Bits + Bips: Vanguard's Crypto U-Turn, Tether/MSTR FUD & Picking Future Winners - Ep. 967
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We still feel long term bullish. We're gonna talk about all the good things happening across the board. I mean, even Vanguard just came out as we were launching. They're gonna start offering crypto ETFs. So it's it's all slowly happening. I I think this is part of my greater thesis around retail is ebbing and flowing. They're still recovering from 10/10. Market makers are still recovering, and institutions are still marching forward. Evidence today is Vanguard coming into this space.
This high beta sprint that we've had since April is just giving weight to a rotation to value.
Alright. Hello, everybody, and welcome to another episode of Bits and Bips, where we explore how crypto and macro collide one basis point at a time. I am still your host, Austin Campbell, High Scholar of Zero Knowledge Group. I am here today with friends Chris Perkins, the golden hand of CoinFund Ram Alawwalia, Maester of Wealth, leader of Lumina and coming to us from an undisclosed and secret location, one of the original hosts of Bits and Bits, Alex Kruger of Kruger Macro, protector of the realm and apparently enemy of the regime. We'll we'll find out more depending on what he wants to discl
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Alright. So we're going to start with the topic that has led to, some indigestion in the crypto market right now, which is the Bank of Japan rate hike. So the BOJ signaled a likely rate hike at the December meeting, pushing yen higher and bond yields higher. USDJPY is moving significantly. And markets are currently pricing well over an 80% chance of a hike to 0.75%. It's the clearest signal yet of tightening from the BOJ, framed as easing off the accelerator rather than applying the brakes as real rates remain negative. But the genesis of this is that one of the most common funding trades in f
we talked about it last week and the unwind of the carry trade has been looming in the background. It's obviously if you have a scoreboard, I think it's a negative on the sheet. We're going talk about some of the positive things that we're seeing as well. But it's a little bit different than the last correction that we saw, which were markets were shocked in August '24, and that really hit prices. But I think our thesis is generally that if you look at recent weakness in Bitcoin, particularly around November, the world's changed a little bit since then. And yeah, maybe you still have some of t
I guess high level, I'd say, look, I think high beta assets are just under pressure. They've been lagging. Value stocks are being growth. If you look at the S and P value index, all time high is last Friday. The S and P is right behind it. The growth index was eight points lagging that. So it's it's a bigger issue than digital assets. It's true for uranium. It's true for the Palantirs and the Robinhoods of the world. This high beta sprint that we've had since April is just giving way to a rotation to value. USDJPY, I think is still not a primary driver. It looks like a one and done. We've had
I think people has this need to always have a an
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