Quick Macro Thoughts

It’s a confusing time for crypto investors. Equities seemed poised for fresh all-time highs while crypto is stuck in neutral and has lagged stocks for weeks. Corporates are still raising capital aggressively to accumulate liquid crypto. The majors sit at tough resistance: BTC faces heavy supply in the 105–110k zone, ETH is pinned under its 200-day, and SOL is dealing with the exogenous pressures discussed later on in this note. Stocks are also approaching potential resistance at their record highs. The market s...