One of the most important signals of macro liquidity and risk-on/risk-off flows is centered around carry trades.
This is one of the key inputs into trading of Bitcoin and all risk assets
Changes are taking place as central banks shift their stance. Let's dig into it 🧵👇
Now, how does all of this connect to WHERE we are in macro? I have already laid out the stance of central banks and how this connects to the bearish bond view here:
Capital will continue to shift out the risk curve in factors as well as carry trades until rates on the long end move to high and break something. I laid out the tensions and timing around this here:
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