BREAKING: Oil prices fall -1% and natural gas prices fall -4% as US futures markets open for the first time since President Maduro was captured.
Energy prices are DROPPING amid a major escalation in geopolitical tensions.
This should tell you all you need to know.

The Venezuela plot thickens:
While Venezuela holds 303 BILLION barrels of oil reserves, much of this is HEAVY crude oil.
Texas and Louisiana also *happen* to have 6 of the LARGEST HEAVY crude oil refineries in the world.
What does this mean? Let us explain.
(a thread)

The Kobeissi Letter

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Nike reportedly quietly sold its digital product subsidiary RTFKT last December, marking a significant shift in the fashion giant's Web3 strategy and digital assets.

Nike has quietly sold its NFT studio.

Wall Street bank Morgan Stanley recently officially filed an application with the U.S. Securities and Exchange Commission (SEC) to launch a spot Ethereum ETF, further expanding its strategy to penetrate the market...

Morgan Stanley has filed an application to launch an Ethereum spot ETF.

Author: Yuanshan Insights
Data Source: Farside Investors, SoSoValue, Fed H.4.1 Report, CryptoQuant

On the first trading day of 2026, BTC ETF saw a net inflow of $471 million.

What does this figure mean?

In November and December, the combined net outflow of spot BTC ETFs was approximately $4.57 billion; with a net outflow of approximately $1.09 billion in December alone.

Many people frantically sold at a loss above 93K, and institutions bought back about one-tenth of that amount on January 2nd alone.

Also happening...