Gold is soaring while Bitcoin – digital Gold – is slumping?
Bitcoin has shown itself to be more correlated w/risk-sensitive assets. Over the past 3yrs, Bitcoin has the highest monthly correlation w/Mag7 at 0.63. Correlation between Bitcoin and Nasdaq 100 is 0.58, between Bitcoin and S&P 500 is 0.54. Correlation between Bitcoin and Gold is very low at 0.23 - at 1 link would denote the two assets trade in sync. (HT @barronsonline) - HolgerZ, Bloomberg
Gold is going up together with real yields (inverted axis in the chart).
Who would have thought?!! Source: Jan Nieuwenhuijs
The first ever 2x and -2x spot bitcoin ETFs hit the market yesterday from ProShares.
$BITU and $SBIT (tickers could have been better). $BITX is 2x but it tracks futures and $BITI is -1x but is also futures. Fee 95bps on both. Haven't traded too much so far, under $1m. Source: Eric Balchunas, Bloomberg
Bond yields up and gold up?
This looks like a classic 1970s action, with the inverse relationship between gold and 10-year Treasury yields starting to decouple. Gold is at all-time highs in the face of bond market weakness. This, coupled with the rise in commodity prices (especially oil / gasoline), could mean troubles for the Fed and the banks. Source: Bloomberg, Lawrence McDonald
Nvidia $NVDA closed below its 20D moving average for only the 3rd time this year 👀
Source: Barchart
China and Hong Kong stocks lost nearly $5 trillion in 3 years — more than India’s market cap
Stocks in China and Hong Kong sold off a massive $4.8 trillion in market capitalization since 2021, which according to HSBC, is more than the value of the Indian stock market. Indian stocks have rallied amid broader optimism about the country’s growth. Despite a subdued global IPO market, research from EY showed Indian stock exchanges also had the most IPOs in 2023. https://lnkd.in/eFCFMe2s Source: CNBC
Food for Thoughts
Source: Mind Matter Money
NEW: 🇺🇸 Spot Bitcoin ETFs bought 66,008 BTC in March, while miners only produced 28,513 BTC
Source: Bitcoin Magazine
