Thomas Perfumo, CFA | thomasp.eth ๐
@TheMarginMan
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Global Economist @krakenfx. ๐ฐ Former L/S Special Sits Analyst @ Moore Capital. ๐ Amateur astronomer. ๐ญ Thoughts are mine. Vires in Numeris. #Bitcoin #crypto
Earth
Joined December 2017
๐๐ถ๐๐ฐ๐ผ๐ถ๐ป ๐บ๐ฎ๐ฟ๐ธ๐ฒ๐ ๐ฐ๐ฎ๐ฝ ๐ฐ $2,293 billion ๐๐ถ๐ฟ๐ฐ๐๐น๐ฎ๐๐ถ๐ป๐ด ๐๐๐ฝ๐ฝ๐น๐ ๐ โฟ19.934 million (94.92% of max) ๐๐ป๐ป๐๐ฎ๐น๐ถ๐๐ฒ๐ฑ ๐๐๐ฝ๐ฝ๐น๐ ๐ถ๐ป๐ณ๐น๐ฎ๐๐ถ๐ผ๐ป ๐ธ +0.82% ๐๐ถ๐๐ฐ๐ผ๐ถ๐ป๐ ๐บ๐ถ๐ป๐ฒ๐ฑ ๐ฑ๐ฎ๐ถ๐น๐ โ๏ธ +โฟ450 ($51.8 million) #SoundMoneyMonday
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Whatโs different this time? Bitcoin is at all time highs while realize and forward vol on Bitcoin is at historical lows. Vol chasers increasingly take on leveraged positions and altcoins are cross collateralized. IMO itโs that simple.
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This isnโt an endorsement of inflation, either. Just recognition that the issue with deflation isnโt that my consumption will cost less over time. Itโs that existing debt becomes more expensive to service over time.
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Inflation is necessary in an economic model that is so reliant on credit for accelerating and pulling forward economic growth/demand. It subsidizes the cost of credit in a socialized, discrete manner. Itโs a game of boiling frogs slowly in the communal fiat pot.
Deflation is the very purpose of economics: producing more goods and services in the market. Businesses tried their hardest to innovate all to make their product cheaper to build. They either keep the extra money for themselves or, under market competition, reduce the price.
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Thereโs a lot of nuance with tokenized assets. Certainly capital formation is one of them, including the ease of using tokens to access global liquidity. But I think the primary use case beyond access is about unbundling the collateral from closed platforms. If you like the
Ken Griffin had a negative take on tokenization yesterday, his point being that securities trading is already efficient I understand Ken's take, but it misses the point that tokenization's primary use case is not trading. Tokenization's main use case is to facilitate better
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๐๐ถ๐๐ฐ๐ผ๐ถ๐ป ๐บ๐ฎ๐ฟ๐ธ๐ฒ๐ ๐ฐ๐ฎ๐ฝ ๐ฐ $2,470 billion ๐๐ถ๐ฟ๐ฐ๐๐น๐ฎ๐๐ถ๐ป๐ด ๐๐๐ฝ๐ฝ๐น๐ ๐ โฟ19.931 million (94.91% of max) ๐๐ป๐ป๐๐ฎ๐น๐ถ๐๐ฒ๐ฑ ๐๐๐ฝ๐ฝ๐น๐ ๐ถ๐ป๐ณ๐น๐ฎ๐๐ถ๐ผ๐ป ๐ธ +0.82% ๐๐ถ๐๐ฐ๐ผ๐ถ๐ป๐ ๐บ๐ถ๐ป๐ฒ๐ฑ ๐ฑ๐ฎ๐ถ๐น๐ โ๏ธ +โฟ450 ($55.8 million) #SoundMoneyMonday
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While weโre at it resurrecting $ZEC, maybe we can get some love for $DOT?
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๐๐ถ๐๐ฐ๐ผ๐ถ๐ป ๐บ๐ฎ๐ฟ๐ธ๐ฒ๐ ๐ฐ๐ฎ๐ฝ ๐ฐ $2,232 billion ๐๐ถ๐ฟ๐ฐ๐๐น๐ฎ๐๐ถ๐ป๐ด ๐๐๐ฝ๐ฝ๐น๐ ๐ โฟ19.928 million (94.89% of max) ๐๐ป๐ป๐๐ฎ๐น๐ถ๐๐ฒ๐ฑ ๐๐๐ฝ๐ฝ๐น๐ ๐ถ๐ป๐ณ๐น๐ฎ๐๐ถ๐ผ๐ป ๐ธ +0.82% ๐๐ถ๐๐ฐ๐ผ๐ถ๐ป๐ ๐บ๐ถ๐ป๐ฒ๐ฑ ๐ฑ๐ฎ๐ถ๐น๐ โ๏ธ +โฟ450 ($50.4 million) #SoundMoneyMonday
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๐๐ถ๐๐ฐ๐ผ๐ถ๐ป ๐บ๐ฎ๐ฟ๐ธ๐ฒ๐ ๐ฐ๐ฎ๐ฝ ๐ฐ $2,262 billion ๐๐ถ๐ฟ๐ฐ๐๐น๐ฎ๐๐ถ๐ป๐ด ๐๐๐ฝ๐ฝ๐น๐ ๐ โฟ19.925 million (94.88% of max) ๐๐ป๐ป๐๐ฎ๐น๐ถ๐๐ฒ๐ฑ ๐๐๐ฝ๐ฝ๐น๐ ๐ถ๐ป๐ณ๐น๐ฎ๐๐ถ๐ผ๐ป ๐ธ +0.82% ๐๐ถ๐๐ฐ๐ผ๐ถ๐ป๐ ๐บ๐ถ๐ป๐ฒ๐ฑ ๐ฑ๐ฎ๐ถ๐น๐ โ๏ธ +โฟ450 ($51.1 million) #SoundMoneyMonday
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> wake up early to tackle the day > walk and feed dogs > jump in the car > car wonโt start, battery called it a life > call dad for a ride to buy a new battery > DIY install battery > car starts > auto start/stop, which stopped working 1-2 years ago, now works Damn.
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Imagine telling your 2017 self youโd be swing trading NVDAx on Kraken Now you can trade 60+ tokenized stocks & ETFs like AAPLx, AMZNx, with xStocks on Pro โ instantly, side by side with crypto Full control. All in one app. ๐ฒ https://t.co/io4G4j8U1s Geo restrictions apply.
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I had a similar view of this looking west towards Twin Peaks and it reminded me of scenes from the super cell in The Day After Tomorrow.
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๐๐ถ๐๐ฐ๐ผ๐ถ๐ป ๐บ๐ฎ๐ฟ๐ธ๐ฒ๐ ๐ฐ๐ฎ๐ฝ ๐ฐ $2,300 billion ๐๐ถ๐ฟ๐ฐ๐๐น๐ฎ๐๐ถ๐ป๐ด ๐๐๐ฝ๐ฝ๐น๐ ๐ โฟ19.921 million (94.86% of max) ๐๐ป๐ป๐๐ฎ๐น๐ถ๐๐ฒ๐ฑ ๐๐๐ฝ๐ฝ๐น๐ ๐ถ๐ป๐ณ๐น๐ฎ๐๐ถ๐ผ๐ป ๐ธ +0.82% ๐๐ถ๐๐ฐ๐ผ๐ถ๐ป๐ ๐บ๐ถ๐ป๐ฒ๐ฑ ๐ฑ๐ฎ๐ถ๐น๐ โ๏ธ +โฟ450 ($52.0 million) #SoundMoneyMonday
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Note the order. Firstly, a city mayor that โstands upโ to an elected Federal office. Second to that, focus on the living affordability for the constituent base. From lived experience, when local politicians scope creep into national agendas, they end up disappointing.
New York City deserves a mayor who will stand up to Donald Trump and make life more affordable for New Yorkers. Thatโs @ZohranKMamdani.
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Someone fat fingered an extra digit in the latest $GEMI S1. ๐ 745,372,380
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Nasdaq's proposed rule change mentions the following keywords: + "tokenized" - 175 times + "token" - 16 times + "distributed" - 10 times + "crypto" - 4 times + "ripple" - 0 times + "xrp" - 0 times What is even the point of lying about this? https://t.co/klbTV1ZxGw
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๐๐ถ๐๐ฐ๐ผ๐ถ๐ป ๐บ๐ฎ๐ฟ๐ธ๐ฒ๐ ๐ฐ๐ฎ๐ฝ ๐ฐ $2,217 billion ๐๐ถ๐ฟ๐ฐ๐๐น๐ฎ๐๐ถ๐ป๐ด ๐๐๐ฝ๐ฝ๐น๐ ๐ โฟ19.918 million (94.85% of max) ๐๐ป๐ป๐๐ฎ๐น๐ถ๐๐ฒ๐ฑ ๐๐๐ฝ๐ฝ๐น๐ ๐ถ๐ป๐ณ๐น๐ฎ๐๐ถ๐ผ๐ป ๐ธ +0.82% ๐๐ถ๐๐ฐ๐ผ๐ถ๐ป๐ ๐บ๐ถ๐ป๐ฒ๐ฑ ๐ฑ๐ฎ๐ถ๐น๐ โ๏ธ +โฟ450 ($50.1 million) #SoundMoneyMonday
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New: @krakenfx is the number 1 exchange on the Q3 2025 @KaikoData Spot Exchange Ranking and ONLY exchange with a Security score of 100.
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๐๐ถ๐๐ฐ๐ผ๐ถ๐ป ๐บ๐ฎ๐ฟ๐ธ๐ฒ๐ ๐ฐ๐ฎ๐ฝ ๐ฐ $2,164 billion ๐๐ถ๐ฟ๐ฐ๐๐น๐ฎ๐๐ถ๐ป๐ด ๐๐๐ฝ๐ฝ๐น๐ ๐ โฟ19.915 million (94.83% of max) ๐๐ป๐ป๐๐ฎ๐น๐ถ๐๐ฒ๐ฑ ๐๐๐ฝ๐ฝ๐น๐ ๐ถ๐ป๐ณ๐น๐ฎ๐๐ถ๐ผ๐ป ๐ธ +0.82% ๐๐ถ๐๐ฐ๐ผ๐ถ๐ป๐ ๐บ๐ถ๐ป๐ฒ๐ฑ ๐ฑ๐ฎ๐ถ๐น๐ โ๏ธ +โฟ450 ($48.9 million) #SoundMoneyMonday
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