The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
**MACRO** - Equities ended the day a tiny bit higher on SPX and 0.6% higher on NDQ, while futures are marginally higher once again today. Just continues to be very robust performances from both indices but it does feel like the steam is running out...how much more upside can there truly be from these levels? Famous last words...lol. Rates are also stable with 2Y at 4.37% and 10Y at 4.16%. Not much more to add here...reiterating once again that next week will be the important one for markets with the FOMC.
**CRYPTO** - We had a strong performance yesterday with BTC holding above 40K for most of the day but we're back down to 39.9K today with ETH really struggling at around 2200. SOL on the other hand appears to be the strong performer at the moment hovering at around $88 with SOLETH climbing to almost 0.04 while ETH/BTC lags at 0.055. We saw a $125m net outflow in ETF land yesterday which now takes the total net inflow down to $825m from a high of $1.2bn. I may have been overly bearish about price action but my fear of accelerating outflows appears to be justified as it has not been a great start to the week. I think the outflows continue, it's just a question of how much the market cares about it and it's important to remember that ETFs are just one part of the Bitcoin market let alone crypto as a whole. The main thing is that I think once we get to the end of the outflows we will really start to rally, but it's hard to judge if things will get worse before they get better.
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GL Today!