【Deep Dive: The BTC Treasury Narrative Faces a Structural Test】
1️⃣ MSCI has formally adopted new rules excluding non-operating companies from its global indexes. Polymarket puts the odds of Strategy (MSTR) being removed from the indexes by year-end at 92%. Metaplanet is also on the list, with the final list due to be announced on November 11. Outflows from passive funds and shrinking financing channels are forcing the market to reprice the BTC treasury model.
2️⃣ AI credit risks are coming to the fore: CoreWeave’s five-year CDS has surged to a record 1,194.5 basis points, while its 2031 bonds have fallen to 82.75 cents. Jensen Huang said Nvidia would not bail the company out. Add U.S. PPI coming in above expectations at 6.3%, stoking expectations of tighter policy, and risk assets are under pressure across the board.
3️⃣ There are still some bright spots: PancakeSwap has proposed cutting daily $CAKE emissions by 69%, with public support from CZ; the change is set to take effect in November. Aave V4 has launched on Arc. EURC supply rose 8.8% month over month, as the euro stablecoin ecosystem expands faster under the MiCA framework.
Against a macroeconomic headwind, position management matters more than directional calls.
NFA | DYOR
#BTC #MSTR #CAKE #DeFi #CryptoMarket
1️⃣ MSCI has formally adopted new rules excluding non-operating companies from its global indexes. Polymarket puts the odds of Strategy (MSTR) being removed from the indexes by year-end at 92%. Metaplanet is also on the list, with the final list due to be announced on November 11. Outflows from passive funds and shrinking financing channels are forcing the market to reprice the BTC treasury model.
2️⃣ AI credit risks are coming to the fore: CoreWeave’s five-year CDS has surged to a record 1,194.5 basis points, while its 2031 bonds have fallen to 82.75 cents. Jensen Huang said Nvidia would not bail the company out. Add U.S. PPI coming in above expectations at 6.3%, stoking expectations of tighter policy, and risk assets are under pressure across the board.
3️⃣ There are still some bright spots: PancakeSwap has proposed cutting daily $CAKE emissions by 69%, with public support from CZ; the change is set to take effect in November. Aave V4 has launched on Arc. EURC supply rose 8.8% month over month, as the euro stablecoin ecosystem expands faster under the MiCA framework.
Against a macroeconomic headwind, position management matters more than directional calls.
NFA | DYOR
#BTC #MSTR #CAKE #DeFi #CryptoMarket