Some Bitcoin whales are doing custom creations of $IBIT
These whales are trading in their physical Bitcoin for shares of the ETF for a variety of benefits after discovering TradFi has its perks. BlackRock has done $3b of these. Source: Eric Balchunas
This chart shows how bank lending has quietly reshaped the credit world
Since 2015, loans to non depository financial institutions (NDFIs) basically private equity and private credit funds have skyrocketed nearly 300%, while everything else has barely moved. Consumer loans, commercial real estate, residential lending, all flat. The growth is almost entirely in one direction, banks lending to the lenders. Source: StockMarket.news
Goldman's gold forecast
"We remains structurally bullish on gold, and still see upside risk to our 4,900/toz End-2026 forecast" Source: zerohedge
BREAKING: US national debt reaches new all-time high of $38 trillion.
Source: @CarlBMenger
Goldman on gold's Tuesday flush:
"The best answer we have for the largest % move in 10 years is (simply) positioning, and that we’ve rallied for 9 consecutive weeks. The ease of trading an ETF for quick exposure has been on full display; as of [Tuesday's] close $GLD accounted for 8% of all notional US-listed ETF volumes, its largest share of activity in our dataset. Flows on the ETF desks skewed (unsurprisingly) strongly better for sale today". Source: Neil Sethi
Banks warning about private credit quality while funding its growth:
Wells Fargo: $60B lent to private credit BofA: $33B PNC: $30B JPM: $22B Total: Nearly $300B Weird to raise alarms about "cockroaches" when you’re the one feeding them... Source: Bloomberg, junkbondinvestor
IBM’s post-earnings selloff wasn’t about the numbers — it was about the narrative.
On paper, the results were great: ✅ Revenue & earnings beat expectations ✅ Guidance raised ✅ Record free cash flow But in the AI era, “good” isn’t good enough. Investors wanted explosive AI-fueled growth. What they got was solid execution — and that’s not what the market is rewarding right now. This is the re-rating of expectations in real time. IBM is doing a lot right, but markets are chasing narrative velocity over operational discipline. Source: EndGame Macro @onechancefreedm
Google Searches for Dollar "Debasement" soar to highest level in history 🚨🚨🚨
Source: Barchart
