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1 week ago | 
mail.blockworks.com | Byron Gilliam |Jack Kubinec |Felix Jauvin |Kate Irwin
The investment case for bitcoin treasury companies can be confusing, so VanEck has done us a service by writing the definitive explainer on the various ways to invest in Strategy (MSTR, STRF, converts). The main vehicle, MSTR, is generally viewed as a leveraged bet on bitcoin, but VanEck details why thatâs not exactly correct.
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2 weeks ago | 
mail.blockworks.com | Byron Gilliam |Jack Kubinec |Felix Jauvin |Kate Irwin
Q: Do we need a new internet? The business model that populated the world wide web with information was straightforward: create content, attract traffic, sell ads. Now, however, you can often get better, aggregated information from a large language model, which sends a bot to visit those same websites on your behalf. Soon, most traffic on the web will be bots and therefore impervious to ads (and tragically uninterested in subscribing to newsletters).
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2 weeks ago | 
blockworks.co | Felix Jauvin
I'm old enough to remember when, just a few months ago, the Trump administration talked about cutting deficits to 3% of GDP. Ever since the Liberation Day pivot, however, the Trump administration has 180'd on its goals and is now pushing a new way to manage the US debt situation: Run it hot.
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3 weeks ago | 
mail.blockworks.com | Byron Gilliam |Jack Kubinec |Felix Jauvin |Kate Irwin
Q: What did dinner with the president cost? The final TRUMP holder to qualify for dinner with the president held 4,196 tokens, which were worth about $60,000 at the cut-off. But thatâs not the cost of the invite, because holders were free to sell as soon as the period or record ended. If they did, they would have taken about a 10% loss, making the real cost of dinner with the president (and 219 others) about $6,000.
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3 weeks ago | 
blockworks.co | Felix Jauvin
We're entering the phase where we can see the impact of tariffs on the economy and gauge how companies are responding to these price increases. We'd forgive you for not knowing what the current tariff rates are, considering they change quite frequently.
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1 month ago | 
blockworks.co | Felix Jauvin
With the US imposing 145% tariffs on China, the two largest economies in the world are effectively in a trade embargo. Shipping volumes from China are completely freezing up. Many compare this situation to the Covid supply chain shock we experienced just a few years ago. To better understand what's truly going on and how to effectively analyze the situation, I had Craig Fuller, CEO and founder of FreightWaves, on Forward Guidance this week to unpack all things shipping and logistics.
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1 month ago | 
0xzx.com | Felix Jauvin
特朗普暗示投资者抛售美元资产，《前瞻指引》指出现在可能是提现美元计价资产的时机。特朗普政府旨在减少贸易逆差，尤其是商品贸易逆差。长期以来，美国依赖于制造成本更低国家的商品进口，推动了对美元资产的需求，压低了国债收益率并抬高了美股估值。然而，特朗普政府正试图逆转这一趋势，促使境外投资者提现美元资产，可能导致债券收益率上涨和股市下跌。投资者应认真关注这一信号。 特朗普正在暗示你抛售美元资产 《前瞻指引》撰文指出，现在或许是时候提现美元计价资产了。，现在或许是时候提现美元计价资产了。 当前已明确可见，特朗普政府的核心目标之一就是缩减与其他国家的贸易逆差，尤其是商品贸易逆差。，尤其是商品贸易逆差。 资料来源：弗雷德 必须强调这一区分——— 因为美国实际上保持着服务贸易顺差 美国机械性地从制造更优、成本更低的国家进口“商品”，美元流向这些国家以完成采购。，美元流向这些国家以完成采购。 这些境外美元随后又被重新投资于美国国债、美股等美元计价资产。数十年来，这种机械性需求人为推高了美元汇率，同时掏空了因制造业岗位外流而衰败的美国中产阶级。，同时掏空了因制造业岗位外流而衰败的美国中产阶级。...
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1 month ago | 
blockworks.co | Felix Jauvin
It's clear at this point that one of the Trump administration's primary goals is to lower trade deficits with other countries, specifically goods trade deficits. It's important to make that distinction because, in fact, the US runs a services surplus! The US mechanically imports "stuff" from other countries that manufacture it both better and cheaper. And as the reserve currency of the world, US dollars flow into those other countries to fund those purchases.
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1 month ago | 
blockworks.co | Felix Jauvin
In the world of macro, the FOMC roadshow has been sidelined as global markets and pundits are squarely focused on Trump's trade policies and their impacts on the global economy. That creates a state of fragility with a bunch of crosscurrents. Economic activity is grinding to a halt as businesses have trouble making hiring and capital investment decisions without knowing what the outlook will be on tariffs.
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1 month ago | 
blockworks.co | Felix Jauvin
We got the Trump put: The president finally caved after the yield on the 30-year bond hit 5%. As is the theme for this year, the bond market is driving everything, and equity markets are simply along for the ride. The bond market started to fall apart late Tuesday evening, and I admittedly got very worried about financial stability. In a two-hour span, the 30-year rose 21bps and hit 5%.
