Today was all about two things – what went up (crypto) and what went down (US economic growth forecasts).
The much-anticipated launch of a Bitcoin (Futures) ETF sent the cryptocurrency to a record closing high (yes we know BTC doesn’t “close”)…
Source: Bloomberg
Just below the record intraday high from earlier in the year…
Source: Bloomberg
Spot Bitcoin topped $64,000 intraday…
Source: Bloomberg
As BITO opened above its reference price, ripped, dipped back below it, then rebounded…
BITO traded well over $800mm making it the 3rd biggest opening day for an ETF ever…
And as crypto rallied, US economic growth forecasts fell to almost nothing…
Source: Bloomberg
Which did not help the dollar, as it broke down through recent support, near 1-month lows…
Source: Bloomberg
Stocks ended the day higher – after some serious whipsaws – led by Nasdaq and S&P while The Dow and Small Caps lagged…
Bonds were mixed once again but flipped the recent trend with the short-end bid, long-end offered (2Y -3bps, 30Y +5bps) as the economic outlook slowed…
Source: Bloomberg
Which unwound yesterday’s flattening in the 2s30s curve…
Source: Bloomberg
While Bitcoin surged, Ethereum also rallied but continues to underperform as the ratio finds support…
Source: Bloomberg
Commodity-land was mixed with silver outperforming and gold flat, oil up modestly and copper down as LME made efforts to control the chaos…
Source: Bloomberg
Finally, we note that bitcoin’s “market cap” is now rapidly approaching that of Silver…
As the entire cryptocurrency market cap topped $2.5 trillion – a new record high…
And Happy 34th Black Monday anniversary…
