, allowing the research team to dig deeper into markets
Those who have the patience, vision and runway will make the biggest gains in bear markets
The collapse of Terra's UST stablecoin destroyed over $50 billion in market value in about a week.
An entire layer 1 ecosystem disappeared in days, taking with it Anchor Protocol, which was once worth over $1 billion
Several Terra 1.0 protocols, such as Astroport, are planning on building on the new iteration.
We have not yet learned our lesson with algorithmic stablecoins. All major fiat-backed stablecoins are considered at risk of censorship.
USDC gained significant outflows from USDT and other stablecoins
Stablecoins require a reliable peg, so it makes sense that a $1 IOU is backed by a portfolio of dollar assets
The model chosen by all fiat stables has been proven to be susceptible to bank runs in TradFi, as it is logical for depositors to redeem as fast as possible at the first sign of problems
3AC's collapse led directly to the insolvency of one of crypto's biggest hedge funds.
Directly, their liquidation filing made many retail and possibly some institutional lenders insolvent.
Indirectly, the forced liquidations from 3AC & its lenders caused crypto basis trade spreads to widen, affecting other traders' positions.
Inflation is skyrocketing around the world, but the flight to quality appears to be into USDC rather than any risky token.
Bitcoin has not been an inflation hedge for the last 18 months or so.
Bitcoin is a risk asset, correlated to anything with a risk premium at times of increased macro uncertainty.
In the long run, however, BTC has outperformed every asset class and has bettered inflation by a huge margin.
Crypto is one of the worst performing sectors of Q2, but low-revenue tech sectors are suffering as much or more
Electric Vehicle IPO/SPACs have performed abominably
Velodyne Lidar is down 95% since December 2021
RIDE is down over 90%
Cathie Wood's high profile ARK Innovation ETF is down 70%.
Have builders stopped building? No. Building didn't stop after the dotcom crash.
The next bull will likely be led by new concepts and products
Looking around the corner, we all want to know when the new bull market will start
In general, bottoms take a long time to set in. An up year in US stocks follows a down year about half the time.
TradFi full cycles have taken between 5 and 25 years
Link full:
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