Warning: Macro Fears Hit Crypto

Chart of the Day — Robinhood stablecoins rising
Trade of the Day — Where does NVDA go next?
Alpha Leaks — Ethereum plans quantum-resistance
News Roundup — Macro, Robinhood, and a political memecoin crash

Robinhood Chain Stablecoins Hit $1B

According to this chart from Artemis, stablecoin supply on Robinhood Chain has now soared to above $1 billion, a level attained over the course of just around a couple of months.

In that time, the chain has become a center of speculative attention, and we’re also seeing Robinhood CEO Vlad Tenev lean heavily into the crypto narrative, with a particular focus on tokenized stocks–a topic we’ll look at more closely in the News Roundup, below.

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With Nvidia unable to rally above its previous ATH after its last earnings report–which contained hugely positive figures–the chart is now showing what could potentially develop into a double top pattern. Right now, the price remains elevated, which makes the case for a short position from here.

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Macro Fears Shake Markets

Crypto took a hammering yesterday as part of a broader market sell off. One of the main pressures came from the bond market, where Treasury yields kept rising after the US government’s $6 billion debt buyback announcement disappointed traders, with some observers expecting a buyback of $10 billion.

The 10-year Treasury yield continued rising after the announcement, reaching 4.84%, which is its highest level since 2023.

The buybacks should improve liquidity in older bonds, but they do not change how much new debt the government needs to issue, and heavy borrowing is therefore continuing to push yields higher.

This all comes ahead of wholesale and consumer inflation figures–PPI to be released today, and CPI tomorrow–followed by the Fed’s interest rate decision next week. Plus, oil trading around $100 is adding to inflation concerns and keeping the possibility of another rate increase in play.

Excess leverage also amplified the crypto sell-off, as falling prices triggered liquidations and created forced selling.

Robinhood Bullish on Stock Tokens

Robinhood CEO Vlad Tenev has stated that the company plans to use Robinhood Chain to expand tokenized equities and bring more institutional capital onchain.

Speaking at the Goldman Sachs Communacopia + Technology Conference yesterday, Tenev outlined the utility of stock tokens and their composability within DeFi, and emphasized Robinhood Chain’s rapid growth, which includes billions of dollars in daily trading volume, while onchain activity has generated millions in revenue.

Tenev also spoke on CNBC about the importance of tokenization on a global scale, stating, “what tokenization does, is it allows us to distribute access to US stocks globally”, and he outlined how individuals in over 120 countries will be able to access US markets through Robinhood Chain and its Stock Tokens.

Importantly, he also directly clarified that, “the tokens are backed one-to-one by underlying shares; there is stock purchase backing these tokens”.

Hunter Biden Memecoin Plummets

Is Hunter Biden’s new memecoin the clearest example ever of why not to go near “celebrity” tokens? Arguably so, as his LAPTOP coin went live on Base yesterday, jumped to a market cap of around $110 billion, and then collapsed by more than 99%, with the entire move playing out in less than an hour, which is incredibly quick even by scammy memecoin standards.

According to figures from Bubblemaps, 80% of LAPTOP traders lost money, with two traders blowing amounts between $100,000 and $1 million.

Subscribers to Biden’s newsletter were able to claim tokens, and while at peak those allocations had a value above $1 million, the reality is that liquidity was extremely thin and, as mentioned, the drop off from the top happened very quickly.

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