Onchain capital raises: the market trend I’m waiting for

plus: global crypto adoption, Japan's CPI, mixed market messages and more

“Unless someone like you cares a whole awful lot, nothing is going to get better. It’s not.” – Dr. Seuss ||

Hi all, and happy Friday!!!

And happy CPI day. 😝 We could see fireworks later, as it’s the first official US data point we’ll have had in a while. Or, it could be a nothingburger if all comes in as expected. Oh, the suspense.

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IN THIS NEWSLETTER:

• Onchain capital raises: the market trend I’m waiting for

• Global crypto adoption

• Macro-Crypto Bits: markets, Japanese inflation, European growth, currency arbitrage

• Also: prediction markets (again!), tariff spats (again, sigh), legacy funds and more

WHAT I’M WATCHING:

Onchain capital raises

Yesterday, I briefly mentioned Coinbase’s announcement that it had reached an agreement to buy fund raising platform Echo for roughly $375 million. This move is worth looking at more closely, for what it says about where markets are heading.