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This is a segment from the Forward Guidance newsletter. To read full editions, subscribe.
One thing that is not spooky this Halloween is the latest PCE report, which showed prices increased as expected and annual inflation inched closer to the Fed’s 2% target.
So Powell probably isn’t having any nightmares tonight, or at least any inflation-related ones.
Prices increased by 0.2% month over month, according to the PCE index for September. Annual inflation for the 12 months ended September came in at 2.1%.
It’s the lowest annual rate since February 2021. August’s annual headline figure came in at 2.3% after an upward revision Thursday, so things are moving in…
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This is a segment from the Forward Guidance newsletter. To read full editions, subscribe.
MicroStrategy revealed yesterday that it intends to…wait for it…buy more bitcoin.
I’d bet you weren’t on the edge of your seat, because you know that’s what the largest corporate holder of bitcoin — now with 252,220 BTC — does. But this time, the strategy looks a little different given what is dubbed as the “21/21 plan.”
MicroStrategy plans to raise $21 billion from equity issuances through a new at-the-market facility, as well as another $21 billion by issuing fixed income securities.
The former facility is the largest of its kind in the history of US capital…
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This is a segment from the Forward Guidance newsletter. To read full editions, subscribe.
A couple of years ago, the quarterly refunding announcements (QRA) from the Treasury Borrowing Advisory Committee (TBAC) were dry and boring meetings that only dorks like myself paid attention to. The TBAC advises the Treasury on debt issuance strategy for the upcoming quarter.
Ever since rates came off zero and fiscal deficits exploded, however, market participants have started to pay close attention to how the government is funding itself. Supply and demand are drivers of US Treasury yields. Therefore, if more supply is coming onto the long end of the yield curve, that will have a…
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The daily net flow of U.S. Bitcoin ETFs on October 31, 2024, reflected significant activity, particularly from BlackRock’s Bitcoin ETF (Ticker: IBIT), which saw an impressive net inflow of 12,127 BTC. This marked a substantial increase, pushing the total Bitcoin holdings for BlackRock to 429,185 BTC. Other ETFs like Fidelity’s Bitcoin ETF (Ticker: FBTC) and VanEck’s (Ticker: HODL) also saw healthy gains, adding 175 BTC and 227 BTC respectively.
Conversely, there were notable outflows in several ETFs. Bitwise (Ticker: BITB) experienced a decline of 332 BTC, while Invesco Galaxy (Ticker: BTCO) saw a reduction of 433 BTC. Grayscale’s Bitcoin ETF (Ticker: GBTC) also faced a slight outflow, losing 248 BTC.
Overall, the total holdings across all ETFs surpassed the one million BTC mark, totaling 1,003,843 BTC, with a net increase of 12,039 BTC for the day, valued at approximately $847.9 million. This indicates a robust influx of capital into Bitcoin ETFs, highlighting growing investor confidence and interest in the cryptocurrency space on that particular day.
Disclaimer: Market capitalizations and data can vary in real-time. The information provided here is intended purely for educational purposes and should not, under any circumstances, be construed as financial advice.
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This is a segment from the Lightspeed newsletter. To read full editions, subscribe.
They say you shouldn’t judge a book by its cover.
But you should totally judge a chain by its memes. And Solana memecoins are collectively at an all-time high.
There are 57 memecoins with at least a $75 million market cap on CoinGecko. Sixteen of those are native to Solana, 18 are on Ethereum, and the remaining 40% are scattered across chains like Base, Bitcoin, Avalanche and Binance Chain.
It turns out that this particular selection of Solana memecoins have never been valued higher: $9.84 billion on Wednesday and slightly below that today.
Ethereum memes are otherwise sitting at…
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It has now been sixteen years since the original publication of the Bitcoin whitepaper on the cryptography mailing list. Satoshi went and dropped the paper in the place it would be best received, where all of the cypherpunks and cryptography nerds who had been obsessed with digital cash systems for years hung out and regularly discussed that and other related topics.
The whitepaper was by no means even close to a comprehensive description of the Bitcoin…
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