Stocks Slip As Crypto Rips & Dips On Record ETF Volumes
Well that escalated... and de-escalated quickly... but in the end, bitcoin was best...
Bitcoin rallied a stunning 13% to with a few bucks of $64,000 before a wave of selling pressure appeared (seemingly from perp futures) and triggered Coinbase chaos, wiping out $5,000 of the gains before bouncing back up again. By the end of the US equity trading session, bitcoin was at $60,000, still up 6%...
Source: Bloomberg
Near record highs intraday...
Source: Bloomberg
ETF net (in)flows have accelerated remarkably in recent days...
Source: Bloomberg
And BTC ETF volumes have exploded, driven mostly by trading activity in IBIT...
Source: Bloomberg
Ethereum had a huge day, ripping up to almost $3500, before it all fell apart and ended unch-ish...
Source: Bloomberg
ETH has notably lagged BTC in recent days after surging up (relatively speaking) to its highest since the launch of the BTC ETFS...
Source: Bloomberg
Away from crypto, stocks were lower led by Small Caps and Nasdaq today. Most of the selling pressure hit at the European open (and we bounced back into the European close), but those bounce gains wouldn't hold. The Dow ended the day as the least ugly horse in the glue factory...
But skews are back near record lows as there remains no fear...
Source: Bloomberg
Treasuries were bid across the curve with the short-end outperforming (2Y -5bps, 30Y -2bps). That pulled 2Y and 5Y yields lower on the week...
Source: Bloomberg
This prompted some bull-steepening in the 2s30s curve...
Source: Bloomberg
The dollar jumped to one-week highs after drifting lower for a few days...
Source: Bloomberg
Gold dipped early then ripped to close green...
Source: Bloomberg
Oil prices ended lower on the day after surging above $79.50 (WTI) before sliding back after the DOE print...
Finally, about that 'strong consumer' - The Credit Managers' survey shows that the rate of rejections for credit applications and the number of accounts moved to 'collections' is surging back to near GFC levels...
Source: Bloomberg
How the hell will all of these struggling Americans afford the $20 a month for a chatbot to tell them that the founding fathers were fat, black, lesbians?