Analysis ‘Less friendly’ macro backdrop puts Bitcoin under pressure – What next for BTC?
May 19, 2026
Stablecoin reserves, T-bills, monetary plumbing, CBDCs, repo
David covers stablecoins, dollar plumbing, and the macro layer of crypto for TheWeal — Treasury-bill flows into stablecoin reserves, repo and money-market overlap, central-bank digital currency design, and the cross-border payment rails that institutional treasuries actually use.
Before joining TheWeal, David spent eight years in US Treasury rates trading and fixed-income research, modeling money-market collateral and front-end rates. He views stablecoins as money-market funds in disguise and writes from that frame.
Analysis
Analysis
Bitcoin
crypto
Markets
DeFi
Markets