The past two-year period has been truly exceptional for equities and risk assets more broadly. In the equity market in particular, valuations are now at one of their highest levels ever. The cyclically adjusted price-to-earnings ratio for the S&P 500 index, for example, is nowVladimir Dimitrov, CFA is a former strategy consultant within the field of brand and intangible assets valuation. During his career in the City of London he has been working with some of the largest global brands within the technology, ...

Key Points Top cryptocurrencies such as Bitcoin are seeing similar swings to other risk assets in the equity market following yesterday's interest rate cut from the FOMC. Recent liquidation data suggest traders and speculators are looking for clear direction on whether Bitcoin will trend higher or lower from here. Let's dive into some of the competing headwinds and tailwinds at play, and what this might mean for Bitcoin and crypto moving forward. 10 stocks we like better than Bitcoin › It's been ...

The Fed just cut rates again, and markets reacted fast. 🎯Risk assets spiked at first... then cooled off just as quickly. $BTC even dipped below $90K as traders "sold the news"Here's what actually happened and what comes next 👇🧵 ...

Market Outlook - Gold and silver are viewed as risk assets, with gold offering more downside protection [1] - Select commodities flowing into data centers are interesting due to increasing demand and less overownership compared to AI capex stocks [1] - Stock indices are expected to continue melting up, with thematic work focusing on the most interesting sectors in H1'26 [2] - Liquidity re-expansion is anticipated to lead to more true trending markets after a period of choppy rotational activity [2] - The buyer base for BTC and alts has been weakened financially and psychologically, potentially requiring a reset period [3] Cryptocurrency Analysis - There are real reasons for BTC and alts to increase in value, potentially benefiting the most from liquidity re-expansion [3]

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Core Insights - Risk assets have faced significant pressure since October, with the S&P 500 only about 3% from its all-time high, while many stocks have declined more substantially, particularly speculative names which have dropped by 40-50% [1] Group 1 - The S&P 500 index is currently near its all-time high, indicating some resilience in the broader market despite the pressure on risk assets [1] - Speculative stocks have experienced severe declines, with losses ranging from 40% to 50%, highlighting a shift in market sentiment [1] - The investment approach discussed focuses on long-term strategies, emphasizing low-risk ETFs and CEFs as preferred investment vehicles [1]

Core Viewpoint - US equities experienced a significant decline as investors moved away from major technology stocks, leading to a deterioration in sentiment across risk assets [1] Market Performance - The Dow Jones Industrial Average fell by 466 points, representing a 1% decrease [1] - The S&P 500 also decreased by 1%, marking its fourth consecutive day of losses, which is the longest downturn since August [1]

Core Viewpoint - The stock market is experiencing a downturn as investors are moving away from risk assets while awaiting significant earnings reports and economic data [1]. Group 1: Market Performance - Futures for the Dow Jones Industrial Average fell by 125 points, or 0.3%, with similar declines observed in S&P 500 and Nasdaq 100 futures, both down 0.3% [2]. - The three major indexes recorded a decline on Monday, marking the largest three-day drop for the Dow and S&P since mid-April [2].

Core Insights - Bitcoin has entered a deeper bear market, with a 22% decline from its early October peak, reaching a six-month low of $94,700 [1][4] - The sell-off is driven by a broader decline in risk assets, particularly tech stocks, amid investor concerns over high valuations [1][4] - Significant outflows from spot bitcoin ETFs reached $866.7 million, the highest since early August [2] - Bitcoin's liquidity has decreased, with market depth falling from approximately $766 million to $535.2 million, leading to increased price volatility [2] - Speculation regarding Strategy, the largest corporate holder of Bitcoin, offloading its holdings contributed to the sell-off, although the company's founder denied these rumors [3][4] - The net asset value premium of Strategy has dipped below 1x, indicating a temporary loss of premium over its Bitcoin holdings [4] Market Sentiment - The current state of Bitcoin reflects broader market sentiment towards risk assets, with fears of high valuations and decreased liquidity exacerbating the sell-off [4][5] - The volatile nature of cryptocurrencies is highlighted, emphasizing the impact of market sentiment on their value [5]

Core Insights - Bitcoin's price has dropped 6.55% in the last 24 hours, currently trading just above $95,000, marking its lowest point since May [1] - Over the past month, Bitcoin has lost approximately 20% of its value, driven by uncertainty regarding Federal Reserve interest rate cuts and a selloff in tech and crypto stocks [2][6] Federal Reserve Rate Cuts - The Federal Reserve is expected to announce its decision on interest rates next month, with three potential outcomes: increase, hold, or cut rates [3] - Recent market sentiment has shifted, with only a 50% chance perceived for a rate cut in December, down from a 90% chance earlier in November, contributing to Bitcoin's decline [6] Tech and Crypto Stock Selloff - Bitcoin is categorized as a risk asset, and its price volatility is mirrored in the performance of tech stocks, particularly those in the AI sector [7] - Major tech stocks experienced significant declines, which may lead investors to withdraw from cryptocurrencies in favor of safer investments [8] Bitcoin's Yearly Performance - Bitcoin started the year above $94,000, peaked at over $126,000 in October, but has since faced a steady decline, currently up only about 2.8% for the year [10][12]