Crypto won the weekend. While U.S. equities sat frozen during the Iran conflict, Bitcoin approached $74K and commodities found price discovery on Hyperliquid before traditional markets opened. This is the new normal, and it's just one signal that 2026 is the year crypto becomes invisible. In my latest letter I discuss the shift from Crypto as a Sector to Crypto as a Service, what I saw at @consensus_hk, and @PanteraCapital's latest investments and why the next unicorns will be built on utility, not hype. @OndoFinance @FTI_US

CONSENSUS CLOUD SOLUTIONS HAS ENTERED AN AMENDED AND RESTATED CREDIT AGREEMENT ON SEPT. 30, 2026, RECEIVING A $225 MLN REVOLVING CREDIT FACILITY AND A $300 MLN DELAYED-DRAW TERM LOAN FACILITY, WITH THE CREDIT FACILITY MATURING ON SEPT. 30, 2031.

Consensus real GDP growth is 2.1% over the next year... with 1yr inflation swaps steady at 2.5%. All of it suggests 4.6% nominal growth... for as much as folks say we are humming at 6-7% nominal. And, of course, bonds look ahead (not behind). With the 10yr piercing 5%...

Consensus estimate is that ~15GW of AI compute produced in 2027 cannot be turned on in 2027. This is harder than just finding power, as you also need to build out all the transformers, wiring, liquid-cooling, (massive) chillers & complex networking.