“Both optimists and pessimists contribute to society. The optimist invents the aeroplane, the pessimist the parachute.” – George Bernard Shaw
Hello everyone! I hope you’re all taking care of yourselves, this is shaping up to be a crazy week for geopolitics.
Note: I have to skip publication tomorrow, back on Thursday!
IN THIS NEWSLETTER
Eyes on Israel: a question of character
Eyes on China: cleaning house
Eyes on the US: an overlooked threat
Crypto is Macro Now offers ~daily commentary and updates on crypto’s evolving role in the changing geopolitical and financial landscapes. Plus links and more.
If you’re a premium subscriber, thank you so much!! ❤
PUBLISHED IN PARTNERSHIP WITH: ✨ ALLIUM ✨
Adjusted stablecoin volume (removing non-economic activity) grew 48% Jan-Sept 2026, despite flat stablecoin supply. The adjusted transfer count grew more than 70%, faster than value, reducing the average transfer size by 14%.
Download Allium’s State of Stablecoins and Payments Q3 2026.
And get weekly onchain data and more analysis like this from the Allium Research team on Substack.
WHAT I’M WATCHING
NEWSLETTER STUFF
Over the weekend, I got this notification on Substack:
What???? I’m truly chuffed, but I’m also surprised as I’d have thought readers of crypto newsletters wanted trading recommendations and price analysis, which I don’t do.
I guess that makes the rank even more special, however temporary – so, thank you all!
Something I forgot to share yesterday: last week, I had the privilege to chat to Maggie Lake on her new show For the Record – she’s always so good to talk to, the time flies by. We spoke about Bitcoin, stablecoins, market expectations, cycles, and more.
Eyes on Israel: a question of character
As I type, voting is under way in Israel, in an election that many regard as the most consequential in the nation’s history. It’s not just that it’s the first since the Hamas attack on October 7, 2023. It’s not just that the incumbent prime minister is the longest-serving leader Israelis have known. It’s also the stakes: more than policies, many voters see this as a battle for Israel’s identity.
