The Macro X-Ray: Stripping the Noise From the S&P 🧵
To understand the true health of global capital, and where it is headed next, we must strip away the distorting veil of fiat currency. The chart below visualizes a five-year rolling Z-score of the S&P 500 to Gold ratio.
Statistically, a rolling Z-score measures how many standard deviations a data point sits away from its historical moving average. When this indicator hits the upper green bands, equities are unsustainably expensive relative to hard money and historical norms. When it plunges into the deep red troughs, as it has done only a handful of times in modern history, it signals a severe structural distortion.
Wintermute: ETH Is “Not the Right Asset” for the Current Macro Environment
ETH fell 10.2% this week, continuing to underperform across spot and derivatives markets, with the ETH/BTC ratio pressing 0.0275, according to Wintermute. The firm said Ethereum is “not the right asset for this macro” amid rising yields and renewed inflation concerns.
Additionally, Wintermute argued that being outright long BTC at current levels means betting institutional investors will step back in despite rising Treasury yields and reaccelerating inflation, which may be difficult until markets fully digest the shifting macro backdrop.$ETH
Bitcoin total demand entered into contraction yesterday, after growing since early March driven by speculative demand (perpetual futures).
Speculative demand growth (blue bars) peaked as prices approached $80K and has since slowed down significantly, while spot demand (grey bars) is contracting slightly faster.$BTC #Trump'sIranAttackDelayed
We have been writing that Bitcoin was in for a price correction for several weeks now, mostly amid: - High unrealized profits. - A spike in profit taking in spot and futures markets. - Slowdown of US spot demand. - Technical and On-chain price resistance.
Black rock transfers significant crypto assets to centralise exchange it's big move shows big volatitility maybe 👇 what do you think tell us about your suggestions 💭 below in the comment box. On May 18, BlackRock transferred 2,221 BTC and 26,572 ETH to a centralized exchange (CEX), according to BlockBeats On-chain Detection. This move highlights the ongoing involvement of major financial institutions in the cryptocurrency market.$BTC $ETH #SpaceXEyes2TIPO #BlackRockAdds3.14MMSTRShares
according to my point of view so what do you think comment below The yield curve is positively sloped across all maturities from three months to 30 years. This is normal, and it means markets are pricing in rate hikes and rising inflation. Over time, the curve will steepen further as the reality of higher interest rates and inflation sinks in. $BTC
Digital Asset Seeks New Funding at $2 Billion Valuation Led by a16z crypto
According to Bloomberg, blockchain infrastructure firm Digital Asset is raising a new funding round at an approximately $2 billion valuation, with a16z crypto expected to lead roughly $300 million in financing. Digital Asset is the developer behind Canton Network and is backed by DRW, Citadel Securities, and several Wall Street banks. The company previously raised $50 million in 2025 from investors including BNY Mellon and Nasdaq.$BTC CFTC&SECStrengthenOversightCollaborationOnPredictionMarkets
MON: Existing Home Sales TUE: CPI Inflation WED: PPI Inflation + OPEC Report THU: Retail Sales FRI: Industrial Production + Powell’s final day as Fed Chair
Volatility is coming$BTC CFTC&SECStrengthenOversightCollaborationOnPredictionMarkets