Flows left and came straight back as Warsh and Waller pulled in opposite directions. The rate path, not client conviction, is setting the ceiling.
CoinShares
Hyperliquid, Solana: two networks cashing in on the prediction markets boom
You cannot buy shares in Kalshi or Polymarket. But you can get exposure to the prediction market sector: Hyperliquid and Solana offer an accessible route to this boom.
Bitcoin’s rally is a rates trade, not a crypto trade
A softer policy path and a splitting Treasury curve are doing the work, with positioning adding leverage. Advisers get their next reading from Jackson Hole.
Bitcoin: the macro backdrop is quietly turning
Thin summer volumes make flows hard to read, but weaker US labour data and moderating inflation are quietly improving the macro case.
Crypto: Coldcard and the custody question professionals should be asking
A five year old firmware flaw has cost bitcoin holders more than $100M. The lesson is about operational risk, not ideology.
Bitcoin’s cycle lows look in, but the ceiling stays capped
Whale accumulation and a fifth week of inflows point to a floor. Rate expectations and an unresolved Iran conflict cap the upside.
Crypto held its range while everything else sold off
Bitcoin gave up around 3% through a record Asian deleveraging, a contested Fed hold and a deepening AI selloff. What did not happen matters more.
Hyperliquid Valuation Framework
CoinShares’ latest research values HYPE over 5 years via a P/Fees multiple across seven revenue streams
Ethereum Valuation Framework
CoinShares latest research introduces a 5-year sum-of-parts framework for ETH, combining cash-flow valuation, monetary premium, and network effects.
Behind Bitcoin mining: real companies building real infrastructure
Bitcoin mining is not a hobby, it is an industrial sector: listed companies, gigawatts of contracted power, and more than $110B in AI infrastructure deals.