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STEELLDYThrough Steelldy consulting company, I assist companies, fintechs, and institutions in two key areas: ◙ Economic and financial statistical modeling via our DaaS & SaaS software (macroeconomic index platform). Analysis of the transition to a multipolar world: stablecoins, gold, copper, precious metals, industrial metals, oil, dollars, euros, yuan, yen, rubles, CBDC, BISIH, mBridge, Unified Ledger, BRICS, and global regulations. ◙ Web3 Law & Taxation Legal and Tax structuring of blockchain-based projects, RWA, tokenization, cryptocurrency (stablecoins, CBDC), decentralized autonomous organizations (DAO), MiCA compliance, ISO 20022, AI, MANBRIC/biotech technologies, robotics, smart cities, and ESG taxonomy.

lntélligence artificielle Tech

Prospective Trajectory of SpaceX as an Infrastructure

SpaceX is not a blockchain protocol, a crypto cloud, a native DePIN network, or an on-chain payment processor as of August 10, 2026. It is a physical infrastructure platform (launch, Starlink LEO constellation, emerging terrestrial/orbital AI clusters) whose systemic externalities make it the most credible physical layer zero for the decentralized economy, orbital data, resilient…

4 days ago0Comments

ByOleg Turceac

Intricate futuristic circuit board with geometric patterns in teal and gray tones.

Analyse de marché

Markets

Profitability and margin structure. Quantified comparison of SpaceX (Q2 2026) vs hyperscaler models (AWS, Azure/Microsoft Cloud, Google Cloud, Meta AI infrastructure).

https://www.steelldy-indices.com SpaceX has a gross margin of 55.3%, but negative operating and net margins (-1.8% and -6.9%). Only Starlink connectivity is profitable (~+$1.66B OI), while Space and AI segments are loss-making. AWS boasts a 39.4% operating margin (+650 bps YoY), generating ~60% of Amazon's consolidated OI from ~21% of revenue. Microsoft Cloud's gross margin is…

CCQI = 82.98 this morning, EUA price at €79.01

This morning, the CCQI (Climate Change Quality Index) stands at 82.98, reflecting relative stability in the quality of climate-related assets. At the same time, the price of EUAs (European Union Allowances) is at €79.01, showing a technical signal of -2.33, which indicates significant downward pressure on this market. This trend is observed while six carbon…

Structured Quantitative Financial Analysis of SpaceX. Consolidated Accounts for Q2 2026 (period ended June 30, 2026)

Revenue decomposition and growth dynamics for Q2 FY26 Consolidated revenue reached 7,814, representing a 91.94% year-over-year increase from 4,071. The total revenue growth of 3,743 is driven by AI compute capacity rental (approx. +1,880, 50.2% of the increase), Starlink Connectivity (approx. +1,700, 45.4%), and Space Launch & other (residual +163). Key margins for Q2 FY26:…

Dr. Copper & Global Recession Risk

Executive Summary Copper ("Dr. Copper") remains a useful leading indicator of global industrial activity due to its ubiquitous use (power grids, construction, automotive, electronics, data centers). Futures are currently trading above $6.50/lb (COMEX), up about 30% year-over-year, and are holding above the 50- and 200-day moving averages. The metal formed a trough before equity markets…

08/04/20260Comments

ByOleg Turceac

Close-up of Bitcoin and Ethereum coins symbolizing digital currency and blockchain technology.

Cryptos Tech

The ETH/BTC ratio currently stands at approximately 0.0292–0.0293

The ETH/BTC ratio currently stands at approximately 0.0292–0.0293 (early August 2026), meaning one Ethereum is worth about 2.92–2.93% of one Bitcoin. Recent historical context (2025-2026): - Local peak: 0.0421 (August 24, 2025) - Cycle low: 0.02578 (June 6, 2026), down 38.8% from peak - Current level: ≈0.0292 (August 4, 2026), up 13–14% from the low…

08/04/20260Comments

ByOleg Turceac

Close-up of Ethereum and Bitcoin coins symbolizing cryptocurrency and blockchain technology against a purple backdrop.

Cryptos Tech

The correlation between Bitcoin (BTC) and Ethereum (ETH)

The correlation between Bitcoin (BTC) and Ethereum (ETH) is structurally high and stable, typically ranging between +0.80 and +0.90 across various time horizons, with 30-day figures around +0.88 and one-year values between +0.82 and +0.91. This relationship is markedly different from the BTC-Gold correlation, which averages only about +0.10 to +0.13 and can sometimes be…

08/04/20260Comments

ByOleg Turceac

Golden Bitcoin coins scattered over US dollar bills, symbolizing modern digital currency.

Cryptos

The correlation between Bitcoin and physical gold (XAU/USD)

The correlation between Bitcoin and physical gold (XAU/USD) remains weak and unstable over the long term, making them an excellent diversification pair. Long-term (since 2015/3-5 years): average correlation ≈ +0.10 to +0.13. Over one year: typically between -0.17 and +0.32. Short-term (30 days): currently negative (recent readings between -0.31 and -0.46, with extremes at -0.88…

08/04/20260Comments

ByOleg Turceac

Cryptos Tech

BTC, Liquidity Pools, Institutional Flows, and Sharpe Ratios

1. Liquidity Pools include: Binance spot ($5-10B daily), Coinbase spot ($1-3B), perpetuals from Binance, Bybit, OKX ($20-40B), CME Futures ($2-5B), US spot ETFs like IBIT and FBTC ($1-3B), and OTC/DP estimated at $2-5B. 2. Institutional flows show CTA trend-following algorithms are neutral with no large liquidation signals. ETF flows have slight net outflows recently,…

07/31/20260Comments

ByOleg Turceac

Detailed view of the US 100 dollar bill showing the Treasury seal and printed text.

Economic studies Reports

Real Yields on US Treasuries Collapse Below 1.2 %

Since the end of 2021, the 10-year yield has risen from ~1.5% to a peak of ~5% in autumn 2023, then stabilized around 4.6%. With a CPI at 3.5%, the real rate is: r = i - π = 4.6% - 3.5% = 1.1% Osaic has already reduced its fixed-income allocation from 40% to…

07/31/20260Comments

ByOleg Turceac