Share this article
Bull vs. Bear: Who Has the Economy Right?
From markets to real estate to the dollar to retail, the data on whether the market is recovering or not is hella confused.
Updated Sep 14, 2021, 8:56 a.m. Published Jun 24, 2020, 7:00 p.m.
From markets to real estate to the dollar to retail, the data on whether the economy is recovering or not is hella confused.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts, Spotify, Pocketcasts, Google Podcasts, Castbox, Stitcher, RadioPublica, iHeartRadio or RSS.
This episode is sponsored by Bitstamp and Ciphertrace.
The economy is nothing if not confounding right now.
Across every domain, from real estate to oil to retail, there are bull signals and bear signals.
See also: 6 Things Jobless Claims Tell Us About the State of the Real Economy
Signals we're tracking:
- Markets - strong stock recovery vs. growth in cash deposits
- Employment - growth in jobs vs. persistent continuing jobless claims
- Retail - growth in foot traffic vs. demand destruction
- Oil - growth in demand (but not in economically productive diesel)
- Real estate - surge in mortgage applications vs. worst home sales since 2010
- Dollar - declining confidence vs. there is no alternative
- COVID-19 - reduced death rates in the U.S. vs. growing caseload
What’s the answer? Is this just a narrative mirage recovery? Listen and find out.
See also: 5 Numbers That Tell the Story of Markets Right Now
For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts, Spotify, Pocketcasts, Google Podcasts, Castbox, Stitcher, RadioPublica, iHeartRadio or RSS.
Note: The views expressed in this column are those of the author and do not necessarily reflect those of CoinDesk, Inc. or its owners and affiliates.
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Strategy shares register first six-month losing streak since adoption of bitcoin strategy in 2020
Crypto analyst Chris Millas has highlighted an unusually persistent slump in Strategy shares, breaking with past drawdown patterns even as the firm continued accumulating bitcoin.
What to know:
- Strategy shares fell in each of the final six months of 2025, marking the first time since the firm adopted bitcoin in August 2020 as a treasury reserve asset.
- The decline stands out for its persistence, as past selloffs were often followed by sharp rebounds.
- The stock sharply underperformed both bitcoin and the Nasdaq 100 despite the firm's continued BTC purchases.
Top Stories
