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English analysis

Page 19 of 21. English editions of sourced l0g investigations, newest first.Back to the latest →

13 min readcryptoCrypto and AI: anatomy of a convergence, between real plumbing and narrative casinoAI agents can pay in stablecoins, rent compute and use cryptographic proofs. Separate working infrastructure from speculation and regulatory risk.8 min readprivate creditPrivate credit: redemptions accelerate as mega-IPOs soak up capitalLarge private-credit funds faced $12bn of redemption requests in Q2 2026 as fundraising fell. Trace gates, insurer and bank links, and mega-IPO pressure.6 min readcryptoStrategy: Saylor's bitcoin betStrategy holds 847,363 bitcoin bought for about $64bn. Examine its share issuance, preferred-stock funding, mNAV premium and fixed cash obligations.8 min readcryptoHyperliquid: the on-chain exchange that buys back its own token and knocks on TradFi's doorHyperliquid runs an on-chain order book with about $173bn in monthly volume and uses most fees for buybacks. Examine HIP markets, ETF links and risks.Updated 16 min readregulationThe CLARITY Act: the bill set to redraw crypto regulation in the United StatesThe 309-page CLARITY Act would divide US crypto oversight between the SEC and CFTC. Learn how digital commodities and mature blockchains are defined.11 min readprivate creditPrivate credit, June 2026: a record default, and liquidity closing offFitch's US private-credit default rate held at a record 6% in May 2026 while semi-liquid funds capped redemptions for a second quarter.Updated 6 min readAIWhen $110 billion of collateral isn't enough to borrow $6 billionJune talks for a $6bn loan backed by SoftBank's OpenAI stake stalled. A later $10bn facility is documented, but may not be the same transaction.8 min readchinaChinese real estate: anatomy of a risk that settles inFalling sales, prices and land revenue spread China's property risk through developers, local governments and household wealth without a sudden crash.9 min readreal estateCommercial real estate: the 2026 refinancing wall, and the regional linkNearly $1tn of commercial property debt matures in 2026 at higher rates and lower values. Offices and regional banks form the main transmission channel.8 min readuraniumUranium: a market in deficit, the promise of AI, and hidden bottlenecksUranium traded above $100 a pound as reactor and AI power demand rose. The thesis still faces concentrated mining, Russian enrichment and project delays.7 min readmacroGilts: the market the Bank of England wants to deleverage before the next accidentThe Bank of England is considering limits on hedge-fund leverage in gilt repo. See how haircuts, short funding and sovereign issuance affect liquidity.9 min readbondsNo, rising French rates do not signal France leaving the euro zoneA wider OAT-Bund spread reflects fiscal risk, not euro-exit pricing. See which signals a real Frexit premium would produce and why they are absent.6 min readcryptoRealT in liquidation: the token that did not own the houseRealT raised $2.72m for 39 Detroit homes while the deeds remained with the seller. The case exposes the legal bridge behind real-estate tokens.Updated 7 min readcryptoCLARITY Act: Trump, the first obstacle to his own crypto lawThe CLARITY Act, the top priority of the US crypto industry, runs into a paradoxical obstacle: the president's personal interests. The anti-conflict-of-interest provision Democrats demand targets Donald Trump and his family first, whose crypto ventures have generated billions. Without it, no 60 votes in the Senate; with it, the White House threatens to block.5 min readmacroUS import prices: +1.9% in a month, but read the fine printUS import prices jump 1.9% in May 2026, +6.7% year on year. The figures are accurate. But behind the headline, fuel does all the work, and the idea that these indices could replace the CPI does not hold. A read of the BLS data.3 min readyenDollar-yen: the risk is not only the level, it is the unwindUSD/JPY above 161, a more restrictive BoJ, the threat of Japanese intervention: the main risk is less an FX line than a carry-trade and liquidity shock.4 min readmarketsSpaceX goes public, 12 June 2026: the red carpet the SEC rolls out for the most expensive IPO in history by bending its own rulesAccelerated SEC review, a single take-it-or-leave-it price of $135, 30 percent of the offer reserved for retail and a moonshot S-1 promising AI compute satellites in orbit: anatomy of the largest listing ever, its financial risks and the huge short position flagged by Arkham. Good luck to investors, good luck to traders.2 min read13flow13FLOW: the money that is heavy and the money that knows13FLOW industrialises the reading of 13F-HR and Form 4 filings on SEC EDGAR and crosses them into an auditable confluence score. Breakdown of the method: institutional weighting, transaction-code hygiene, time decay and insider clusters.9 min readstablecoinsThe GENIUS Act: the 18 July deadline, between settled rules and a bet on the debtThe GENIUS Act requires full reserves, short Treasury assets and no holder yield. See the implementation deadline, Tether question and run-risk scenarios.4 min readmacroPrivate credit in 2026: the new king of shadow banking starts to cough (and stammer on withdrawals)Private credit manages about $2tn, but rising redemptions, payment-in-kind interest and opaque defaults test its liquidity and valuation model.