This is a segment from the 0xResearch newsletter. To read full editions, subscribe.

Macro finally reminded crypto that it still matters. 

The Fed delivered the expected 25 bps cut but signaled a much tighter path ahead, projecting only one cut for all of next year. That was enough to knock BTC off its early strength and reinforce the idea that liquidity is not opening as quickly as many had hoped. 

At the same time, the Perp Wars are heating up as Aster and Lighter chip away at Hyperliquid’s dominance, and the gap between crypto’s cash flows and its investor relations infrastructure is becoming too big to ignore.

Indices

Markets saw a clear split yesterday…

Read more on Blockworks