The Onramp Brief and other dispatches.
Google's record quarter and its first negative cash flow quarter arrived in the same release, and 69 per cent of that record profit was a gain on shares it never sold. This week's brief reads the filings behind the AI bu…
A fifty percent drawdown is ordinarily where conviction in an asset dies. In bitcoin it appears to be where true conviction is for…
Last October silver's lease rate hit an all-time 34.9 per cent and the price ran to $121; nine months on it trades near $56 and co…
The most disciplined bond bull in America just changed its mind. On Thursday, Bloomberg reported that Hoisington Investment Man…
Two things are new at Onramp today. Recurring buys, with zero fees, for good First, recurring buys are now live. You can dol…
On July 9 a message-scanning law the European Parliament had just rejected passed anyway, on the arithmetic of empty chairs. This…
Bitcoin sits roughly 50% below its all-time high, sentiment is poor, and the critics have reached once more for their favorite ver…
The Fed's new leadership is betting that AI will push prices down, letting it cut rates before measured inflation falls. This week…
Sound money was written into America's founding on purpose, by men who had seen what happens without it. It was dismantled in stag…
This week's brief examines the May crash in tokenized Anthropic and OpenAI exposure, where investors learned that a token claiming…
Five charts this week in place of the usual structure, and they tell one story. The market's most crowded trades were built for a…
Everyone argues about the interest rate, but the number that quietly defines money is settlement: how long until a payment is trul…
Kevin Warsh chaired his first Fed meeting on Wednesday and held rates at 3.5 to 3.75 percent, as expected. He cut the statement to…
Financial repression has two requirements, a cap on what savings earn and a way of keeping them from leaving, and a bitcoin held i…
This morning SpaceX will begin trading on the Nasdaq at a $1.77 trillion valuation, raising $75 billion in the largest IPO ever pr…
The AI buildout has bound Nvidia, OpenAI, Oracle and the hyperscalers into a roughly $1 trillion circle, where the same dollar is…
For the better part of four years, a flaw buried in Zcash's main privacy pool would have let anyone who found it mint unlimited ZE…
A thought experiment followed by an evidence review: history has handed anyone who wants to manage the price of a hard, fixed-supp…
This week David Hoffman, co-founder of Bankless and one of Ethereum's most visible advocates, sold all his ETH and wrote a careful…
Five separate policy mechanisms are being assembled into a single architecture of financial repression: a Fed-Treasury absorption…
The thirty-year Treasury hit 5.2 percent on Tuesday, the highest level since 2007, before easing to 5.12 percent at Wednesday's cl…
Bitcoin mining produced, as a side effect, the most valuable energy infrastructure portfolio outside the utility sector. The marke…
Onramp has raised its Series A at a $135M valuation, led by Early Riders, with participation from strategic angel investors. The p…
Coinbase laid off 700 people on Tuesday. Wednesday morning, Morgan Stanley turned on spot trading for bitcoin inside E*Trade at 50…
The Treasury cash-futures basis trade has grown into the single largest user of US repo financing — $6.6 trillion of borrowing aga…
Operation Epic Fury is eight weeks old. Oil is up forty percent, gold is down, bonds are down, stocks are down, and bitcoin is the…
Bitcoin has such great product market fit that it got to two trillion dollars without anybody on the planet Earth being able to cr…
Equity markets are pricing in the best of all possible worlds. The data underneath tells a more complicated story. Sound money was…
Three systems of trust - physical, monetary, and custodial - are fracturing at once. As Iran privatizes the Strait of Hormuz, gove…
Last week we mapped the broader rotation away from dollar-based settlement amid ongoing global conflict. This week, The Financial…
Today we are releasing The New Money Stack, our latest institutional research report mapping the ten layers of digital asset infra…
Morgan Stanley, the largest wealth management firm in the world, with $9.3 trillion in client assets and over 16,000 financial adv…
The Fed held rates steady yesterday, but the real story is what it admitted it cannot do. A scorching PPI print, a deteriorating l…
Private Credit's Liquidity Illusion Shatters as Wall Street's Biggest Funds Lock the Exits In three weeks, five of the largest…
A consequential week. Federal Reserve access for a crypto-native bank, Morgan Stanley formally entering the bitcoin ETF market, a…
Markets are noisy by design. Price action in any single asset over any short window tells you very little. But when two assets tha…
Bitcoin custody at scale requires more than strong security. It requires a platform that brings clarity, control, and practical fu…
Before we get started… On Thursday, February 12th at 12pm EST, we are hosting a webinar focused on individuals: Bitcoin Ownersh…
Bitcoin is back under ~$90k and the near-term reaction has been predictable. Online and mainstream coverage is treating the dip…
Yesterday the Fed delivered its third rate cut of 2025, another 25 basis points, and then tried very hard to pretend nothing struc…
