It Smells Like Something is Burning

Earnings Revisited

Below is a chart that is both slightly jarring and fairly intuitive at the same time. The jarring aspect is obviously the rapid ascent of the expected terminal fed funds rate over the past six months. The intuitive part is that bitcoin does not like tightening monetary conditions and has steadily declined in direct opposition to the expected terminal rate.

Note that we are using the futures market pricing for the March FOMC meeting as a proxy for where the Fed is expect...

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