SCS

Domestic political developments are once again magnifying the pain of higher oil prices for UK Gilts. As shown in the Bloomberg table below, the 10-year yield is now hovering just a fraction below the 5% mark. #economy #Markets #gilts #uk #debt

Top 10 Solana DEXs by 24-Hour Trading Volume 📊 @orca_so - $229.4M @ManifestTrade - $180.2M @MeteoraAG - $146.8M @humidifi - $128.95M @Raydium - $98.8M @Pumpfun - $50.7M @PancakeSwap - $39.8M @byreal_io - $9.6M @DeFiTuna - $657.5K @MetaDAOProject - $438.6K

One of the more interesting signals in the data right now is that the yield curve continues to flatten despite a significant increase in oil prices on a trailing three-month basis. Historically, in a more traditional economic cycle, an energy shock that is being monetized by the Federal Reserve would steepen the curve, not flatten it. The Fed is not monetizing this energy shock. In our view, the bond market may be beginning to discount something much more powerful: the deflationary impact of artificial intelligence and technologically enabled productivity gains across the economy. The cost to train AI models is falling dramatically. Inference costs are collapsing even more rapidly. At the same time, productivity growth appears to be accelerating beneath the surface of the official data, while unit labor costs remain remarkably subdued. Much of the market narrative today is centered around tariffs, deficits, and structurally higher inflation. Yet the underlying signals increasingly suggest that disinflationary forces tied to innovation are building momentum. We believe inflation is likely to surprise on the low side over the next 6–9 months. If that proves correct, the implications for interest rates and long-duration equities could be profound. Historically, the market has tended to underestimate the speed and scale at which technologically driven innovation can reshape the macroeconomic environment. I share my thoughts on this month's episode of In The Know.

There’s a generational shift happening, and Coinbase is uniquely positioned to capture it: 1) The onchain economy has reached escape velocity 2) Coinbase's full stack platform is powering it 3) The next frontier is agentic and on Coinbase Our thesis is simple: crypto is the best form of money, and the infrastructure will overhaul the existing financial system. If it involves money, it will involve crypto. Coinbase is uniquely positioned to capitalize on this transformation. Some highlights from our earnings today: - Gained share in both spot and derivatives globally, reaching an all-time high in crypto trading volume market share - Saw huge growth in derivatives trading volume, driven by our Everything Exchange - 10x increase in stablecoin transaction volume on @base - USDC on our platform hit another all-time high - >90% of onchain agentic stablecoin transaction volume is on Base - 12 consecutive quarters of net native unit inflows- customers have been adding more crypto to Coinbase every quarter

You thought we were done Accelerating 🫵😂 Accelerate AI is live and cooking in Miami.

Day 3 of Startup Village Nigeria 2.0 was dedicated to developers and deep technical conversations around building on @Solana. From infrastructure to product architecture and scaling consumer apps, the focus was on helping more Nigerian builders ship globally competitive products onchain.

I believe 2026 breaks the 4-year cycle. Welcome to the Bitcoin supercycle.

When debt levels reach extreme sizes relative to income, governments are left with a limited set of choices. They can cut spending, raise taxes, restructure the debt, or print money. History shows that most systems end up relying heavily on the last option, but printing money doesn’t eliminate the problem–it just shifts how the debt cycle plays out. Understanding this dynamic is key to understanding the economic environment we’re in.

JUST IN: "Solana is the fastest, cheapest, most performant blockchain... Our biggest position is Solana, we have $1.1 BILLION of $SOL in our books" — Dan Pantera of @PanteraCapital #SOLANA ⚡️

@JacquesThibs @BBCNews Yeh!, very misleading. Click bait tweet

@BBCNews What a misleading way to title this. Absolutely pathetic from the BBC. Why not say they had a prior relationship and she’s the mother of 4 of his kids instead of giving the impression that he just randomly told an OpenAI board member with little relation to him.

Former OpenAI board member says Elon Musk offered her sperm donations bbc.in/4tS5WNd

@theallinpod @claudeai @SpaceX Chamath was right

@claudeai @SpaceX 👀

We’ve seen what happens when clarity is absent and enforcement fills the gap. It’s time to deliver CLARITY and future-proof crypto markets in the US. Watch more at @consensus2026 with @jesseahamilton 📺:

End of Thread: Please share this so people see what's actually in these court documents.

Okay this is INSANE. The Brockman testimony from yesterday is nuclear. Here's what's new: → Brockman took the stand Monday. Confirmed his OpenAI stake is worth nearly $30 billion. → Musk's lawyer asked him over a dozen times about the $30B number. Then asked: "Do you think you should give the $29 billion back to the charity?" Brockman: "That's not how I think about it." → The lawyer pushed harder: "It takes $30 billion to get you out of bed in the morning, but $1 billion doesn't?" Brockman: "That's not what I'm saying." → Then the journal entries dropped. → From 2017, while OpenAI was still a nonprofit: Brockman wrote to himself: "Financially, what will take me to $1B?" → Another entry: "cannot say we are committed to the non-profit. don't wanna say we're committed. if three months later we're doing a b-corp it is a lie." → Another: "maybe we should just flip to a for-profit. making money for us sounds great and all." → And possibly the most damaging one: "it'd be wrong to steal the non-profit from him. to convert to a b-corp without him. that'd be pretty morally bankrupt and he's really not an idiot." → The judge herself cited these journal entries back in January when she denied OpenAI's motion to dismiss the entire case. → OpenAI's defense: the entries are "cherry-picked" from hundreds of pages of personal reflection. Brockman called them "expressions of frustration, not a concrete plan." → Musk's lawyer then asked how many times Brockman rehearsed that explanation before taking the stand. → Musk was NOT in court Monday. Smaller crowds outside. Calmer atmosphere. → Brockman returns to the stand Tuesday. Altman and Satya Nadella still expected to testify later this month. → Not mentioned during Brockman's testimony: Musk's own net worth of $657 billion. Those journal entries are the story. "It is a lie" written in his own handwriting while publicly championing the nonprofit mission.

@alex_prompter We can all see the deception is way deeper.

"We passed the Genius Act and next week we're going to mark up the Clarity Act, which is a big deal." @berniemoreno expects Clarity to be signed by President Trump before July 4th.

JUST IN: Odds Elon Musk wins his case against Sam Altman surge to 48% today.

Some may feel I’m dwelling on this, but I am concerned for the health of the UK economy. The yield on the 10-year gilt has climbed 12 basis points today (see the CNBC chart below), decoupling from both oil prices and yields in other advanced economies—both of which are currently lower. Meanwhile, the 30-year yield has just hit a 28-year high. #economy #markets #gilts #uk

BREAKING: The UK's 30Y Government Bond Yield surges to 5.79%, the highest level since May 1998. Inflation is back and interest rates are surging.