Bits + Bips: Why the Markets Now Have a Bullish Setup - Ep. 960
Episode publishedPodcast: UnchainedUnchained
Transcript preview
Preview only
Hey all, before we begin, I've got some exciting news to share. We've been working on something a little wild behind the scenes. It's called Unshade On Air, a revamped livestream series and podcast feed that takes you way beyond the headlines. It features sharp, maybe even controversial, takes on major events and the kind of on chain intel that never makes it to your feed. Way more shows, way more often, each one laser focused on a different slice of crypto and finance. First up is Dex in the City, where the wallets are cold and the takes are hot with Jesse Brooks, Catherine Kirkpatrick Boz, a
Liquidity has been pretty tight. And what we're seeing now at least is that QT is coming to an end December 1. So I think near term, the setup is very constructive.
When you take on fixed debt against a highly volatile asset, historically, that ends pretty fucking badly.
I'm very bearish on debts. I think these are mostly in a death spiral.
Hello, everyone. Welcome to bits and bips, exploring how crypto and macro collide one basis point at a time. So today, we've got some rather spicy and interesting topics, but we're supposed to pretend to do things in order rather than live in total chaos, so we're gonna do some intros. I'm Austin Campbell, high scholar of Zero Knowledge Group, self described and recovering grouchy fixed income trader and, professor at NYU Stern. Joining me today are my two cohosts, Chris Perkins, the golden hand of CoinFund, who has promised us that private Thanksgiving, he's gonna let loose on some topics and
Yeah. Look. Overall, you've had market volatility starting with when the Fed had the hawkish cut, that was one. And then two, you had Michael Barry, stutter his head on with a broadside critique of the data center theme and round trip trades. At where you are now though, is that the market's now pricing in an 80% probability of rate cuts for December. That was due to comments from Fed Governor Wallow this Friday. The markets have rallied. You also had elevated volatility in the VIX, which hit 26. That's usually the lower bound when you start to see a rally. So, I think you're in good shape. I
Maybe I'll chime in. And I think one thing that I've noticed is that retail is exhausted. They got hammered on 10/10. They're still getting over that. And then they got this whammy last week, a little bit before that to your point, Ram, where they're like, Wait a second, the Fed might not cut in December. And it seems like rates have been in the driver's seat. It's kind of concerning as crypto natives where we're like, gosh, this really, really centralized thing controlled by a handful of governors is really driving all of our asset classes. We're trying to deliver decentralized finance thing,
Well, I'll hop in and then we can get to the GGB yield point. One, I think, Chris, what you're saying about institutions coming in also has major implications for the crypto complex as to how we think about prices going forward. Right? If you rewind two years ago, four years ago, we didn't have to think about what are the differential opinions of the average crypto person versus, like, call it, people in their four zero one k funds or pension funds so much when we were thinking about Bitcoin versus alts or like rotation between tokens because everybody could buy everything. But realistically s
Yeah. No. I I agree with, your observations. Digital assets like Bitcoin have a bid. There's an emerging thesis around international money with major institutions behind it. Altcoins, I'm not sure you can trust their fair value. The depth of the order book is
Keep exploring with a free account.
A free account preserves the short preview. Upgrade to Pro for the full transcript and episode chat.