Dear investors,
β° Itβs time for our weekly commentary!
π Last week, the US 10-year Treasury yield broke above the 4.45% threshold. Until now, each time markets approached this level, tensions with Iran had eased enough to provide temporary relief. This time, however, Trump was unable to de-escalate the situation, and the ceiling finally gave way. With the conflict dragging on, sustaining lower yield levels was becoming increasingly difficult. Markets are gradually pricing in the risk of a prolonged conflict and a more inflationary backdrop driven by higher energy prices. Expectations have shifted to the point where investors now see the Fedβs next move as more likely to be a rate hike. Our chart of the week highlights the unusually strong correlation between oil prices and the US dollar, suggesting that risk appetite could become especially sensitive to further moves in oil markets. Iran, meanwhile, needs to continue exporting oil at almost any cost to avoid shutting down its wells, and alternative routes bypassing the Strait of Hormuz are already being developed, including the UAE pipeline project expected by 2027. On the other side, the US urgently needs lower inflation and lower interest rates, particularly with midterm elections approaching. A rapid resolution remains possible, but time is starting to weigh on sentiment. Markets are increasingly beginning to price in a far more negative scenario: a prolonged energy-driven conflict with lasting inflationary consequences.
π― Our portfolio is down 1.1% over the past 7 days and up 4.79% over the past 30 days. Last week the market resisted relatively well thanks to the Clarity Act, which cleared the Senate Banking Committee in a bipartisan 15β9 vote, marking the first meaningful step toward a formal US crypto market structure framework. While significant political and legislative hurdles remain, the progress is structurally positive for the crypto industry, particularly for exchanges, custodians, and institutional investors seeking greater regulatory clarity.
π What happened last week:
π The GENIUS Act has opened a new market: tokenised money market funds that stablecoin issuers can hold as reserves. Within days of each other, BlackRock and JP Morgan Asset Management have both filed prospectuses to compete for it. Both funds will hold cash, short-term Treasuries and repo, both are issued on Ethereum under the 1940 Act, and both use a permissioned layer to restrict ownership to allow-listed wallets. BlackRock is going further, launching a new onchain share class of its $7B Select Treasury Based Liquidity Fund, with BNY as transfer agent and the blockchain serving as the official record of ownership..
π Payward, the parent of Kraken, and Franklin Templeton have unveiled a strategic collaboration spanning tokenised yield products, onchain asset management strategies and institutional crypto services. The two firms will co-design tokenised yield products for institutional clients and β in permitted jurisdictions β Kraken's retail users, leveraging Franklin Templeton's BENJI tokenised money market funds as collateral. They also plan to build actively managed strategies on Payward's xStocks tokenised equities framework, which has processed over $30B in volume since its 2025 launch. Kraken will provide Franklin Templeton with custody and access to institutional liquidity through its OTC and Prime services, making the asset manager both a partner and a client.
π Ondo Global Markets is bringing its tokenised stocks to Hyperliquid via the bridging protocol LayerZero, putting tokenised SPY, QQQ and over 250 other equities on the same chain as Hyperliquid's perpetual futures, including the S&P 500 perps by TradeXYZ licensed from S&P Dow Jones Indices in March. With both legs of the trade on one chain, basis arbitrage between Ondo's tokens and the perps is now viable on chain, with the added effect of keeping Ondo's tokens anchored to underlying stock prices. A caveat worth flagging: Ondo Global Markets tokens are not equities. They are one-for-one collateralised loan notes issued by an unregulated BVI entity without permission from the stock issuers, available only outside the US, and carrying counterparty risk on top of the underlying.
π You can find the weekly wrap up of our $CS.ST Macro Research Team here: coinshares.com/corp/insights/research-data/market-update-15-05-2026/
Thank you for your support π
$CSHR $BITC.DE (CoinShares Bitcoin ETP)... Show More
Not investment advice. The author may have financial interests in the mentioned instruments.
The 4.45% threshold breakthrough after multiple failed attempts tells the story. On our side we've been watching the correlation between energy complex and broader risk appetite, that Strait of Hormuz dynamic matters more than most realize.... Show More
Great weekly commentary. I like the connection between yields, oil, inflation risk and crypto sentiment. For me, the most interesting part is tokenisation β it looks like traditional finance and crypto infrastructure are slowly merging. Do you think tokenised money market funds and equities will become... Show More
Thank you for the explanation. The tokenisation theme is definitely one of the most interesting parts for me. I like that CS connects traditional finance, crypto sentiment and real-world asset trends. I will also check the quarterly hybrid finance report with Tokenterminal β it sounds useful for understanding... Show More
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Fri Aug 14 2026 21:43:25 GMT+0000 (Coordinated Universal Time)
