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Institutional Crypto

Bitcoin, macro conditions and how allocators are positioned.

Recent

  1. Market briefCR-2026-0520

    An asset manager names the AI channel

    BlackRock argues the demand AI could create for stablecoins and programmable payment rails is underappreciated, and points at tokenised compute as a second route.

    2 minSource: Cointelegraph

  2. Market briefCR-2026-0519

    Two hundred and forty filers above a million

    The first UK tax year with a dedicated crypto section puts numbers on a population that was previously a matter of estimate.

    2 minSource: The Block

  3. News briefCR-2026-0518

    Thirty-nine associations, no partner yet

    Thirty-nine US state banking associations announced BankChain, a shared network for tokenised deposits and settlement, targeted at 2027.

    39state banking associations

    2 minSource: Cointelegraph

  4. News briefCR-2026-0517

    A chain that chose to stop

    MANTRA halted its network at 00:47 EDT on 21 August while it investigates an incident it has not described. All endpoints and transactions are frozen.

    $0.004406▼ −9.9%MANTRA (OM), 24h

    2 minSource: The Block

  5. News briefCR-2026-0516

    Perpetuals move from bitcoin to copper

    Kalshi has filed perpetual futures on a US large-cap index and on copper, while CME's suit over the first such approval is still live.

    2 minSource: The Block

  6. News briefCR-2026-0515

    An industry group argues against a 2005 rule

    The Blockchain Association backs scrapping Reg NMS order protection, and asks the SEC to accept onchain execution as meeting best-execution duties.

    2 minSource: The Block

  7. News briefCR-2026-0514

    An exchange exit does not close the file

    Binance left the Russian market in 2023. Records it held were handed to Russian authorities and used in a prosecution over $700 in donations.

    2 minSource: CoinDesk

  8. Market briefCR-2026-0513

    MSCI proposes a test that flags Strategy

    A two-step screen for non-operating companies would remove treasury vehicles from the indices. JPMorgan puts one case at $2.8B in passive outflows.

    3 minSource: The Block

  9. AnalysisCR-2026-0512

    Allocators stopped treating it as a trade

    Position sizes are small and the holding periods are not. That combination says more than the headline price.

    3.8%▲ +1.1ppmedian allocation, surveyed funds

    10 min

  10. Research noteCR-2026-0505

    Custody concentration is the quiet risk

    Diversified exposure held through a very undiversified set of custodians.

    71%▲ +4ppassets at top three custodians

    6 min

  11. AnalysisCR-2026-0498

    Correlation with equities broke again

    The diversification argument keeps being right for reasons nobody predicted in advance.

    0.21▼ −0.3490-day correlation to equities

    7 min

  12. Market briefCR-2026-0491

    Mining economics now follow power contracts, not price

    Operators with long-dated energy agreements are running a different business from those without.

    $0.041▲ +6.2%median contracted power, per kWh

    5 min