What Actually Drives Crypto Today: Liquidity, ETFs, the Dollar, or Fundamentals?
What moves crypto prices, and when do capital flows outweigh fundamentals?
Join @Ryan_B_Silva (@ParaFiCapital), Mike De Melo (@Raacfi), @thomasuhm, @Matthew_sigel (@vaneck_us) & Jim Ferraioli (@SchwabResearch).
Limited tickets remain: bridge.thetie.io/tickets
1
5
13
1,845
Joining the speaker lineup at The Bridge:
@sjaitly (Morgan Creek Digital) @zhang_matt (@HivemindCap) @thomasuhm (Qube Research & Technologies)
October 27. New York City.
Secure your ticket: bridge.thetie.io/tickets
4
13
894
Next up - Singapore!
While I’m sad to be concluding an all-too-short trip to Korea, I was really encouraged by what I saw. While the government debates a formal tokenisation structure and further explores ETFs and market making rules, the folks on the ground are pushing forward with their own experiments, understanding the inevitability of progress and making sure they’re well positioned when regulatory clarity emerges. I really appreciated the opportunity for Qube Research & Technologies to join the discussion and help think through the challenges as we move towards the future together.
However, it’s time to move onto the center of the digital asset universe this week in #Singapore - anchored by @token2049. The #QRT team is here in force. I’m honored to be participating in a panel at the main event entitled, “Inside Crypto’s Trading Desks: The Market Outlook”, hosted by the multi-talented @JoshBarkhordar and featuring the esteemed @YoannTurpin1, @dariussitzl and @xinsong86. I’m looking forward to discussing the institutional liquidity and OTC landscape with as good a group of crypto market makers as you’ll find anywhere. Mature markets require deep, stable liquidity providers with significant balance sheet, market and product structure expertise and creativity, and I believe QRT can be a meaningful market participant as they develop.
In addition, we’re co-hosting an event with the great team at @StanChart, headlined by the always interesting Geoff Kendrick and a fireside chat with @mdm_z. SCB has been a leading light in digital assets generally and Singapore in particular, and we’re happy to be working with them.
Please come say hi!
P.S. how great are airports in Asia? A genuine pleasure traveling out here
4
2
16
905
Next up in the QRT world tour is @kbwofficial. It’s always special for me to come back to Seoul, the city where my journey on this earth started. I’m grateful for the opportunity to visit the homeland. Thanks to @FactBlock and @Official_Upbit for the invitation.
It’s made even more special this year because I’m bringing my mother with me this year, the first time I’ll get to experience the city together.
Please reach out if you will be around or if you want to hear how Qube Research & Technologies is working to make digital market structure more robust, resilient and stable for allocators of all sizes and needs
NEW: QRT, Thomas Uhm (@ThomasUhm) is speaking at KBW2026.
Thomas Uhm (QRT | Quant Research Director) is confirmed for KBW this fall. Formerly Chief Commercial Officer at the Jito Foundation (@JitoFDN), Uhm brings more than two decades of quantitative trading experience across institutional markets, digital assets, and financial infrastructure.
Seoul is almost here. Get your tickets now and use code KBW2026SNS at checkout for 10% off. ⬇️
3
1
19
1,778
Thomas Uhm retweeted
NEW: QRT, Thomas Uhm (@ThomasUhm) is speaking at KBW2026.
Thomas Uhm (QRT | Quant Research Director) is confirmed for KBW this fall. Formerly Chief Commercial Officer at the Jito Foundation (@JitoFDN), Uhm brings more than two decades of quantitative trading experience across institutional markets, digital assets, and financial infrastructure.
Seoul is almost here. Get your tickets now and use code KBW2026SNS at checkout for 10% off. ⬇️
1
1
8
3,598
Thomas Uhm retweeted
We're excited to welcome @ThomasUhm of QRT to the TDAC speaker lineup.
20+ years across global quant trading firms. Deep expertise in institutional markets, trading infrastructure, and digital assets.
📍 The Peninsula London
🗓️ 19–20 October 2026
▪️19 Oct: Black-tie dinner (VIP ticket holders)
▪️20 Oct: Conference day (all delegates)
🎟️thedigitalassetconference.co…
1
2
133
Thomas Uhm retweeted
Binance is now running BAM. 21% of mainnet improving Solana's market layer
9
12
117
18,758
Oh no, RIP Catherine O’Hara. You were one of the absolute greats and your genius will be sorely missed
8
12
1,741
The ticker is JSOL
🎉 JSOL is live!
Meet the 21shares Jito Staked SOL ETP
Built to give investors Solana exposure with onchain yield.
Backed by JitoSOL, the leading liquid staking token on Solana, JSOL captures two types of rewards:
• Solana staking rewards
• Additional yield generated via Jito’s MEV optimization mechanism
The result: full SOL price exposure + enhanced yield profile, in a single ETP.
Product details:
• Name: 21shares Jito Staked SOL ETP
• Tickers: JSOL NA (USD) | JSOL FP (EUR)
• ISIN: CH1521714696
• Exchanges: Euronext Amsterdam and Paris
• Inception date: 28 January 2026
• Issuer: 21Shares AG
• Fee: 0.99% p.a.
🔗 Learn more: 21shares.com/en-ch/product/j…
5
5
55
3,498
Thomas Uhm retweeted
Our first 100% JitoSOL ETP is live for Europeans!
Yield bearing crypto ETFs are going to be HUGE and LSTs are the way to do it.
More coming.
I am very proud to announce the launch of JSOL, the world’s first 100% @jito ETP on Euronext. We’re proud to work with @21shares to provide European investors with exposure to @solana in a regulated, efficient and effective yield-enhanced wrapper.
Why is this important?
* Expanded access - JitoSOL has been mostly available on-chain, which can be inaccessible for many investors. JSOL now allows more choice, particularly for investors who can only hold regulated products or who have equities-only mandates
* Optimised economics - liquid staking tokens offer economic exposure to underlying assets while being fully staked at all times, so yield is efficient while keeping costs low. Since no one needs to unstake their assets to transfer entitlements, they reduce transaction costs
* Enhanced flexibility - because LSTs are freely tradeable, users don’t need to wait for unbonding times to monetize their positions. This also creates more flexibility for issuers, who have many more options on redemptions
* Operational simplicity - JitoSOL acts as a total return product, so all yield accrues within the product itself. There’s no need for claims, paperwork or additional wallet infrastructure to receive the yield you’re entitled to
* Heightened transparency - JitoSOL offers real-time and 24/7 price discovery on a wide variety of trading venues, so anyone can see the value of their holdings at all times. Staked SOL products are reliant on 3rd party off-chain payments, which can make holdings opaque on any given day
* Tax and regulatory clarity - LSTs have already been acknowledged by regulators as “a new solution to an old problem”, and since they don’t involve payments that look like distributions, we believe they’re a more tax efficient vehicle (much like ETFs themselves!)
* Network alignment - the decentralising distribution of JitoSOL stake means that as more SOL comes into JitoSOL, the network becomes more robust and resistant
JSOL is just the start of a larger effort to provide enhanced investment products involving JitoSOL. This opens the door to even more innovation, including futures, options and structured products. We expect many more announcements this quarter, including progress on the @vaneck_us JitoSOL ETF filing in the US.
globenewswire.com/news-relea…
One more hard quarter!
3
1
17
1,288
For those asking for tradfi level analysis, there are few as good as @Kairos_Res. A deep dive into a crucial JIP
We just posted our full analysis on JIP-33
While it may sacrifice some potential DAO revenue in the short term, it opens up new distribution channels and additional BAM stake of ~9m SOL from a key partner
see our full analysis in the tweet quoted below
3
1
9
2,193
You just knew @catgu_ was going to make a huge impact, you just didn’t know it would happen this quickly
Public Liquidity. Private Execution. This is what @solana offers: launch.solana.com/products/c…
1
2
1,085
I am very proud to announce the launch of JSOL, the world’s first 100% @jito ETP on Euronext. We’re proud to work with @21shares to provide European investors with exposure to @solana in a regulated, efficient and effective yield-enhanced wrapper.
Why is this important?
* Expanded access - JitoSOL has been mostly available on-chain, which can be inaccessible for many investors. JSOL now allows more choice, particularly for investors who can only hold regulated products or who have equities-only mandates
* Optimised economics - liquid staking tokens offer economic exposure to underlying assets while being fully staked at all times, so yield is efficient while keeping costs low. Since no one needs to unstake their assets to transfer entitlements, they reduce transaction costs
* Enhanced flexibility - because LSTs are freely tradeable, users don’t need to wait for unbonding times to monetize their positions. This also creates more flexibility for issuers, who have many more options on redemptions
* Operational simplicity - JitoSOL acts as a total return product, so all yield accrues within the product itself. There’s no need for claims, paperwork or additional wallet infrastructure to receive the yield you’re entitled to
* Heightened transparency - JitoSOL offers real-time and 24/7 price discovery on a wide variety of trading venues, so anyone can see the value of their holdings at all times. Staked SOL products are reliant on 3rd party off-chain payments, which can make holdings opaque on any given day
* Tax and regulatory clarity - LSTs have already been acknowledged by regulators as “a new solution to an old problem”, and since they don’t involve payments that look like distributions, we believe they’re a more tax efficient vehicle (much like ETFs themselves!)
* Network alignment - the decentralising distribution of JitoSOL stake means that as more SOL comes into JitoSOL, the network becomes more robust and resistant
JSOL is just the start of a larger effort to provide enhanced investment products involving JitoSOL. This opens the door to even more innovation, including futures, options and structured products. We expect many more announcements this quarter, including progress on the @vaneck_us JitoSOL ETF filing in the US.
globenewswire.com/news-relea…
One more hard quarter!
14
3
44
8,618
History doesn’t repeat itself, but it does often rhyme-MT
There were some early fund failures in 2007 that appeared isolated but based in fundamental cracks in credit markets. We need to see if private credit shifted risk to fund investors from depositors. Worrisome contagion
2
5
628
BAM coded
“Our ultimate goal is that as soon as you see that signal, you can submit a transaction and its ordering becomes immutable in that moment.” - @toly
2
10
898