“The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails.” – William Arthur Ward
Hello everyone! I hope you all had a good weekend. Here in Madrid, the weekend closest to August 15 is usually the quietest of the year, as it’s a national holiday (Feast of the Assumption) and people tend to use it as either the start or the end of their summer vacation. This year, the public holiday actually fell on a Saturday, and the streets in our neighbourhood were eerily quiet – no cars, no people, just lovely.
👀* You’re reading Crypto is Macro Now, which covers the role crypto is playing in the changing plates of finance, economics, politics, culture and markets. *👀
Pricing the $UNITREE IPO Before It Opens
Hyperliquid already has a price for Unitree’s Shanghai debut before the shares begin trading. On Friday, one Unitree A-share was trading at $93 on Hyperliquid, compared with the $22.37 IPO price.
**→ **Download the full report: https://www.allium.so/reports/pricing-the-unitree-ipo-before-it-opens
And get weekly onchain data and analysis like this from the Allium Research team on Substack.
Coming up this week: beyond a White House crypto event, not much
What custody has to do with ownership
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A quiet week on the macro front.
On Tuesday, we get more inflation data with the US import and export price indices.
On Wednesday, crypto executives gather at the White House for a meeting with officials including, according to reports, President Trump and SEC Chair Paul Atkins.
We get the minutes of the latest FOMC meeting – it might shed light on why we didn’t get more dissents on the rate hold decision. But, more likely, it won’t tell us anything we don’t already know.
And the World Robot Conference kicks off in Beijing. There should be some jaw-dropping videos coming from this.
As far as I know, that’s it. There are a few consumer giants reporting in the US – such as Home Depot (Tuesday), Target (Wednesday) and Walmart (Thursday) – which might shed light on how the consumer is feeling. Tomorrow I’ll comment on the latest University of Michigan consumer survey, which suggests they’re not feeling great.
(what’s on my mind as we head into the week)
Custody has to be one of the most philosophically fascinating financial services, and yet it is one we hardly ever think about. Even when things go wrong (and they unfortunately do), we fret about processes without examining what we expect custody to do.
But it is worth picking at, because it says much about societal structures. And keeping an eye on trends in this typically boring sector sheds light on how these are shifting.
Below, I’ll briefly outline how the term custody is largely misunderstood, how it actually means different things for different assets, how technology is changing its role, and what all this has to do with our concept of “ownership”.
