TimelessBeing

$BTC $XAU $XAG Seeing a lot of people conflating the BTC move with the gold/silver debasement trade. Worth being clear on the risk here Gold and silver ripped because real buyers are repricing debasement. BTC ripped because billions got liquidated in 4 days, mostly shorts then some longs. Not the same trade BTC has traded as a liquidity/beta asset every single time its been tested, not a debasement hedge. Could the narrative shift to "BTC is gold" and real buyers step in? Sure But if this was stops and leverage doing the work, not a genuine re-rating in what BTC is "for", the move has no real floor under it, and thats before you factor in the Nasdaq coming under its own narrative pressure on the AI trade/revenue model Mid 60s doesnt look that far away if the narrative gets tested and fails this week PCE/NVDA Wed, Warsh Fri Gold has central banks under it. BTC has leverage. Two very different things holding the price up Dont forget to take profits

$DXY I have been pretty vocal over the past few months about the fact that the USD was undervalued on a relative growth and rate differential basis versus most of its major counterparties, a reality the market was largely ignoring The structural drivers speak for themselves: better-than-expected US growth data over the past few months, the fact that the US is a net energy exporter, massive AI and infrastructure spending tailwinds, and the reality that US inflation has continued to trade above the Fed's preferred PCE measure for 61 consecutive months now That disconnect started to change this week with US rates finally moving. The US 10-Year yield is up 20bp this week, breaking back above 4.50% and climbing 70bp from its yearly lows Perhaps a focus on macro data is coming back to the top of the agenda, or perhaps the market is testing the the new Fed Chair. Either way, the fundamentals behind this move higher in yields won't change in the short term. A broader re-rating in USD strength looks to be just around the corner