.@Matt_Hougan on institutions in crypto:
➤ Stablecoins now rival Bitcoin in interest
➤ Morgan Stanley just said go up to 4% BTC allocation
➤ “Polite” 1% allocations are now 1–10%
New interview tomorrow with @Matt_Hougan covering all things ETFs, stablecoins, and institutional demand!
In his own words: "People are not optimistic enough about the scale of these markets that these things are going after"
The macro seems to be calming down- It looks like HY Credit has stabilized after retesting the 200 day and reclaiming the 50 day.
We also saw the Front Month VIX invert vs the 3 month VIX (2nd Chart) which is usually a great contra-indicator on risk when it inverts.
It's important to manage tail risk, but market seems to be saying the credit issues are contained now.
The BDC ETF (3rd Chart) is also looking like it's made a bottom.
The only thing that hasn't reverted yet is the EURCHF. Something to keep watching for confirmation of a near term bottom.