Esteban Ma
💼TradingKey Financial Editor
🏅CFA Level 2 CANDIDATE
📊Stocks | Cryptocurrency | Commodities
Summary
Esteban Ma, CFA Level 2 CANDIDATE, is a financial editor at TradingKey, focusing on covering equities, cryptocurrencies and commodities. With two years of experience in crypto at Gate.io Research and three years in comprehensive finance, he specializes in cryptocurrency and macroeconomic analysis.
Areas of Expertise
Macroeconomic Research: Analysing Federal Reserve policy, inflation trends, and employment growth
Crypto Finance: Analysing blockchain projects
Data Modeling: Proficient in building and analysing statistical models
Market Insights: Keenly capturing market trends, reporting headline news, and conducting in-depth analyses
Experience
TradingKey｜Financial Editor 2023 - Present · Shenzhen Responsible for writing and publishing real-time news and in-depth analysis articles in the fields of macroeconomics, stock markets, cryptocurrencies, and commodities. Gate.io｜Financial Analyst 2021 - 2023 · Shenzhen Focused on analysing blockchain projects and on-chain ecosystems, building models for traditional finance and crypto finance, and interpreting on-chain metrics and market trends.
Total 624 articles
Powell's Jackson Hole Speech: For U.S. Stocks, Hawk or Dove Signal Could Be a Lose-Lose?
TradingKey - As U.S. inflation and labor market data show signs of rebalancing, Treasury traders and Wall Street banks have largely priced in a rate cut at the September FOMC meeting — the first of 2025. Yet both a more dovish-than-expected tone and a potential surprise hawkish signal from Fed Chair
Mon, Aug 18
U.S. Liquidity Crisis in August? Fed’s Reverse Repo (RRP) Set to Dry Up, But Barclays Remains Calm
TradingKey - After the U.S. debt ceiling was raised, the Treasury Department has ramped up issuance of Treasury bills to rebuild its cash reserves at the Federal Reserve, draining excess liquidity from the financial system. As a result, the overnight reverse repo (RRP) facility, a key indicator of
Sat, Aug 16
Understanding the Fed’s Overnight Reverse Repo(RRP), What Is the Relationship Between QT and Debt Ceiling
TradingKey - As the U.S. enters a new rate cycle, the quantitative tightening (QT)—initially launched to reduce the Federal Reserve’s bloated balance sheet following the COVID-19 pandemic—is also nearing its conclusion. A key metric in gauging when to end QT is the scale of the Fed’s ON RRP...
Fri, Aug 15
Japan’s Q2 GDP Doubles Expectations on Strong Domestic Demand and Net Exports Rebound
TradingKey - According to data released by Japan’s Cabinet Office on August 15, Japan’s real GDP in Q2 2025 grew 0.3% quarter-on-quarter, marking the fifth consecutive quarter of expansion. Year-on-year growth reached 1.0%, far exceeding the expected 0.4%, signaling that the Japanese economy is firm
Fri, Aug 15
Buffett’s “Mystery Holdings” Revealed in Q2: Are Nucor, Lennar, and D.R. Horton Really His Bets?
TradingKey - In its latest 13F filing, Berkshire Hathaway, led by “the Oracle of Omaha” Warren Buffett, finally disclosed the “mystery holdings” it deliberately concealed in the first quarter: Nucor (NUE), Lennar (LEN), and D.R. Horton (DHI) — a move that may reflect a strategic bet on the recovery
Fri, Aug 15
UnitedHealth’s Turnaround Story? Buffett and David Tepper Both “Buy the Dip” in Q2 on This Retail Favorite
TradingKey - A series of setbacks — executive turmoil, rising medical costs, and cyberattacks — have halved the stock price of UnitedHealth (UNH), the U.S. health insurance leader, in 2025. Yet Wall Street’s most legendary investors see a “buying opportunity”: In their Q2 13F filings, Berkshire
Fri, Aug 15
Why a 50-Basis-Point Rate Cut in September Should Worry Investors? Risks and Fed Independence Loom Large
TradingKey - After the release of the July nonfarm payrolls and CPI reports, markets have all but locked in expectations for the Federal Reserve to restart rate cuts in September, but the magnitude of the cut remains uncertain. U.S. Treasury Secretary Scott Bessent has called for a 50-basis-point
Thu, Aug 14
Bridgewater’s Q2 Portfolio: Masterful “Sell High, Buy Low” — Exits Re-rated Chinese Stocks, Doubles Down on U.S. Tech and AI
TradingKey - After the U.S. market close on August 13, Bridgewater Associates, the world’s largest hedge fund, filed its 13F regulatory report with the U.S. Securities and Exchange Commission. The fund made significant changes to its U.S. equity portfolio in the second quarter of 2025: doubling down
Thu, Aug 14
BOJ Faces Internal and External Pressures as the Underlying Inflation Justification Falters, Bessent Calls Out Inaction
TradingKey - As the prospect of Federal Reserve rate cuts strengthens and the Bank of Japan’s (BOJ) rationale of “underlying inflation” comes under increasing scrutiny, the USD/JPY exchange rate has continued to decline since August. Analysts believe the BOJ may ditch its vague “underlying inflation
Thu, Aug 14
Why Ethereum Has Become the “Leader” in the Crypto Bull Run While Bitcoin Hits New Highs?
TradingKey - On Thursday, August 14, both Bitcoin and Ethereum rose over 3%, driven by expectations of a significant rate cut from the Federal Reserve and continued growth in cryptocurrency ETF demand. Bitcoin surged past $124,000 to reach a new all-time high, while Ethereum climbed to within 3% of
Thu, Aug 14
U.S. Debt Swells to Record $37 Trillion, Trump’s Push for Rate Cuts Intensifies
TradingKey - According to the U.S. Treasury’s latest report on Tuesday, August 12, the national debt has climbed further and surpassed $37 trillion for the first time in history.
Wed, Aug 13
July CPI: Inflation Story Changed But Not Over — Services Inflation Now More Problematic
TradingKey - While Trump administration officials have offered an optimistic interpretation of the relatively mild July CPI report, and capital markets have responded with record gains in risk assets, economists warn that the Federal Reserve’s battle against goods inflation is not fully over, and
Wed, Aug 13
Tariff-Inflation Skeptics Win? Trump and “Allies” Celebrate July CPI, Mock Goldman CEO
TradingKey - After the U.S. Bureau of Labor Statistics released the July CPI report showing overall inflation below expectations, U.S. President Donald Trump declared that it is now proven fact that "tariffs do not cause inflation." Treasury Secretary Scott Bessent, newly nominated Fed governor
Wed, Aug 13
Can Circle Escape the Sell-Off? Impressive Q2 Earnings Overshadowed by Losses and “New Shares” Anxiety
TradingKey - Circle (CRCL) released its first earnings report since its IPO just two months ago. Initial market reaction was positive, with shares surging 16% at the open on strong revenue growth and nearly doubled USDC circulation. However, concerns over wider losses, rising competition, and
Wed, Aug 13
Shock Sale at Berkshire Hathaway: Longtime Supporter and Berkshire Director’s Firm Sells 30% of Holdings
TradingKey - As shares of Berkshire Hathaway, the company led by legendary investor Warren Buffett, retreated from recent highs, a notable move by one of its board members has raised concerns. Davis Selected Advisers, an investment firm affiliated with Chris Davis — a long-time supporter of Buffett
Tue, Aug 12
Intel CEO Lip-Bu Tan “Closes the Gap” with Trump — Government Support Could Be Key to Turnaround
TradingKey - Less than a week after U.S. President Donald Trump publicly criticized Intel CEO Lip-Bu Tan, calling him “highly conflicted” and demanding his immediate resignation, a meeting between the two appears to have shifted the narrative. The semiconductor giant’s CEO has used corporate diploma
Tue, Aug 12
From AI Darling to Sell-Off Target: BigBear.ai Slumps 30%, C3.ai Falls 26% After Earnings Disaster
TradingKey - At the beginning of the year, Wall Street widely predicted that 2025 would mark the shift from “hardware-driven” to “software-driven” AI momentum — heralding it as the “year of AI software.” However, the latest earnings season has revealed a different story: while a select few AI
Tue, Aug 12
U.S. IPO Profitability Test: Can Circle and CoreWeave Justify Their Surging Stock Prices?
TradingKey - On Tuesday, August 12, Circle (CRCL) and CoreWeave (CRWV) will respectively release their first and second earnings reports since going public. Both stocks have more than doubled since their IPOs in 2025, but concerns over their business models and profitability remain.
Tue, Aug 12
What to Expect From the U.S. July CPI Report: Stalled Tariff Repricing Eases Inflation Fears and Supports Equities in August
TradingKey - On Tuesday, August 12, the U.S. Bureau of Labor Statistics will release the July Consumer Price Index (CPI) report — a key data point that could shape Federal Reserve policy and influence the trajectory of U.S. equities during what Wall Street calls the historically weak “dangerous
Mon, Aug 11
“Pay to Play” in China? NVIDIA and AMD to Hand Over 15% Chip Revenue to Buy Export Licenses
TradingKey - Beyond the “investment-for-tariff” model, the U.S. government has introduced a new and unprecedented trade tactic: requiring American tech giants to hand over a percentage of their foreign sales revenue in exchange for export licenses. This “pay-to-play” scheme — described by some as
Mon, Aug 11
