Core Strategy

Crypto’s recent underperformance relative to equities, coupled with a sharp BTC-SPX correlation breakdown, is a data point worth watching. We’re not rushing to de-risk, but we are monitoring the setup closely. The trade war legal saga has injected more uncertainty into markets but is also likely to result in a less aggressive tariff regime. This is disinflationary in the near-term, may widen the deficit further, but could challenge the policy framework around the proposed "Big Beautiful Bill.” Meanwhile, liquidity remains a near-term tailwind, ETH continues to outperform, an...