Welcome to our institutional newsletter, Crypto Long & Short. This week:

• Maxime Seiler notes that weak crypto prices mask adoption, making yield strategies the main trade.
• Kavita Maharaj‑Alexander writes on crypto’s next phase being driven by proving compliance in practice, elevating the infrastructure providers that enable it.
• Top headlines institutions should pay attention to by Francisco Rodrigues.
• PENDLE rallies on demand for on-chain STRC yield exposure in Chart of the Week.

-Alexandra Levis

Expert Insights

In quiet crypto markets, yield is the trade

By Maxime Seiler, co-founder and chief executive, STS Digital, Ltd.

For much of the last six months, crypto markets have felt unusually quiet. Not dead, but tired. While bitcoin has held up…