Agus Capdevila
@agusscapdevila
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Economist & Msc in Finance. Continuously leveraging knowledge in Finance, Crypto, Blockchain, and Economics. Always.
Joined November 2021
I agree. But: Still remains to be seen the value accrual for ETH if it's indeed the main settlement layer. Also remains to be seen (but probable) the Staking etfs approvals and usage of ETH as collateral in other financial markets could also be the killer case for ETH.
Crypto investors (esp more institutional ones) will continue to reward fundamentals as we leave the “fantasy potential” phase where everything has a TAM of “the world,” into the reality phase where real, non-spoofable adoption metrics matter. In this phase, ETH will win.
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Gamma matters for short-term price behavior, not for defining cycles. It can delay or accelerate moves, but it doesn’t create them.
The $415M Gamma Flush: Why The Next 8 Days Define The Cycle The narrative isn't just about tomorrow. We are staring down the barrel of a "Double-Barreled" Liquidity Event that will wipe 67% of the entire derivatives board clean by December 26th. Bitcoin is trading at $88,752,
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Guess i know now why @reserveprotocol changed their business direction. Smart move from Coinbase.
NEW: 🇺🇸 Coinbase launches custom stablecoins Users can now issue branded stablecoins backed 1:1 by Coinbase-custodied collateral
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US CPI just came in well below expectations (30–40bps). The Fed operates under a dual mandate: price stability and maximum employment. Price stability has a clear target: ~2% inflation. Employment doesn’t have a fixed number, but the goal is to keep the labor market near full
🇺🇸 JUST IN: US inflation cooled to 2.7%, below market expectations.
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We’re pushing crypto financials beyond native metrics and into a language TradFi actually understands: cash flows, risk, benchmarks, and fundamentals. This is about raising the standard of how crypto companies are analyzed and valued. Stay tuned.
Sky Frontier Foundation released its first State of Sky Ecosystem report, a 2025 year-end analysis of Sky Protocol. Highlights: • Stablecoin (USDS) supply +86% • $168M annualized protocol net profit (+24.4% YoY) • Operating expenses down 61.5% • Buybacks: $367K → $92.2M
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There’s no such thing as “safe high yield.” In the real world, anything earning more than a T-bill is taking risk somewhere in the stack. DeFi is no different. Vaults that pay 8%, 12%, or 15% aren’t magic... they’re underwriting credit, leverage, duration, liquidity, or
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Finalmente!!! Que buena noticia.
El BCRA anunció la profundización del esquema monetario: fase de re-monetización.
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TradFi doesn’t adopt technology for narratives. It adopts it to reduce funding costs, improve capital efficiency, and lower risk-weighted assets. The part that actually matters is this: settlement finality is moving on-chain, and DTCC is wiring it. Two clear positioning paths
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I understand the economic incentives and the rationale behind the decision, though I’m not familiar with the business drivers ythey’re optimizing for. But today I needed to swap USDS to USDC and noticed the fees were quite high, so I ended up doing the swap directly on
spark.fi
Maximize your DeFi experience with transparent rates
Cow DAO aprobó CIP-74: @CoWSwap ahora mete un fee mínimo de 2 bps en todos los trades. Para el que no está en tema: 2 bps = 0,02%. Ejemplo rápido: •En un trade de USD 1.000 → pagás 0,20 USD extra. •En uno de USD 10.000 → 2 USD. Es chiquito, pero ahora está siempre. El
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As predicted a week ago: The Fed just confirmed it will start buying est. $40B/month in T-bills. This isn’t QE, but it is a clear shift: they’re moving from draining liquidity to actively preventing reserve scarcity. QT ends this month, and the Fed is now redirecting MBS runoff
Macro is the underlying structure of markets; everything else is secondary. The data is pointing to a genuine shift: global liquidity is stabilizing as the Fed ends QT, central banks are actively intervening to prevent funding stress, China is expanding credit through both
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Most people are reading the BlackRock filing the wrong way. A staked ETH ETF isn’t about “number go up.” It’s about converting digital assets into scalable institutional products. If it gets approved, ETH stops competing with altcoins and starts competing with money market
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Sky Buyback --> quick read Since Mar 1, 2025, Sky’s on-chain buyback has taken in 1.452B SKY with $90.7M USDS. It’s been running every day. Pace: roughly 5.1M SKY/day (about $320k/day). Last 24h: 5.2M SKY (~$280k). Scale: that’s ~5.41% of circulating SKY already retired.
Last week, Sky Protocol bought back 35.6 million SKY using 1.9 million USDS. Total buybacks to date have now surpassed 90 million USDS since the program began.
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I’ve actually been thinking about this a lot over the past few years, and even more intensely in the last two. I do agree that basic needs will eventually be satisfied for almost everyone; that part feels inevitable. What I’m less convinced about is how economic and financial
My personal nihilistic case (that I think is somewhat true) is that in the medium-term future all material possessions will be widely accessible, removing value from stored wealth. I'll spend my life accumulating wealth for it to be rendered almost worthless as humanity
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He has a point.
Amazon is a network and arguably one of the most successful networks ever built. Which is why comparisons are uncomfortable: when you line Ethereum up next to real, scaled networks like Amazon or Facebook, the valuation gap becomes impossible to ignore. Ethereum at a ~$380B
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Macro is the underlying structure of markets; everything else is secondary. The data is pointing to a genuine shift: global liquidity is stabilizing as the Fed ends QT, central banks are actively intervening to prevent funding stress, China is expanding credit through both
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