Syz the moment

To see how massive they are, this comparison of their market caps vs. the private tech sector (unicorn valuations) makes it quite clear. Source: CB Insight

Source: Michel Arouet, BofA

Source: HolgerZ, Bloomberg

Despite an unprecedented number of setbacks (Collapse of FTX, a $2 trillion bear market, over 500 lawsuits and regulation cases, multiple crypto lender bankruptcies, Binance fined a record $4.3 billion by US regulators, increased calls for regulation around the globe, etc.), Bitcoin prices hit $43,000 for the first time since April 2022, up 180% since November 2022. Bitcoin is now up ~45% in 6 weeks since speculation of Bitcoin ETF approvals began. Over the last year Bitcoin has added a massive $470 BILLION of market cap. The entire crypto market has added $750 billion of market cap since November 2022. Source: The Kobeissi Letter

The current top 5 companies by market cap make up ~26% of the S&P 500, The last time the top 5 had a greater concentration in the S&P 500 was 1964 w/AT&T, GM, Exxon, IBM, Texaco. Source: HolgerZ

Gold surged to a new all-time high as growing expectations for US rate cuts early next year. This latest leg of gold's rally has been turbocharged by comments on Friday from Fed Chair Jerome Powell. Precious metal's strength has been underpinned buy other factors as purchases by governments and central banks as well as geopolitical uncertainty.

A record high $8.3 Trillion is parked in global money market funds according to Goldman Sachs. $5.73 Trillion of this are U.S. based funds. As global central banks cut rates, could this capital find its way back into equities? Source: Barchart

The chart below is a good reminder that a "low VIX" is a normal part of bull markets. Investors seem to always forget this. Source: Mark Ungewitter, Ryan Detrick