Upside Likely Post-Jackson Hole, ETH Withdrawal Queue Misread

Discussed in today's video:

  • Crypto weakness today looks like pre–Jackson Hole de-risking, not a broader breakdown.
  • Continuing claims hitting a new cycle high, bringing the employment side of the Fed's dual mandate back into focus.
  • Powell is expected to sound hawkish, but relative to expectations, his tone could skew net dovish.
  • ETH withdrawal queue (~900k ETH) is mostly Aave unwind + stETH arbitrage, not a looming sell wall.
https://vimeo.com/1112165013/f8648c742c?share=copy...

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