Markets Continue Slide, Grayscale Entertains Tender Offer
Markets continue to slide as we enter a comparatively quiet period for economic data releases. Rates are broadly increasing following more resolute commentary from the Fed last week, with the US 2Y up 1.5% and the US 10Y up 3%. Despite this, the DXY Is relatively flat thus far on the day, likely due to a renewed sense of hawkishness in Europe. Ignoring the clear signs that inflation has peaked, equity indices ^SPX -2.36% (-0.8%) and QQQ (-1.7%) are moving lower, possibly due to the market’s shift in concern from inflation to recession risk. After a surprisingly steep selloff in many lower cap alts on Friday evening, BTC (-0.4%) and ETH (-0.6%) are trading in concert with public equities. The muted beta in crypto aligns with the idea that cryptoassets might be less susceptible to a drawdown in equities catalyzed by an earnings recession.Â