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Crypto Assets

Bitcoin and stablecoins make more sense through a macro-finance lens than a technology one. Programmed supply, dilution through token issuance and airdrops, stablecoin reserve rules and the US regulatory framework: each mechanism ties these assets back to global liquidity and real rates. Daily Bitcoin and Ethereum price series sit alongside an empirical test of the store-of-value narrative against inflation.

18pieces
1in-depth analyses
2datasets
8quick reads

Where to start

Three reads, in order: the basics, the full mechanism, then what the data says.

01The basics Crypto Airdrops: Mechanisms, Dilution and Selection Risk Crypto airdrops have shifted from free distributions to dilutive capital raises. AnalysisRead → 02The full mechanism AI Altcoins: The Fragile Link in the Artificial Intelligence Narrative AI altcoins: why these crypto-assets linked to artificial intelligence concentrate more risk than the broader AI narrative, and the indicators to watch. AnalysisRead → 03The evidence How to Buy Bitcoin: Exchanges, Spot ETFs, Self-Custody and the Tax Trail Exchanges, spot ETFs and self-custody compared as routes to bitcoin, with the US tax treatment of disposals and documented counterparty risks, no picks. StudyRead →

Research and data

Our in-depth research and the downloadable series on the subject.

Dataset Bitcoin Price History (BTC-USD): Daily Coinbase Prices Since 2014 Bitcoin price history: what the Coinbase BTC-USD series (FRED CBBTCUSD) measures since 2014, its pitfalls and macro regimes. See the data → Dataset Ethereum Price History (ETH-USD): Daily Coinbase Prices Since 2016 Ethereum price history: what the Coinbase ETH-USD series (FRED CBETHUSD) measures since 2016, its pitfalls and macro regimes. See the data →

All analyses, by angle

Grouped by sub-topic rather than by date. Filter to get straight to the point.

Other angles5

Quick reads

Comparisons and common misconceptions: the essentials in a few minutes.

ComparisonBitcoin ETF vs self-custody: structure compared ComparisonProof-of-work vs proof-of-stake: the economics ComparisonBitcoin vs Nasdaq: a correlation that keeps tightening ComparisonDeFi vs traditional finance: rails compared ComparisonBitcoin vs gold: store of value compared ComparisonBitcoin vs Ethereum: two different macro assets ComparisonStablecoins vs CBDCs: private vs public digital money MisconceptionsCommon mistakes about Bitcoin and crypto

Related topics

The subjects that most often intersect with this topic in our analyses.

Dollar & Global Monetary System61 pieces The dollar does more than mirror the US economy: it sets financial conditions for everyone else. 2 in common → Strategy & Asset Allocation88 pieces An allocation is judged over a full cycle, and every strategy has a bounded domain of validity. 2 in common → Inflation153 pieces Inflation is a regime rather than a monthly print, and its persistence matters more than its level. 1 in common → Investor Behaviour & Biases50 pieces Costly financial mistakes rarely come from picking the wrong asset; they come from trusting the wrong intuition. 1 in common → Metals & Critical Minerals81 pieces Gold answers to real rates, copper to industrial activity, uranium to power demand: each metal runs on its own driver. 1 in common → Risk Premium & Valuation51 pieces An asset price is a numerical bet on growth, inflation and risk; valuation says which bet, not when it will fail. 1 in common →
This topic also exists in French.Crypto-actifs, 15 pieces →