LDO Risk/Reward Looks Good Here, Immediate-term Macro Picture Still Uncertain (Core Strategy Rebalance)
Jun 21, 2024
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Flows and Sentiment Still Subdued
Last week, we received a better-than-expected CPI print, but the DXY continued to move higher due to global weakness and a hawkish Fed. We discussed the risks appearing in the metrics we use to gauge sentiment and flows. The overall lack of follow-through in the crypto market was evident.
Volumes, net ETP flows, the Coinbase discount, stablecoin market cap trend, and search interest for key crypto-related words all suggested that the market was ripe for a pullback, particularly among altcoins. As a result, we moved a portion of our altcoin allocation to...