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Market Intelligence

BTC and ETH over the last 24 hours, rebased so the shapes are comparable.

Performance comparison: BTC vs ETH
  • BTC
  • ETH

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Figures come from this site’s own market data and describe what has already happened. Nothing here is a forecast or investment advice.

CapitalSignal Intelligence

The Signal

A quick read on the forces moving markets right now — an editorial view of where capital is flowing.

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Long-form analysis from the desk: market structure, capital allocation and the numbers companies would rather you skipped.

Glossary

Liquidation

The forced closing of a leveraged position when its collateral no longer covers losses. On crypto derivatives venues this is automatic and can happen within seconds.

Bitcoin

The first cryptocurrency, launched in 2009, running on a proof-of-work blockchain with a supply capped at 21 million coins and issuance that halves roughly every four…

Stablecoin

A token designed to hold a steady value against a reference, usually the US dollar. Most are backed by reserves of cash and short-term government debt;…

Smart Contract

A program stored on a blockchain that runs automatically when its conditions are met, without an intermediary holding the assets.

Futures

A standardised contract to trade an asset at a set price on a future date. Crypto venues also offer perpetual futures, which never expire and use…

Custody

The safekeeping of assets on a client's behalf. Regulated custodians must segregate client assets from their own.

Index

A rules-based measure of a group of assets, such as the S&P 500 or FTSE 100. Most are weighted by market capitalisation, so the largest constituents…

IPO

The first sale of a company's shares to the public, after which they trade on an exchange.

Carry Trade

Borrowing in a low-interest currency to hold a higher-yielding one, aiming to earn the difference in rates.

Liquidity

How easily an asset can be bought or sold without moving its price much. Liquid assets have many willing buyers and sellers and tight spreads; illiquid…