Market signals
Observed conditions
Signals focus on data-backed observations and relative changes in market configuration rather than direct trading recommendations.
Treasuries
Liquidity improving
Tokenized treasury liquidity increased over the observed period.
Evidence: Secondary volume rose and spreads narrowed across the largest issuers.
Private Credit
Yield pressure
Average yields across the category edged lower over recent observations.
Evidence: Higher issuance competition offset some yield pick-up.
Infrastructure
Transparency gap
Disclosure consistency remains uneven across infrastructure-backed assets.
Evidence: A few products still report only quarterly updates with limited performance granularity.