What the Bliss trade has to do with crypto
“We drive into the future using only our rearview mirror.” – Marshall McLuhan ||
Hello everyone, I hope you’re all doing well! Has anyone else noticed how time accelerates in the Spring? Someone should look into this. 🌼
PUBLISHED IN PARTNERSHIP WITH: ✨ ALLIUM ✨
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
What the Bliss Trade has to do with crypto
Term of the day: Monetize the debt
Crypto is Macro Now offers ~daily commentary and updates on the overlap between the crypto and macro landscapes. Plus links and more.
If you’re a premium subscriber, thank you so much!! ❤
WHAT I’M WATCHING:
What the Bliss Trade has to do with crypto
I’m kicking myself for having missed this Financial Times op-ed when it first came out a couple of weeks ago, but it’s still relevant: Gita Gopinath, Harvard economics professor and former chief economist of the IMF, lays out why the US stock market continues to dance underneath storm clouds, and what this means for the global outlook.
She introduces the catchy term “Bliss trade”, which she defines as a belief in market resilience underwritten by “big lasting state support”.
The key word here is “lasting”. The TACO (Trump Always Chickens Out) trade, she points out, is certainly a factor in the market assumption that stock market trouble will soon pass.
Indeed, the Bank of America Global Fund Manager Survey released yesterday showed a record increase in equity allocations and a big cut in cash levels, fuelled by the assumption that the Iran War is pretty much over and that looming inflation and higher yields won’t be a problem.
(chart via @MikeZaccardi)
Fine. But TACO depends on the whims of the President and can’t be extended beyond his term.
The Bliss trade can, as it transcends politics. It is now structural. Parties across the ideological spectrum now favour more spending, and any politician arguing for less knows they will either not get elected or soon find themselves out of a job.
