Good morning Digital Asset investor,

What most people think is luck is just absolute conviction in disguise. Are we there? Let’s dive in!

Stocks, gold, and Bitcoin have all pushed higher after tariffs rattled the quarter’s opening weeks. Bitcoin even set a fresh record at ~$112K Meanwhile, the dollar continues to weaken, the Fed is still on hold, inflation is cooling but still above target, and the core macro data remain firm.

Global liquidity continued to surge since 2024, topping out near $178.6 trillion in early May. That flood of cash is still propping up risk assets, yet the outlook as we move toward Q3 is murkier.

Q2’s rally has leaned on a rare mix of hefty fiscal support and unusually low volatility, markets are pricing in a seamless shift to easier monetary policy. The FED will eventually adopt an easier stance and abundant liquidity will follow, but the journey will be uneven and unpredictable.

Remember Terraform labs “Mirror Finance”? (Do Kwon anyone?) Back in 2020 we were trading "mirrored" US stocks on the Terra network and well, they're back, Kraken’s launch of xStocks introduces tokenized U.S. equities like Apple, Tesla, and NVIDIA on the Solana blockchain, enabling 24/7 trading for non-U.S. clients, a move that bypasses traditional market hours and high brokerage fees.

"Every stock, every bond, every fund, every asset can be tokenized" –Larry Fink