Aug 18, 2026 | Chainletter
Four years ago I embarked on a round of fund marketing. The price of bitcoin was in the low $20,000s, crypto hedge funds and exchanges had blown up, and Sam Bankman Fried was on his way to the slammer. It seemed clear to me that the bad news was priced in, and so I...
Aug 18, 2026 | Chainletter
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...
Jul 7, 2026 | Chainletter
Our internal risk regime indicator has moved from Neutral-Low to Risk-On. This has surprised us, but that’s the nature of models. They take away the emotion. We’re not going crazy on this development, as we consider that major challenges remain for bitcoin in...
Jun 11, 2026 | Chainletter
Bitcoin is back at its 2021 peak and nobody can quite agree why. Around it, markets are behaving in ways that don’t fit the traditional models: bonds and gold telling opposite stories, indices propped up by passive flows, and a US$4 trillion IPO wave being...
Jun 3, 2026 | Chainletter
Why bitcoin’s breakdown could be crypto’s most important moment. Bitcoin and most crypto prices have fallen sharply over the last few weeks. It’s hard to see how bitcoin recovers from this point. Given its dominant market share of the sector that’s clearly...
