Crypto Market Sell-Off, Fed Tapering, S&P and Treasury Correlation

Get your macro fix with Blockworks’ own Mike Ippolito and Tyler Neville.

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In the weekly roundup episode of Blockworks’ podcast “On the Margin,” Michael Ippolito, co-founder, sits down with Senior Editor Tyler Neville to talk about the news in macro, including the crypto market sell off, how to contextualize it, and what comes next. They also discuss the first whispers of tapering from the Fed, a twenty year high in correlation between equities and bonds, and China SRO’s reiterating the ban on trading crypto.

“On the Margin” is a two-part show. Once a week, Mike interviews industry experts, and then at the end of the week he is joined by co-host Tyler Neville where they break down the top crypto and macro stories. Episodes go live every Wednesday and Saturday morning.

Subscribe to “On the Margin” today on Apple or Spotify, or watch episodes on YouTube.

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Under current market conditions, stablecoins are paying compelling risk premiums multiples higher than the risk-free rate. Elevated premiums present a highly positive context for continued growth in the aggregate stablecoin supply and new inflows coming into the market to capture this elevated carry. Onchain money markets stand as primary beneficiaries of these market conditions and a forward outlook of a growing stablecoin supply. Similarly, Pendle’s PTs across a number of assets can provide attractive instruments to hedge variance and lock in a compelling fixed yield.

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