gm
**MACRO** - Quiet day for equities yesterday saw things closed mostly unchanged while futures are a tiny amount higher this morning, 0.4% and 0.2% on SPX and NDQ respectively. Rates are a touch lower but are still hanging out at what is close to YTD highs with 2Y at 4.95% and 10Y at 4.64%....after not a huge amount of rate volatility this year (compared to last year) things have definitely started to change. As mentioned yesterday, a big part of this source of treasury yields selling off is due to Japan selling for Yen in order to protect its currency. We heard from Powell once again yesterday who continues to sing a song of caution; citing that recent data suggests that it may take longer than expected to get inflation lower. I don't read that as the Fed wanting to hike rates again by any means, but it certainly does feel like near-term rate cuts are not on the cards at the moment.
**CRYPTO** - We did see some good strength last night but it got sold down quickly with BTC sub 63k currently and ETH at a measly 3067. BTC dominance remains at the highs of 55.5% while ETH/BTC has dropped further to 0.048, while SOLETH is down substantially to 0.044 compared to the 0.055 levels we saw just a few weeks ago. It's basically a classical risk-off moves in alts, with beta getting hit the hardest. Oddly many memecoins have actually held up ok, relatively speaking, and imo I read that as that sector being one to bounce back hard when the market turns again. Yesterday's ETF data was once again meh, with just a $58m outflow and volumes being low across the board. My guess is the macro worry at the moment is preventing substantial risk taking in crypto and as a result inflows remain pretty low; it's also interesting to see GBTC outflow number remain low too...I still don't quite have a handle for the dynamics there.
GL today