Thoughts from on the ground at the Bitcoin Miami Conference
Crypto markets have remained relatively quiet (although Elon Musk hasn’t) and stable this week. Last week, we wrote several notes about why we thought the market may have found a bottom due to the massive deleveraging, that a falling BTC VIX is indicating peak fear fading, and how news getting “less bad” is good for the market. We didn’t expect the weekend sell-off that many were fearful of, and once that didn’t materialize, we’ve seen investors start to get more optimistic.
We’re at the Bitcoin Miami conference this week and decided to move our weekly note to this Friday to give clients a sense of what we’re hearing from on the ground.
For background, this conference has been a favorite of mine for years. Ethereum was announced here in 2014 and many would consider it a “crypto OG conference.” I’ve been attending the conference since 2016. Back then, it looked like nothing more than a half full community college classroom on a Saturday. It has been amazing to see the growth ebb and flow with the growth of the market over the years.
While here, we’ve been talking with existing institutional and retail crypto whale investors, newcomer traditional funds and Main Street retail, and industry insiders at leading crypto businesses to get a sense for wha...Reports you may have missed
BUYERS ON STRIKE Last week, we discussed our immediate-term cautious approach to the crypto market, highlighting recent geopolitical tensions, tax-related selling, negative fiscal flows, and the persistent rise in real yields as reasons for a more risk-averse positioning (albeit relative, as holding 7.5% in cash and the rest in crypto is hardly considered risk-averse in most circles). This uncertainty has persisted into this week, evidenced by what we consider an...
Fiscal Dominance, Flows from China, Plus Some Thoughts on Global Conflict (Core Strategy Rebalance)
WHAT BTC SHRUGGING OFF CPI SAYS ABOUT CURRENT FISCAL SITUATION The most significant piece of macro data this week was the CPI. Headline CPI registered at 3.5%, surpassing the anticipated 3.4%, while core CPI remained steady from last month at 3.8%, also above the expected 3.7%. This increase was largely attributed to rising costs in auto insurance and shelter. Consequently, interest rates saw a sharp rise, with the 10-year Treasury...
Articles Read 1/1
🎁 Unlock 1 extra article by joining our Community!
You’ve reached your limit of 1 free monthly articles. Please enter your email to unlock 1 more articles.
Already have an account? Sign In 990c02-3a0b7e-be0cab-e97d2f-b41d20
Already have an account? Sign In 990c02-3a0b7e-be0cab-e97d2f-b41d20