Happy Tuesday, Blockfolians

The Lede

Well, the latest CPI numbers are out, and they’re not pretty. Inflation rose 0.9% month over month and 5.4% year over year. This was higher than surveys of economists expected.

The Fed, for their part, continues to say that inflation is transitory. The numbers are high yes, but they reflect both base effects (i.e. think about what was happening exactly 1 year ago) and temporary dislocations as demand comes back online.

Others are less sure.

Lyn Alden @LynAldenContact

If we factor out the prices that are going up, inflation is actually low.

July 13th 2021

271 Retweets2,652 Likes

Sven Henrich @NorthmanTrader

As long as you don’t need cars, housing, food or energy there’s no inflation.

July 13th 2021

458 Retweets3,033 Likes

For our money, Meltem has the best take:

Meltem Demir◎rs @Melt_Dem

cost of living (CPI) is up 5.4% year over year, with June alone seeing a 0.9% increase

median price to buy a home (case shiller index) is up 23% year over year

wage growth is up 3.7%

returns to labor < returns to capital

and you ask why everyone is becoming an investor

July 13th 2021

103 Retweets487 Likes

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Highly Relevant Reading

• BNY Mellon is working with Grayscale on ETF conversion

• Goldman Sachs calls Coinbase a “tactical trade”

• S&P Dow Jones launches 5 more crypto indexes

• Chinese miner BIT Mining raises $50m to relocate out of China

Community Commentary

An interesting discussion in Uniswap world

Igor Igamberdiev @FrankResearcher

1/3

Looks like Larry Sukernik, one of the multi signers behind the $20M DeFi education fund, dumped UNI five hours before the $10M OTC sale.

July 13th 2021

87 Retweets535 Likes

So, what happens next?

William Clemente III @WClementeIII

It’s official (see shaded orange), Bitcoin is entering its first major volatility squeeze since the one that pushed price down off ATHs in April and the one that propelled us into the bull run in July 2020.

Not a common occurrence.

July 12th 2021

323 Retweets2,405 Likes

A Really Big Number We Should Be Paying Attention To

$250M

That’s the amount of crypto the UK just seized

Final Thought

Don’t forget

StockCats @StockCats

Good morning

July 13th 2021

209 Retweets1,330 Likes