Crypto Long & Short: Fast Money, Slow Money

The 'Crypto Long & Short' newsletter highlights a divergence between 'fast money' and 'slow money' in the crypto market. The fast money has been spooked by recent events, including a large Bitcoin dump, geopolitical tensions, and President Trump's tariff announcement which triggered a severe liquidation event. In contrast, the 'slow money'—institutional players—continued building, evidenced by significant M&A activity (Coinbase acquiring Echo, Ripple buying Hidden Road), regulatory advancements like faster ETF review times, and integration, such as JPMorgan accepting crypto as collateral.

Sam Ewen argues that the internet generation, which grew up in digital economies, naturally gravitates toward internet-native currencies like stablecoins, viewing them as the logical bridge. He notes that trust in digital money will evolve as it did with e-commerce, especially in the Global South where connectivity outpaces traditional banking, leading to increased adoption for hedging against inflation.

Finally, the 'Chart of the Week' examines Ethena's USDe, which recently dropped due to compression in perpetual funding rates, but is expected to recover as funding rates stabilize, drawing capital back to the stablecoin.

(Source：CoinDesk)