The digital euro gets shakier

plus: ETF flows, global trade and more

“There is nothing noble in being superior to your fellow man; true nobility is being superior to your former self.” – Ernest Hemingway ||

Hello everyone, I hope you’re all doing well and enjoying some good weather. Summer goes by way too fast.

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IN THIS NEWSLETTER:

• The digital euro gets shakier

• Macro-Crypto Bits: ETF inflows, global trade

• Podcast links: stablecoins, geopolitics, Fed independence, perpetual futures

If you’re not a premium subscriber, I hope you’ll consider becoming one! You get ~daily commentary on markets, tokenization, regulation and other signs that crypto IS impacting the macro landscape. As well as relevant links and music recommendations ‘cos why not.

WHAT I’M WATCHING:

The digital euro gets shakier

Last week, the European Central Bank (ECB) published an update on the ongoing work around the digital euro, with some red flags.

Although the report was released last week, it only covers work undertaken between November 2024 and April 2025, which does not exactly scream “efficiency” – it’s not a long document, there are no charts, so a reasonable question is why the delay.

More red flags can be seen in the areas we’re told they have made progress on: