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Institutional-grade research.
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Written by traders. Read by allocators. A weekly dispatch on crypto macro, stablecoin yield, and portfolio positioning — free for every subscriber.

The Archive

Recent dispatches.

Jul 20, 2026
Stablecoin yields compress: where allocators are moving
As DeFi lending rates converge with T-bills, capital is rotating into structured yield products. We map the shift and identify the outliers still offering asymmetric return.
→
Jul 13, 2026
Solana's institutional inflection point
Post-ETF flows, validator economics, and the case for a repricing. Our framework for evaluating L1 capital rotation in the next cycle.
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Jul 6, 2026
The quiet return of basis trading
Funding rates, cash-and-carry, and why the delta-neutral crowd is back in force. Where the yield is real and where it isn't.
→
Every Week, In Your Inbox

What you receive.

Macro & market context
A concise read on what actually moved the market this week and why. Signal only, no filler.
Yield & positioning
Stablecoin rates, DeFi opportunities, and how we're rotating capital across the three mandates.
Deep research
One long-form piece per week on a specific asset, protocol, or thesis — the kind of work that usually sits behind paywalls.
Portfolio disclosure
Monthly disclosure of the team's active positioning across the three strategy mandates.
A Sample

A page from this week.

Stablecoin Yield Compression: The Rotation Ahead

Three months ago, on-chain stablecoin lending markets were routinely paying 8-11% APY on USDC across the largest platforms. As of this week, that range has compressed to 4.2-6.1% — a shift that mirrors, almost precisely, the movement in short-duration Treasury yields over the same period.

This convergence is not accidental. The largest allocators of stablecoin liquidity — sophisticated funds running delta-neutral strategies — have grown increasingly rate-sensitive, and their capital flows are now closely arbitraged against the risk-free rate. The implication for smaller allocators is straightforward: the era of easy, uncorrelated stablecoin yield is behind us.

But three specific pockets remain. In this dispatch, we walk through each, quantify the residual spread, and map the structural reasons why the compression has not fully arrived...

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The Desk

Who writes this.

One Strike Capital's research desk brings a decade of active trading experience across crypto, US equities, and derivatives. We write only about markets we participate in — and disclose our positioning monthly to every subscriber.

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