What exactly is the debasement trade? How can a Treasury buyback program, which does not create money in the way Federal Reserve quantitative easing does, strengthen that thesis? And why is the trade usually expressed through scarce assets such as gold and bitcoin rather than equities?
As crypto is entering a new bull cycle, which narratives will define it? We believe that five distinct layers are converging into one financial stack, giving this cycle a broader foundation than any single breakout category. This is the moment crypto evolved from a market for itself into the market structure for everything else.
Bitcoin has entered a new bull market, and that the traditional boom-and-bust era is gradually drawing to a close. Sharp corrections will remain part of the journey. A more mature market, however, offers the prospect of an advance with a more durable foundation and less destructive reversals.
Bitcoin broke $87K for the first time since January, 90% of altcoins outperformed BTC, and MVRV flashed a signal similar to the one seen at the start of the 2023 bull market. Then one PMI print pushed Fed hike odds to 70%, sending BTC 4% lower to around $84K. Is the supercycle starting, or did the Fed just put it on hold?
