BitMEX

As we close out 2025, the divergence between Bitcoin and precious metals has reached a historic extreme. While Gold (+70% YTD) has been the macro standout, Bitcoin's underperformance represents a significant structural opportunity for the new year. In this Christmas Special analysis, we identify the drivers for 2026:  ⏩ The RMP Pivot: The Fed's $40B/month liquidity injection is being mispriced as "technical." We view it as a stimulative gift that will drive a violent re-valuation.  ⏩ Policy Pipeline: We are in Year 1 of a pro-crypto administration. The Strategic Bitcoin Reserve (SBR) is the "gift" yet to be unwrapped.  ⏩ FUD Assessment: Balance sheets at major digital asset treasuries are battle-hardened; index changes won't trigger the forced selling the market fears. The structural bottom is forming. As liquidity fundamentals align, a target of $200,000 by Q1 2026 remains our primary forecast. Enjoy a Christmas special Alpha drop on our blog: https://lnkd.in/gvWvcuHn

Season's greetings to all our partners, clients and users! May the holidays and new year be full of festive cheers and quality time with friends and family.

In the newest edition of CTD, Arthur Hayes explores a new acronym to the financial lexicon, Reserve Management Purchases (RMP), introduced at the Federal Reserve's December 10th meeting. While framed as a neutral technical implementation, Arthur suggests RMP is a stealth evolution of Quantitative Easing. Key structural takeaways:  ⏩ Stealth Monetisation: RMP allows the Fed to create new reserves to purchase T-bills, effectively financing the Treasury’s multi-trillion dollar debt issuance without the political "stigma" of traditional QE.  ⏩ Duration Manipulation: Through RMP-funded Treasury buybacks, the administration can suppress 10-year yields, directly impacting mortgage affordability and consumer spending.  ⏩ The "Ample Reserves" Loophole: Unlike QE, RMP has no fixed expiry or cap, providing the New York Fed with a discretionary tool for infinite balance sheet expansion. For institutional desks, the RMP program represents a structural pivot toward permanent liquidity provision, serving as a primary driver for the next leg of the global credit impulse. Get the full story on our blog: https://lnkd.in/gE2wnUjz

We cordially invite you to join us at the BitMEX Year End Gala! Starting today, till January 16, traders can join in on the festivities and win up to 3.5 BTC and 5 Playstation 5 Pros in rewards! Don’t miss out on the fun, RSVP now: https://lnkd.in/gqgKePFg

Stephan recently sat down with DL News to reflect on our journey, from pioneering the Perpetual Swap to maintaining a flawless security record over a decade. In the interview, he discusses our renewed focus on professional and institutional traders, emphasizing the critical importance of platform reliability and our strict neutral-venue philosophy. Read the full interview to learn more about our vision for the next era of trading innovation: https://lnkd.in/g--y-Zfe

The stablecoin megatrend is moving beyond crypto exchanges and into cross-border remittances. This shift exposes a critical divergence in value between the infrastructure provider and the distribution owner. Our latest report explores this divergence by examining the positions that Western Union and Circle hold: ⏩ The Distribution Tax: Circle's ($CRCL) high-growth valuation is undermined by a prohibitive "distribution tax"—aggressive revenue-share agreements with partners like Coinbase (often 50%+ of reserve economics) necessary to rent customer access. ⏩ Western Union's ($WU) Asymmetry: WU already owns the last-mile distribution (200+ countries, compliance stack) that stablecoins need. It is now layering its own stablecoin (USDPT) underneath this network. ⏩ The Value Proposition: $WU$ trades at a deep-value multiple (4x P/E, $10% dividend yield), offering a free call option on its digital pivot. Success in integrating stablecoin rails would lead to multiple expansion that is highly asymmetric compared to Circle's already-premium valuation. The trade is simple: in the race to digitise the dollar, owning the user is nine-tenths of the law. Where do you see the stablecoin race going? Check out the full report here: https://lnkd.in/gcMaVSw7

Almost a decade ago we invented the Perpetual Swap and changed the course of crypto forever. Soon, we're gonna do it again. Stay tuned.

We’re pleased to share improvements to our VIP Programme driven by user feedback. Under the new programme, in addition to top-of-the-line physical rewards, traders can enjoy: 🤝Elite Service: 360-degree support, a dedicated Relationship Manager and more 🎁Top-of-the-line physical rewards from Omega, Apple, Rimowa 📈Pro Trading Edge: Up to 75% off fees, flexible limit configurations, trading credits and more Check if you’re eligible to become a VIP trader on BitMEX today: https://lnkd.in/gfeS_QJs

We’re delighted to share significant updates to our mobile app, designed to deliver users an industry-leading trading experience. Here’s what’s new: 📱 Crypto’s most streamlined user interface, cuts out the noise to provide users with the fastest execution on the market.  ⏬ Swipe-to-Close: Exit positions with just a swipe - say goodbye to navigating through menus or finding the right button. 🏠 Our revamped homescreen provides users with a detailed view of essential data points with faster access to any controls or additional data to execute their trades seamlessly, all on the move. More details on the improvements can be found on our blog: https://lnkd.in/gZXJQNjG

11 years. Countless ups and downs but a history of unrivalled innovation, security and Legends. Shoutout to not just our Legends, but also to our amazing users - thank you for trading with us for more than a decade, we look forward to retaining your trust in the years to come. The full list of BitMEX Legends can be found here: https://lnkd.in/gmTarS8M