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Ahead Of The Curve
03 Mar 2025

Uncertain times, attractive entries?

A resurfacing tariff sell-off filled the CME gap while melting down open interest both offshore and on CME to 7-month lows while ETPs endured record-breaking net outflows.
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It’s Trump’s world, markets are just enduring it
Trump headlines continue to cause sharp market moves as the President pursues his Tariff regime while uncertainty grows surrounding his geopolitical strategy. The uncertainty has led to de-risking, as the Nasdaq and the S&P 500 saw their worst 2-week returns since August 2024. BTC has largely followed broader markets with an 9% loss for the week. ETH continues its relative weakness as Lazarus Group has now converted 83% of the stolen Bybit ETH to BTC via THORchain.Trump caused a Sunday rally, announcing via social media that a national crypto reserve was going ahead with the inclusion of BTC, ETH, XRP, SOL, and ADA. The inclusion of assets beyond BTC has drawn criticism with which we align. We firmly believe that BTC is the only cryptocurrency that logically fits as a potential reserve asset for nation-states.
Both CME and offshore traders further reduce exposure
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