Risk Assets Surge, Block to Begin DCA'ing Bitcoin
As outlined in this weekâs Core Strategy note, our âBuy in Mayâ thesis was kept intact following the Fedâs announcement of tapering QT and a dovish FOMC meeting, helping yields begin to roll over. This morningâs non-farm payrolls data has helped fuel further yield deterioration with a large downside surprise of 175k payrolls vs. 238k expected, and the unemployment rate ticking up to 3.9% (3.8% exp.). The US10Y (-1.68%) briefly fell below 4.5% and risk assets are surging with the SPY -0.26% and QQQ 0.80% gaining 1.23%, and 1.99%, also getting help from Appleâs 7% gain following a Q1 earnings beat. Crypto assets are sharing in Fridayâs optimism, with BTC -0.66% (+4.75%) trading just below $62k and ETH 0.29% (+3.15%) rising to $3,080. Toncoin (TON -89.88% ), Telegramâs blockchain network, is one of the top performers today, gaining 8.88% to $5.6. Pantera Capital disclosed an investment into TON yesterday, iterating their belief in the networkâs potential due to accessibility to Telegramâs 900 million monthly active users.
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