Right now, equities and crypto seem correlated, with many claiming both are risk-on assets driven by global liquidity. That’s wrong. Equities are a risk-on asset within the carry trade, fueled by global liquidity; Bitcoin, however, isn’t part of anyone’s carry trade—yet. And for good reason.

At its core, Bitcoin is the anti-carry trade asset. Its... See more

Global Liquidity takes an international perspective, considering liquidity created by multiple monetary authorities, including central banks outside the US like China's PBoC. It also accounts for private sector credit provision through various channels, such as banks, repo markets, and shadow banks. Importantly, it embraces the concept of the... See more