Crypto Bubble? A Rising Tide Lifts All Coins -- Until It Doesn't

August 18, 2025 | Premium Service | As the financial markets speculate about whether the Federal Open Market Committee cuts the target for overnight money rates in September, we ponder whether the global financial markets are going to rise on a sea of rising liquidity regardless of what the Fed does or does not do next month. In our letter to the Financial Times over the weekend, we warn that the next risk shock to global markets may come from another surprise a la FTX in the market for crypto tokens. H/T to Brendan Greeley.

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