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Rates quick pivot, glorious bitcoin setup

Treasuries fall by 32 basis points in five trading sessions. Bitcoin is one liquidity spike away from a fresh high.

Nik Bhatia

Jun 6

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Dear Readers,

Canada cut rates yesterday. Europe cut rates this morning. A reader sent me a message yesterday telling me my prediction about Canada came true, but I gently reminded him that I didn’t necessarily predict it—I’m a money markets watcher. It’s my job to tell you when rate cuts and/or hikes will happen a few weeks before they occur, but I also try to get a sense with three to six months lead time. That’s why the prediction of Fed cuts by June was not necessarily wrong… just early.

The move lower in global yields this week has been somewhat shocking. I am certainly surprised by its strength. It has also meant a brilliant setup for risk assets; any move lower in yields is accompanied by intensely attractive liquidity conditions for bitcoin. We have been bullish for some months and describing the current chop as simply a mid-bull consolidation. To be frank, we are ready for that consolidation to end. Eyes on $80k.

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Today’s topics

A very bullish setup for Treasuries
Bitcoin has eyes on $80,000
Fundamentals for bitcoin have never been stronger
Canada cuts rates as global easing wave continues
Fed is once again being priced for a September cut
Signal to take from this week’s ISM readings
How low can rates go?

Rates markets turn fast...

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