🔥Weekly Crypto Recap: 🔹A new UK crypto law formally recognizes cryptocurrencies as a separate "ownership category." This type of legal recognition could represent a turning point for those who invest, hold or provide crypto-related services, as it introduces potential protection against theft and fraud for digital assets and insolvency for regulated platforms. 🔹Kraken has acquired Backed Finance, a company specializing in real-world asset (RWA) tokenization, with the goal of offering tokenized shares and hybrid instruments on its platform. 🔹Tether/Bitfinex are about to launch the "Stable" chain, which aims to lower the barrier to entry to stablecoins for institutional players and mainstream users. 🔹Bank of America will allow its advisors to recommend clients up to a 4% allocation to BTC (starting in January 2026). 🔹Grayscale has launched the first ETF on $Link (Chainlink): GLNK. 🔹Kalshi has partnered with CNN.
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🐂🐻Although technically the BTC chart is bearish (daily/weekly but not monthly), it should be considered that: 1) Any QE will inject liquidity into the market (investments in riskier assets and greater economic growth; QT, on the other hand, strengthens the dollar and bonds, draining liquidity). 2) Rate cuts (money becomes cheaper, the dollar weakens and bonds are no longer attractive). QE + rate cuts = economic growth. - Bear Market (QT and rising rates): 2014, 2018, 2022. - Bull Market (QE or otherwise favorable situations of general liquidity): 2013, 2017, 2021. The end of 2017 wasn't a classic QE, but it was still a situation of global liquidity and favorable markets. In 2020, rate cuts and massive QE (due to the pandemic) led to the 2021 bull market. In this cycle, we had: 1) An anomalous Bull Market under QT conditions. 2) A possible Bear Market under QE (with rate cuts) would be another major anomaly. 3) The other anomaly is BTC's decorrelation from NASDAQ (which is performing well).
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🏦Strategy has built a reserve of $1.44 billion to pay dividends (STRD, STRK, STRC, STRF) by selling MSTR (diluting shareholders). This is to avoid the need to raise new capital or sell BTC. In the future, this reserve will be replenished by: 1) Selling additional MSTR shares (if mNAV>1). 2) Selling a portion of BTC (if mNAV<1). The mNAV captures the premium (or discount) investors assign to Strategy valuation overall.
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