Bitcoin RIPS 24% as $2.6 BILLION Floods Back Into Crypto

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**Scott Melker** (0:33)
Bitcoin rips 24% its second best week since early 2021 as $2.6 billion flood back into crypto investment products. This was a big week, a big pivot. So inevitably, we will now discuss whether this is one of those face-melting bear market rallies or the entrance, the beginning of yet a new cycle. We've got Dave, Mike, and special guest Alex Thorne from Galaxy here. And I'm definitely about to get another copyright infringement, but I don't care. I have to play this. Let's go.
Yeah, new intro music.
I guess like it. All right, we've got Alex. We've got Mike. I know I got a copyright infringement last time, and I did it anyways, which means we can't monetize, but hopefully I don't get a strike. But I wanted to start with Mike as we always do at the morning meeting. But Mike, I figured I would play that especially from you because I know that you are a huge fan of Sailor's hubris.

**Mike** (1:59)
I am, but I can't. The derogatory reference to females doesn't work for me, particularly in my corporate environment. So I have to be careful being associated with that. Honestly.

**Dave** (2:09)
Was that an official strategy post? Because I saw it this week that I was running around.

**Scott Melker** (2:14)
Okay, well, we will comment on that one. Let's start with the morning meeting, Mike.

**Mike** (2:18)
Yeah, so our economist, Andrew Slasher, pointed out it's all about this warship Jackson Hole. That's Wednesday. He thinks he's going to commit to the 2% target. And the key question is will that satisfy the bond market? PCE is coming out this week, 3.4% year over year, which is well above the target. He points out a lot of this leasing is due to portfolio management fees, which means stock market. Expects the Fed to stay on hold in September, expects claims to stay low, and expects a strong case of the Fed to stay on hold inflation above target. Ira Jersey, our rate strategist, pointed out about the buybacks. It's basically a form of operation twist. Morris wants on the short end, buy back the long end. When is the, his key question is when's the end game? Will it enhance liquidity? He thinks so. Short trading on the fundamentals, he thinks markets trading on the fundamentals. So he decreased with Scott's best since comment for last week. We have nominal growth running around 6% right now, which is usually where long end yields go. That was Ira's comment. US is now competing with long ends yields in other countries. Heading back, the currency is getting higher than the US. At any point, I'd expect the economy to do fine with 30 or above 5%. Chris Kane, our equity strategist, pointed out, obviously, things are still bullish, but he did point out the commitment of the Traders Report for the NASDAQ is showing the most short readings since 2020 It's a little bit eliminated. His quote is, he thinks that's going to be fuel for the fire. He pointed out how good earnings, 100% of the reality this year is due to earnings. Forward P's are actually coming down. 32.5% year-over-year growth in S&P earnings. He thinks that's the strongest in US history.
Energy was up 145%.
Just all that bull of stuff in stocks. We get that. Sergei Vogelov came on, pointed out the ECB is expected to hike soon. Soon he thinks the bullish trend thinks that's going to bring the euro to dollar rate back towards 120
And then I get on and quoted a comment about commodities, just pointed out that my main bias in crude oil remains downward. What's the goal of Mr. Trump? And I pointed out US January natural gas has already collapsed. Now it's at a good support. There's a level you should buy it, but that's the number one measure of heat, electrification and fertilizer. The lead the way lower before. And I pointed out similar issues between gold and Bitcoin. Now we can use that for later, but they both face fed tightening. Bitcoin more of a bear market bounce, and gold more of I think a consolidation long-term bounce. Key thing that's happening this week, and you might not care so much, but I'll mention yields in US grains. Corn have been collapsing the estimates, so that market's popped up, which means higher food. Hedge funds are on board of that.