Abu Dhabi · CoinDesk
Crypto Long & Short: When capital can't move fast enough, markets pay the price
Compiled by KHAO Editorial — aggregated from 1 source. See llms.txt for citation guidance.
★ Tier-1 Source
You're reading Crypto Long & Short, their weekly newsletter featuring insights, news and analysis for the professional investor.
Key facts
- Average BTC/ETH funding has crept back to ~5% annualized, now above the 3 million T-bill (~3.8%), yet Ethena (ENA) has barely reacted
- LMAX Group processed more than $300 billion in total volume in a single week, including $60 billion in gold products alone
- For firms still working around T+1 or T+2 settlement, nostro and vostro accounts, and hard cut-off times, that is not a marginal improvement
- Stablecoin market capitalisation is now around $320 billion, and recent industry data points to record levels of on-chain transfer activity
Summary
Happy Wednesday, This is your institutional newsletter, Crypto Long & Short. Markets rarely break because capital is scarce, but rather when it is trapped in the wrong place, writes Jenna Wright of LMAX Group. “ENA's funding sensitivity has structurally faded ” in Chart of the Week. When capital can’t move fast enough, markets pay the price.