US Stocks Slip As Crypto Rips & Dips On Record ETF Volumes


Well that escalated... and de-escalated quickly... but in the end, bitcoin was best...

Bitcoin rallied a stunning 13% to with a few bucks of USD$64,000 before a wave of selling pressure appeared (seemingly from perp futures) and triggered Coinbase chaos, wiping out $5,000 of the gains before bouncing back up again. By the end of the US equity trading session, bitcoin was at USD$60,000, still up 6%...

Source: Bloomberg

As ETF net (in)flows have accelerated remarkably in recent days...

Source: Bloomberg

And BTC ETF volumes have exploded, driven mostly by trading activity in Blackrock's IBIT...

Source: Bloomberg

And then you have this HUGE news...Fidelity Investments, with its colossal $12.6 trillion in assets under administration, is now recommending that the traditional 60/40 portfolio model should evolve to include a 1-3% allocation to crypto, specifically through its spot Bitcoin ETF (FBTC - The 3rd largest Spot ETF).


Fidelity now creates blueprint portfolios with 1-3% crypto.

The traditional 60/40 portfolios are now 59/39/2 and this could mean massive inflows into Bitcoin.

Keep in mind that gold hasn’t broken into the 60/40 portfolio in a meaningful way, so I think blowing past the USD$12T mcap of gold by a good multiple over time is a no-brainer for BTC.

Away from crypto, US stocks were lower led by Small Caps and Nasdaq today. Most of the selling pressure hit at the European open (and we bounced back into the European close), but those bounce gains wouldn't hold. The Dow ended the day as the least ugly horse in the glue factory...

USD up (AUD down) and Gold Up, while Oil was down a little.

Source: Market Watch

Finally, about that 'strong US consumer' - The Credit Managers' survey shows that the rate of rejections for credit applications and the number of accounts moved to 'collections' is surging back to near GFC levels...

Source: Bloomberg

How the hell will all of these struggling Americans afford the USD$20 a month for a chatbot to tell them that the founding fathers were fat, black, lesbians?

Happy Thursday!

This information contains unsolicited general information only, without regard to any individual’s investment objectives, financial situation or needs. It is not specific advice for any particular investor or trader. Investment in the stock market involves risk.

This information may not take into account your investment objectives or financial situation, and you should obtain advice based on your own individual circumstances before making an investment decision.

This information is made available to you by ANDIKA Pty Ltd ABN 41 117 403 326, a licensed securities and derivatives dealer (AFSL # 297069).

Great! You’ve successfully signed up.

Welcome back! You've successfully signed in.

You've successfully subscribed to Confidential Daily.

Success! Check your email for magic link to sign-in.

Success! Your billing info has been updated.

Your billing was not updated.