Blockhead

Bitcoin has reclaimed a key on-chain cost basis as capitulation signals mount, but fading economic data and a hawkishly divided Fed could determine whether the recovery becomes a lasting trend.

Hong Kong just wrote digital assets directly into its carried-interest tax law. Singapore's competing package leans on an older, asset-neutral scheme that Singapore's crypto funds already use, leaving the crypto-specific certainty to Budget 2027.

The panel, featuring Blockhead's Tim Han, discusses why cutting ETH's risk-free rate from roughly 3% to 1.2% cannot fix a token that still has nowhere useful to go.

A White House meeting with crypto executives and a Treasury move to double bond buybacks gave the rally a policy tailwind on top of falling yields.

Global bond yields are at levels Bitcoin has never traded through, draining liquidity from risk assets as gold emerges as the preferred safe haven and Japan’s rising rates threaten to unwind the carry trade.

A Treasury bond buyback expansion, a new SEC crypto offering rule, and Trump's push for Congress to advance the Clarity Act landed within 48 hours, wiping out roughly $1.9 billion in mostly short positions.

The $35.3 million net loss was driven almost entirely by a non-cash bitcoin markdown and a tax provision, not by the underlying leasing business the company pivoted to after its Nasdaq debut.

Seoul is a rare expansion story in BitGo's rough first year as a public company.