Trader Institutional, Entrepreneuer & Analyst since 2018 · Binance KOL & BNBChain Martian. Building at Web3 and Sovereign Infrastructure. X/Twitter: @mektrader_
U.S. stocks just hit a record. Tokenized stocks on BNB Chain hit an even bigger one.
Since April, QQQ has risen 29%. The market cap of tokenized stocks on BNB Chain has risen 4.8x to US$$ 1.21 billion, making it the first chain to surpass US$$ 1 billion, and its lead is still growing.
Bitcoin rose 1.5% and fell 3.4% on the same day. It depends on which currency you use to look at it.🤯
In dollars, it went from US$ 84.497 to US$ 85.756. In reais, it fell from R$ 441.270 to R$ 426.397.
Bitcoin barely moved. The real did, with the dollar falling 4.8%, from R$ 5,2223 to R$ 4,9722.
And the Ibovespa rose 7.4%.
Now think about what really changed between Friday and Monday.
Brazil's gross debt is the same. The primary deficit is the same. The government's interest bill, which is R$ 50 billion away from becoming the country's largest expense, is exactly the same.
Not a single figure in the real economy changed.
What changed was expectations about who will manage these numbers starting in January.
The U.S. payroll for September came in at 29K, versus 84K expected. 🚨
Unemployment rose to 4.2%.
And the revisions are worse than today’s number.
August fell from 162K to 133K. July was revised to -10K.
The three-month average, which was showing 71K, is now at 51K.
The private sector added 46K and the government cut 17K.
Wages also slowed: 0.13% month-over-month and 3.02% over twelve months.
Together with Wednesday’s PCE, which came in below expectations at both ends, the Fed tightened in September based on a labor market that was already weaker than the data suggested at the time.
The chance of holding interest rates STEPS UP TO 82%.
No surprises for anyone following along here, but there are still a lot of people disregarding data and ending up "not knowing what’s going on."
After a hiatus of leveraged positions, the price uptrend we’ve been seeing in the last few hours as we look for September’s highs is starting to show signs of speculative positioning reentry.
Open positions have risen more than 5% in just the last 24 hours while funding has increased.
This indicates the return of long speculative positions on this price rally and could be another catalyst for volatility.
If these positions keep growing, they’ll provide enough liquidity for us to resume tracking liquidation zones here.
In fact, that was the reason you hadn’t seen more of this kind of analysis here. The spot market was leading.
But we may be seeing the return of futures dominance.
And possibly, the liquidity grabs will return too.