EVALUATING THE CAUSES OF CRYPTO PANIC

Summary from the TLDR Crypto newsletter

Friday saw terrible macro signals, including the 10-year Treasury rate falling 40bps and poor equity performance, but there will likely be a rate cut in September, and it is still an election year. Jump Crypto sold hundreds of millions of ETH in a short period, contributing to the rapid price decline, and the negative ETF flows are hurting the market in the short term but necessary for new capital flows in the long term. Though a democratic election is perceived to hurt crypto, the Middle East tensions may not matter in the long term, and the Mt Gox and Genesis distributions are nearly complete.