‘Big Shorts’, Bitcoin, & Black Gold Bid As Yield Curve Bear-Steepens

For the second day in a row, the biggest shorts, crypto, and oil prices ripped while the rest of the market wistfully drifted unphased by more dismal data.

Durable-goods – ugly (blame Boeing); Home-prices higher-er (blame Powell’s pivot for unaffordability); consumer sentiment shitshow (and oddly large downward revisions)

Source: Bloomberg

‘Most Shorted’ stocks were squeezed bigly once again… up 9% from Friday’s close…

Source: Bloomberg

Bitcoin ripped once again… topping $57,000 for the first time since Nov 2021…

Source: Bloomberg

And oil prices jumped once again… to their highest close since early November…

Source: Bloomberg

Small Caps were the biggest beneficiary of the short squeeze… now up 2% in the last two days while The Dow lags. S&P and Nasdaq managed gains today but are marginally lower and marginally higher on the week so far…

Bitcoin ETF inflows have been soaring…

Source: Bloomberg

And that’s started to drive Ethereum higher too (to its its highest since April 2022)…

Source: Bloomberg

The dollar continued its slow drift lower, back to pre-CPI lows…

Source: Bloomberg

Gold was steady again today at pre-CPI highs…

Source: Bloomberg

Treasuries were mixed today with the short-end outperforming (2Y unch, 30Y +4bps)…

Source: Bloomberg

And that sent the yield curve (2s30s) bear-steepening – after some serious flattening recently…

Source: Bloomberg

Finally, crypto’s total market cap is back above $2 trillion for the first time in two years…

Source: Bloomberg

No wonder ‘unknown’ officials have started to spread rumors that they fear bitcoin-mining could put the grid in jeopardy (now that the “only terrorists and money-launderers use crypto” narrative has exploded)! How f**king pathetic and predictable are these people!!!

We look forward to hearing how crypto is in a bubble… but NVDA isn’t…

Source: Bloomberg

It’s different, of course.