Author: 行政
US markets move in seconds when the jobs report hits. February payrolls fell by 92,000 jobs, the unemployment rate rose to 4.4%, and prior months were revised down by 69,000.Together, that’s 161,000 fewer jobs than the numbers showed at the start of the year.But the number traders react to first often isn’t the one that lasts, because even bigger revisions can arrive months later.The Bureau of Labor Statistics has already marked down US job growth by 862,000 for the year through March 2025, raising the possibility that markets and the Federal Reserve are reacting to a labor market that looks…
Bitcoin’s derivatives market gave us the best explanation of this week’s macro stress.Funding rates turned sharply negative, open interest stayed elevated, and then the US jobs report landed. Put together, that showed a market leaning hard into downside hedges just as a real macro catalyst arrived.That sequence is worth understanding because it explains how macro volatility shows up in crypto.It usually appears first in perpetual futures, where traders hedge fastest and use the most leverage.Funding tells you which side is paying to stay in the trade, open interest tells you how much positioning is still in the system, and liquidations…
Log in to Coinbase next tax season, and your tax documents might no longer arrive by mail.Under a new IRS proposal, crypto exchanges could be required to file Form 1099-DA electronically. This form reports digital asset trades, and could refuse to do business with customers who decline to provide it.The comment period closes May 5, and if finalized, the rule would shift crypto tax reporting from the mailbox to the platform.This is not a tax cut or a rollback of reporting requirements. Brokers still send identical information to the IRS regardless of how they deliver forms to customers. The proposal…
The following is a guest post and guest post from Thomas Pratter, Founder and CEO at Renesis.Liquid crypto funds are having a moment. The number of actively managed vehicles keeps growing, DeFi strategies are gaining legitimacy, and regulatory clarity is slowly catching up. Institutional allocators are paying closer attention than ever.But behind the optimism sits a less glamorous truth: most fund managers are still running their operations on duct tape.The Spreadsheet ProblemAsk any emerging fund manager how they track their portfolio across five exchanges, three chains, and a handful of DeFi protocols. The honest answer is usually some combination of…
A large volume of US commercial real estate (CRE) debt is rolling into a very different market from the one that produced it.The Mortgage Bankers Association says $875 billion of commercial and multifamily mortgages are scheduled to mature in 2026, equal to 17% of the roughly $5 trillion of outstanding balances it tracks.While that’s below the $957 billion that was due in 2025, it’s still a massive refinancing event landing in a world where borrowing costs are far higher than they were when many of these loans were made. Related ReadingReal estate’s quiet crash: your home is worth less than…
Headlines about Bitcoin ETF outflows often mix two things: Bitcoin’s price move and actual share redemptions.If BTC drops, ETF AUM drops in dollars even if nobody sells a single share. That mark-to-market drop gets read as money leaving, and it can look like an institutional exit when the wrapper’s Bitcoin holdings and shares outstanding barely move.To understand whether investors are actually leaving, you have to separate the USD thermometer from the BTC and share-count thermometer. Related ReadingForget CPI and ETFs — oil prices may now be the biggest signal for BitcoinBitcoin’s macro tell right now isn’t a CPI print or…
Whitman Expos retuns to the Baltimore Convention Center for 3 days of of buying, selling, trading, and discovery March 5-7, 2026. Whitman Expos will host its Spring Coin Expo from March 5-7, 2026, at the Baltimore Convention Center’s Halls F & G, bringing collectors, dealers, and numismatic enthusiasts together for three days of buying, selling, trading, and educational programming. Recognized as one of North America’s leading coin and collectibles shows, the Whitman Spring Coin Expo is open to the public with free admission, though attendees must present a government-issued photo ID. Organizers expect participation from collectors and professionals nationwide, with…
When crude starts leading the headlines, crypto people tend to ask the wrong questions, like what it is that oil actually does to Bitcoin.While it’s the simplest and easiest way to explain what you don’t know, it’s a pretty bad question. A better one is what oil actually does to the cost of money, because Bitcoin is now trading like a live chart of liquidity expectations.Oil is one of the fastest ways to force that repricing, especially when the move comes from geopolitics and shipping risks rather than a slow increase in demand for BTC.That’s basically the backdrop right now.…
The first U.S. Mint images of the 2026-W Proof American Gold Buffalo are now available, highlighting its semiquincentennial dual date, 1776 ~ 2026, and a Liberty Bell privy mark bearing the numeral “250.” Image showing the obverse and reverse of the 2026-W Proof American Gold Buffalo coin with dual date 1776 ~ 2026 and Liberty Bell “250” privy mark. Struck at the West Point Mint in one ounce of .9999 fine 24-karat gold, the piece is scheduled to go on sale May 7. The coin will not come cheap. Pricing will not be finalized until shortly before release and may…
Bitcoin’s rebound on March 4 looked odd if you only watched it through the usual “risk assets are breaking” lens. Oil was jumping, shipping insurers were repricing war risk, and traders were treating the Strait of Hormuz like a live wire. All of the headlines had the cadence of a full-blown crisis.However, Bitcoin climbed back into the same $70,000 zone it has been orbiting for weeks, despite seeing a notable drop the weekend before.Two factors explain that move.The first is a pretty straightforward macro influence. Whenever the Middle East starts seeing oil shocks, markets quickly price in higher energy costs,…