Strategy Stays In
US risk assets extended the rally, with the S&P 500 up 0.62% and the Dow up 0.99% closing at record highs while the Nasdaq-100 rose 0.94%.
📉 Crypto stalls while equities and metals rip
US stocks pushed to fresh records yesterday (S&P 500 and Dow both at all-time highs, Nasdaq +0.94%) as gold and silver jumped again, but BTC ran into resistance in the $94–95K area and slipped back below $92K, while ETH’s six-day rally paused near $3.1K. Spot BTC ETFs flipped back to outflows (~$243M), even as spot ETH ETFs notched a third straight inflow day (~$115M).
🏛️ MSCI keeps DATs in indices as Fed tone leans easier
MSCI confirmed it will not exclude digital-asset treasury companies like Strategy Inc. from its global benchmarks in February, lifting Strategy’s shares and leaving its mNAV just above 1. At the same time, Richmond Fed’s Barkin flagged policy as “within the range of neutral” and Governor Miran argued that “well over 100 bps” of cuts are likely this year, while Morgan Stanley moved to join the next leg of institutional adoption with S-1 filings for spot BTC and staked-SOL ETFs.
⚡️ Free readers stop here. Paid subscribers get the full market note we send to clients — same structure, same depth.
👉 Upgrade to paid to join the pro side of this newsletter.
Market Snapshot: Overnight Moves
Daily Updates:
The risk-on rally in US equities was well intact yesterday as all three major US stock indexes closed higher. The S&P 500 and Dow Jones Industrial Average both reached a record high (up 0.62% and 0.99% respectively), and the Nasdaq-100 advanced 0.94%.
That occurred alongside a continuation in the precious metals rally — gold rose more than a full percentage point, while silver outperformed and rose 6%.
Cryptocurrencies, on the other hand, failed to see the same optimism. After five consecutive positive days, BTC was met with resistance at the $94-95K region and now trades below $92K. ETH’s rally also stalled after 6 days of gains. We covered in yesterday’s daily comment that we had seen tentative signs of a rebound in Spot BTC and ETH ETF inflows — that momentum has stalled slightly for BTC, as ETF products sold $243.2M of bitcoins yesterday. Spot ETH ETFs on the other hand had a third consecutive inflow day, purchasing $114.7M worth of Ether.