Bitcoin's 50-day moving average is a few days from crossing below the 200-day moving average.
Each cross marked a local bottom: • September '23 • September '24 • April '25 If BTC is still in a bull market, the local bottom is forming. Holding $100,000 remains crucial. Source: Joe Consorti, Bloomberg
About $2.7b has come out of the bitcoin ETFs in the past month
New chart from @JSeyff puts it into context, and shows the two steps forward one step back pattern, it represents just 1.5% of total assets = 98.5% of aum hanging tough. Source: Eric Balchunas, Bloomberg Intelligence
⚠️US college graduates' unemployment is now higher than during the Great Financial Crisis:
The unemployment rate for college graduates with a Bachelor's degree or higher hit 9.3%, the highest since 2021. This almost matches the 2001 recession peak of 9.5%. Source: Global Markets Investor @GlobalMktObserv
Auto loan delinquencies hit record for riskiest borrowers.
The share of subprime borrowers at least 60 days past due on their auto loans rising to 6.65% in October. Source: Bloomberg, HolgerZ
Under the surface, stocks continue to improve.
We keep hearing the opposite from Mr. Hindenburg, but fortunately we have the data to show what is really happening. Number of stocks above their 20-, 50-, and 200-day MAs are all moving higher the past week. Source: Ryan Detrick
What a chart... aluminum...
While most of the critical minerals talk in the US is about rare earths, something far more important is happening: US aluminum all-in costs have surged to a record as traders/smelters demand huge physical premia on top of LME prices due to Trump’s tariffs. Source: Javier Blas on X , Bloomberg
Bitcoin sentiment is as bad as it was at the 2022 low.
Source: Glassnode, Joe Consorti
Only 26% of S&P 500 stocks have outperformed the $SPX over the last 3 months, one of the worst market breadth readings since 2020
Source: Goldman
