This report examines market positioning, crypto flow risks, and the 'Hawkish Fed' trade reversal. It highlights a structural challenge for public blockchains as financial institutions increasingly opt for permissioned infrastructure.
Key Takeaways
- 1.MicroStrategy's bitcoin sales create periodic flow risk, but the larger structural threat to crypto is whether blockchain growth accrues to public networks or incumbent market infrastructure.
- 2.There is only a modest reversal of the 'Hawkish Fed' trade that occurred in May/June, despite the July payroll report cooling overheating fears.
- 3.De-dollarization flows have seen a modest reversal as FX reserve managers prioritize liquidity amid rising geopolitical tensions.
Table of Contents
- Flows & Liquidity
- Cross Asset Fund Flow Monitor
- Global Markets Strategy
- Cross Asset Positioning Monitor
- Appendix
- ETF Flow Monitor
- Short Interest Monitor
- Corporate Activity
- Pension fund and insurance company flows
- Credit Creation
- Bitcoin monitor
- Japanese flows and positions
- Commodity flows and positions
- Corporate FX hedging proxies
- Non-Bank investors' implied allocations
- Important Disclosures
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Authors
Nikolaos PanigirtzoglouMika InkinenMayur YeoleKrutik P Mehta
Securities
BTCETH
Themes
De-dollarization reversalHawkish Fed trade unwindingInstitutional blockchain adoption
Regions
EuropeAsia PacificUnited StatesJapanChina