Crypto is Macro Now

Crypto is Macro Now

Amundi’s tokenization: the hidden story

Plus: the BIS and real estate tokenization, macro signals, and some backstabbing

Noelle Acheson's avatar
Noelle Acheson
Dec 04, 2025
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“When a thing ceases to be a subject of controversy, it ceases to be a subject of interest.” – William Hazlitt ||

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IN THIS NEWSLETTER:

  • Amundi’s tokenization: the hidden story

  • The BIS and real estate tokenization

  • Markets: knives out?

  • Macro: US jobs and services activity

Crypto is Macro Now offers ~daily commentary and updates on the overlap between the crypto and macro landscapes.

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WHAT I’M WATCHING:

Amundi’s tokenization: the hidden story

Last night I bravely took a look at my growing backlog of things that I want to get to, and saw that I hadn’t commented on Amundi’s tokenized fund. This is worth a mention, but not because of the fund itself.

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