Market convergence: What’s in a price?
“Sometimes what is most familiar can be as difficult to perceive accurately as what is wholly missing.” – Hannah Pitkin ||
Hello everyone! I hope you’re all doing well.
Since many of you are new here (welcome!), I’m going to take a moment to reintroduce myself. My name is Noelle, and I’ve been writing crypto/macro newsletters for 12 years now – at first as part of my learning journey, then from 2016 for CoinDesk, then from mid-2021 for Genesis Trading and since late 2022, under the banner you see before you. So, I’ve seen a lot of changes, know there are many more coming, and feel privileged to be able to focus on this, the crypto-macro intersection which is reshaping how global finance works.
If you’re a premium subscriber (thank you!! you are appreciated!), feel free to drop in and say hi on the Substack chat, or respond to this email, I’d love to hear from you!
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Tokenized equities hit ~$1B in supply since launching in mid 2025. The market structure is more interesting than the milestone.
Allium’s latest research covers where liquidity actually lives, how tokenized prices compare to traditional equities, overnight price discovery, and why ~90% of volume is outside the US.
For fintech platforms, exchanges, institutional investors, and builders evaluating the tokenized equities opportunity.
→ Read the report: https://www.allium.so/reports/allium-tokenized-equities-report-q1-2026
IN THIS NEWSLETTER
Market convergence: What’s in a price?
Term of the day: oracle
Macro: US CPI grumbles and yawns
Crypto is Macro Now offers ~daily commentary and updates on the overlap between the crypto and macro landscapes. Plus links and more.
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WHAT I’M WATCHING:
Market convergence: What’s in a price?
One of the many fascinating facets of blockchain technology has been and still is the marketplaces it facilitates. I’ll go further and say, for me, it’s the deepest and most enduring potential impact, and why back in 2014 I decided that I wanted to spend the rest of my professional life watching the crypto industry evolve.
It’s not just the possibilities inherent in a decentralized transfer of value and how that could stimulate activity in forgotten niches. It’s not just the global testing of a substrate for permissionless innovation under a lens of transparency. Put differently, it’s not just the potential of the technology itself.
It’s also watching a structure emerge around that potential – new types of tradeable products and supporting services, adapted applications of traditional structures, the struggle of regulation to keep up. Seriously, it’s not every generation you get to witness an entirely new financial system emerge, let alone one that started as an offbeat idea circulating in a nerdy online chat.
The newness of this financial system is, in a way, an innovation substrate unto itself – or at least a foundation for real disruption. Building a new marketplace from the ground up forces a rethink of first principles and a questioning of established processes; this in turn leads to a deeper understanding of what makes a market.
One aspect of markets we all take for granted is “price”. We know NVIDIA’s share price because the exchange on which it is traded (Nasdaq) feeds that data to our screens.
