Summary
-
Market: The market is basing; Strategy’s selling settles nerves, but is “less bad” rather than good; we’re at the bottom of the four-year cycle; CLARITY Act remains a key catalyst; Robinhood Chain launches on Ethereum; ETH price target US$12,250
-
On-Chain: Bitcoin ownership growing; hashrate holding despite soft price
-
Macro: Deflationary boom theme picked up by Fed Chair; systematically important banks in rude health; BUT…Japan’s bond market flashing sovereign-debt-crisis signals; revisiting the case for gold and ETH against debasement
-
Cryptoverse: Maple Finance’s H1 update shows a business compounding in a bear market
