Trading Desk Insights
Markets leaned into weakness today as surprisingly strong U.S. economic prints rattled expectations for Fed easing. Real GDP was revised up to a 3.8 % annual rate in Q2, 0.5% above the prior figure, driven by stronger consumer spending. Initial jobless claims also came in well below consensus last week, easing fears that the labor market is cracking. Fed watchers are parsing these signals closely; despite the upbeat data, markets still price in two rate cuts this year (October, December).
In crypto markets, pressures are building. The likely Treasury General Account (TGA) refilling may have sucked liquidity from the space, even as broader risk assets (tech, gold) continue to trade near highs. Bitcoin slid below $111,000, its weakest since early September. Among alts, HYPE, SOL, UNI and DOGE underperformed sharply. In a twist, Aster (with YZi Labs backing) jumped past Hyperliquid in daily perp volume this week, an upset that rippled through the on‑chain trading infrastructure.
In equities, markets sold off again Thursday, led by a tech pullback. Rising yields and a stronger dollar added fuel to the fire. The 10‑year U.S. Treasury yield climbed toward 4.19 %. On the deal front, Google quietly secured a 5.4 % stake in Cipher Mining, tied to a $3 b AI hosting agreement, a move that’s drawing attention at the intersection of tech, infra, and crypto.
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Disclaimer
This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
The information on which the analysis is based has been obtained from sources believed to be reliable such as, for example, the company’s financial statements filed with a regulator, company website, company white paper, pitchbook and any other sources. While Secure Digital Markets has obtained data, statistics, and information from sources it believes to be reliable, it does not perform an audit or seek independent verification of any of the data, statistics, and information it receives.
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Crypto and/or digital currencies involve substantial risk, are speculative in nature and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.
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