PORTFOLIOS Source: Bloomberg, Fundstrat Source: Artemis, Fundstrat SUPREME COURT RULING’S IMPACT ON CRYPTO: MARGINALLY POSITIVE, NOT A GAMECHANGER WHAT HAPPENEDThe Supreme Court struck down the administration’s emergency tariffs, ruling that IEEPA does not authorize the President to impose duties. The decision reaffirms that tariff authority rests with Congress under Article I and underscores that economically significant executive actions require clear congressional authorization.The Court did not address whether previously collected tariffs must be refunded, leaving that question to further litigation or...

DISCUSSED IN TODAY'S VIDEO:BROADER POSITIONING REMAINS EXTENDED. The latest Bank of America Fund Manager Survey shows cash allocations near historic lows, the second-lowest reading on record, while investor sentiment is the most stretched since mid-2021. While crypto positioning tends to clear more quickly than traditional markets, a broad de-grossing across equities and credit would likely spill over.STRESS SIGNALS IN PRIVATE CREDIT ARE WORTH MONITORING. Blue Owl’s decision to continue gating withdrawals from a retail-focused private credit fund does not yet...

DISCUSSED IN TODAY'S VIDEO:SECTOR CORRELATIONS CONFIRM BITCOIN’S GROWTH SENSITIVITY – Bitcoin’s rolling 90-day correlation versus the 11 iShares U.S. sector ETFs from BlackRock shows Technology in a clear lead at just under 0.60, with Consumer Discretionary a distant second near 0.47. This reinforces that BTC remains tightly linked to cyclical, growth-oriented equity segments. The recent defensive rotation in equities is therefore a marginal headwind for crypto, though insufficient on its own to explain the broader drawdown.SUBSECTOR DISPERSION HAS INCREASED MATERIALLY...