Your daily access to the back room.
Key Takeaways
Your daily access to your backroom
Your daily access to the backroom
Your daily access to the backroom
The trade that once let equity investors proxy Bitcoin exposure is breaking down. With treasury firms underperforming their underlying assets, the model is shifting from accumulation to debt management—and many DATCOs may not make it through the next phase.
Institutional inflows are transforming crypto from a retail-led market into a derivatives-driven asset class, with options now central to risk, liquidity, and price formation.
Crypto markets are set to be shaped less by single data prints and more by deeper forces – central bank credibility, AI-driven risk cycles, tariff-led inflation pressures, and dollar liquidity – creating a year defined by volatility, not clean trends.
Short-term charts point to weakness and fading momentum, even as long-term forecasts split sharply between institutional-driven upside and warnings of a deep mean reversion.
