Bitcoin is down -12% from yesterday $49k high. So what's going on?
that some unexpected supply is coming to the market. Indeed, 4 Grayscale Bitcoin Trust wallets have just transferred over 4,000 BTC ($177,500,000+) to Coinbase Exchange. A lot of supply to absorb... Source: WhaleWire
Tether $USDT's market cap dominance is 71% now.
Source: https://cryptoquant.com, Ki Young Ju
$JPM JP Morgan Chase Q4 FY23.
CEO Jamie Dimon: Deficit spending and supply chain adjustments “may lead inflation to be stickier and rates to be higher than markets expect." • Net revenue +12% Y/Y to $38.6B ($1.2B miss). • Net Income $9.3B. • Non-GAAP EPS: $3.97 ($0.37 beat). • CET1 ratio of 15.0%. • Expect FY24 NII of $90B (+1% Y/Y).
BREAKING: PPI data
- Core PPI comes in at 0% m/m vs 0.2% forecast - Core PPI comes in at 1.8% y/y vs 2% forecast - Headline PPI comes in at -0.1% m/m vs forecast of 0.1% - Headline PPI comes in at 1% y/y vs 1.3% forecast A colder than expected print across all readings! Source: Bloomberg, Markets & Mayhem
Oil prices jump back above $75 after the US and UK conduct strikes in Yemen.
We are also seeing gold prices up on the news as fears of a larger war resurface. The primary motive for these strikes was the recent Red Sea attacks by the Houthi group in Yemen. Source: The Kobeissi Letter
RIP QT
Source: bofA, Ronnie Stoeferle
The Fed balance sheet expanded last week by $5.7BN - the most since March's SVB crisis...
Source: Bloomberg, www.zerohedge.com
Speculators have built their largest short U.S. Dollar position since 2020 and one of the largest in history
Source: barchart
