Macro investing stands out by being unconstrained, spanning rates, FX, commodities, equities, credit, and at times crypto. But a macro approach focused solely on crypto forces the PM to manage market risk, with little evidence of long-term alpha generation.

DAS: London is 3 months out. Pantera. BlackRock. Franklin Templeton. CoinShares. QCP. L1D and more. First wave of speakers are live. The allocators are showing up.

L/S equity hedge funds are likely recalibrating risk models for their short book to address DAT conversion risk: forced and swift crypto education through "blow-up" pain.

L/S equity hedge funds are likely recalibrating risk models for their short book to address DAT conversion risk: forced and swift crypto education through "blow-up" pain.

Some of those DAT equities are draining the life out of everything else in crypto, BMNR surging close to 4x since yest's open, liquid trade with volume. How do we think this all ends?

$15b is roughly what liquid crypto funds currently have in total AUM...

Founder on token plan today: 'We don’t have a token live yet, and it’s not a priority.' That's bullish. Amidst the challenging environment, projects need unique traction to justify a token. Otherwise, keep grinding.

@tn_pendle and the Pendle team are grit personified.

Crowded positions are always vulnerable, regardless of long-term fundamentals. Short-term price action is driven by flows and nothing else. Double down only after most have capitulated.

GPs organizing their BD activities: I haven’t seen TPMs succeed in crypto. Their incentives misalign, skipping crucial investor education for quicker, bigger tickets. They pivot fast to established strategies, raising nothing.