Bits + Bips: Why Hasn't This Macro Cycle Boosted the Crypto Markets? - Ep. 702
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With this kind of uncertainty, cash is actually a pretty good option, especially at these yields. And so you have to take into account of the fact that there are plenty of undervalued equities out there that could seem like safer high return possibilities than crypto at this moment. Crypto is actually competing with equities even for for the macro investors. Hi,
everyone. Welcome to Bits and Bips, exploring how crypto and macro collide one basis point at a time. I'm your host, James Safer, tradfi archmaester, lord of Bloomberg's end. Here with Joe McCann, Lord Commander of Asymmetric and Master of Bank. Unfortunately, this week's Alex couldn't join us, but we're still here to discuss the latest stories in the worlds of crypto and macro news. Just remember that nothing we say here is investment advice. Please check on chaincrypto.com/bitsandbits for more disclosures. Also joining us today is Noelle Acheson, high seer and keeper of the crypto is macro n
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Noelle, before we get into this, why don't you, give a little bit of background about who you are, and then we'll dive into some of these topics for this week. Thanks
so much, James. So great to be here with you and Joe. I've been a fan of the show for a while. So, hi, everyone. I'm Noah Atchison. Many of you probably know me from the column I used to write years ago, but I'll go even further back. I come from the world of TradFi. I I was in TradFi for 10 years, corporate finance, research, fund management. Then I went into I I I've been around an e commerce company I founded for 13 years, sold that in 2013, and then looking around for what to do next, I stumbled across Bitcoin. I remember watching a video on Khan Academy. Do you remember that on how Bitcoi
Yeah. I mean, that's perfect. That's literally why this podcast was started because we all believe here that crypto is macro now. So no no better than your your newsletter title. I will say I've also I'm still in TradFi. And before we transition to talking about what's going on in the markets right now, I I had no idea you were from Africa. I I had I had zero clue. And I've heard you talk a bajillion times. But, yeah. I, let's get into what's going on in the markets right now. Obviously, things have been pretty not great for for crypto recently, particularly over the weekend. I'm not gonna lie
Yeah. I mean, obviously, my standard answer is there's more sellers than buyers. That's why the price went up. But
You lie. Yeah.
But, you know, look. It it's it's weird how consistent this past August and even the 1st week of September was like last August, in the 1st week of September. You basically had, like, anemic volumes across spot markets minus the VAR shock on August 5th, of course. The the order books are paper thin. There's very little trading activity happening, but also if you look at a lot of the on chain metrics, activity is plummeting too. Right? So in our recent market update that went out, over the weekend, you know, we highlighted, the kind of drop in not only things like open interest and volumes for
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