🥷 Bitcoin with the sneak attack? So bitcoin hit a new all-time high this week. And is now just chilling out near ATH. But nobody seems to have noticed? I've been around for a few of these ATH breaks. And there's usually massive euphoria and media attention. Not this time,

Over the past year I’ve used this feed to try to make sense of markets and macro. Now I’ve teamed up with the guys at Milk Road. I'll be writing for Milk Road Macro, a newsletter version of the stuff I post here, and it’ll drop every Tuesday and Thursday (it's free). This

🤔 What's the next sneaky liquidity tool? 10-year yields have been rising again in recent weeks. Getting up close to that "yippy level" (4.5%) that forced Trump into a sudden tariff pivot. Over recent years, every time 10-year yields have risen to around 4.5% to 5%, they've

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👀 Have you been watching the dollar? I posted some dollar/asset price relationships a few weeks ago. Everything is still going according to plan. Bitcoin is still following the Dollar Index (DXY) on a three-month lag. So, a lot higher from here, I guess? Gold is still

😏 US growth scare over? US economic data was skidding throughout early 2025 as a "growth scare" narrative took hold. But, by most metrics, the growth scare stopped "growth scare-ing" around mid to late April. US growth nowcasts and the Citi Economic Surprise Index bottomed