JUST IN: Bitcoin ETFs are 58% of the way to flipping Gold ETFs for total assets.
$58.7b for $BTC $98b for Gold That's just after just 8 weeks... At this rate, Bitcoin will flip Gold ETFs in a few month! Source: Bitcoin Archive
One billion dollar baby..
Spot BTC ETFs had their first $1+ billion inflow day. Source: Jim Bianco, Bianco Research
Apollo just doubled down on their view that we are in a bigger bubble than the 2000 Dot-com bubble.
3 weeks ago, they said the current bubble is "bigger than the 1990s tech bubble." They note that the Forward P/E ratio for the top 10 tech stocks right now is ~40x. Compared to 2000, at the peak of the Dot-com bubble, the Forward P/E on the top 10 tech stocks was ~26x. Now, Apollo says that ~30% of stocks have a P/E ratio of 30x or more. Overall, Apollo says that P/E ratios now are much higher than they were in 2000. What's next for AI hype? Source: The Kobeissi Letter
Food for Thoughts
Source: RAYDALIO
Store of Value
Source: CNBC
Walt Disney reaching resistance zone
Walt Disney (DIS US) is reaching resistance zone 111-118. It's been a 45% rebound since October low at 78.73. Will it have enough strenght to break ? Source : Bloomberg
Interest Rate Volatility Drops Below 100 for the First Time in 6 Months!
The #MOVE index, a key measure of US #interestrate #volatility, has dropped below 100 for the first time since September 2023. This marks a significant shift in market dynamics. While attempts to breach this threshold have been made three times since early 2022, they were short-lived, with volatility bouncing back above 100 each time. For the past two years, the #government #bond market has been in a high volatility regime, making investing in long-term US #Treasuries challenging due to relatively low adjusted yield to volatility. The question now is whether this high volatility regime is coming to an end or if it's just another false alarm. Several indicators suggest that this could be another false signal. Growing uncertainty surrounding #inflation in the US may prompt the #Fed to adjust its monetary policy, potentially implementing a reverse operation twist (and thus steepen the yield curve). Additionally, there's still a positive #carry from #shorting bonds. However, signs of improvement are emerging as well. Recent #auctions have shown that the market is absorbing the supply effectively, and the #correlation between bonds and equities is turning negative again. Could this be a pivotal moment in the US Treasuries market? Let's keep a close eye on how things unfold. Source: Bloomberg #fixedincome #bond
Central banks demand matters a lot more than ETF flows for gold
Source: Bob Elliott, Bloomberg, Macrobond, The Daily Shot
