CTA (trend following funds) exposure to SPX is the lowest since November 2022. They're still not chasing the rally [we're very early]

Bitcoin spot ETFs experienced a total net inflow of $603.74 million last week

Ethereum spot ETFs experienced a total net inflow of $41.59 million last week

🚨The House Budget Committee voted 17-16 in rare weekend vote to pass Trump's tax cuts and budget bill, the Big Beautiful Bill [pamp it]

🚨Tether CEO Paolo Ardoino: Tether's US Treasury bond holdings have exceeded Germany, and the next target is to surpass South Korea.

Stocks futures lower as markets react to Moody's downgrade of the US credit outlook. [macro FUD as usual, BTFD.]

🚨US senators expect to vote again tonight on advancing legislation to create rules for stablecoins -sources [this will pass tonight because stablecoins buy US debt and that's exactly what the US needs right now with US30Y yields at 5%]

WH Sr. Adviser Hassett: I would not be surprised if there are more trade deals this week.
*Hassett: Moody's decision is backward looking
*Hassett: We'll keep a close eye on what the Chinese have agreed to
*Hassett: The economy will continue to take off

🚨Class action lawsuit has been filed against Michael Saylor's MicroStrategy alleging misappropriation of customers funds.
*Lawsuit claims: The company downplayed the risks of its oversized exposure to Bitcoin
*Lawsuit claims: Executives made exaggerated or incomplete statements that may have misled investors [Jim Chanos 4 days ago: We're shorting MSTR and buying Bitcoin. BTFD]

🚨Fed's Jefferson (Vice Chair): Vital central banks stand ready to provide liquidity.
Jefferson: CBs must try to minimize moral hazard
Jefferson: doesn't comment on outlook for rates, economy
Jefferson: Currency, bank reserves foundation of safe liquidity.

China issues statement on US adjusting chip export controls: US undermines consensus reached in Geneva talks, asks the US to correct wrongdoings. [ignore these clowns, just BTFD]

🚨🚨Trump may be able to fire Fed Chair Powell

Yardeni Research: It's been a remarkable recovery since April 8. Stock market sectors hit the hardest have rebounded the most. [everyone knew it was the bottom]

Swiss National Bank Chairman: There is currently no alternative to US Treasuries.

🚨The SEC has postponed its decision on VanEck's spot Solana ETF.

🚨The Senate is probably not going to finish its crypto bill on stablecoin this week - Semafor.

🚨🚨The GENIUS stablecoin bill passed the Senate procedural vote by 66 to 32. [send everything]

Moody's downgrade of US treasuries may force HK pension funds to sell. [make them sell USTs so stablecoin issuers can enter for cheap. Another downgrade please and thank you, Moody's.]

🚨BlackRock and Circle's cooperation agreement revealed
Blackrock-Circle MOU: Both parties agree that Circle would hand over at least 90% of its US dollar custody reserves (excluding bank deposits) to BlackRock for management
Blackrock-Circle MOU: BlackRock will be the preferred partner for Circle's stablecoin reserves; Blackrock promises to not issue competitive US dollar payment stablecoins in the next 4 years
Blackrock-Circle MOU: Circle Reserve Fund (managed by BlackRock) will invest primarily in U.S. Treasury bills and notes, repurchase agreements secured by Treasuries, and cash
-SEC filing

SPX back above pre-election day price [bear market has been cancelled]

Citi expects the USD to weaken following this week's G7 meetings
*Citi: US may request currency appreciation from some countries as part of tariff negotiations, with Japan, China, and other East Asian nations likely to be targeted
*Citi: Bessent to stress central bank roles in currency moves and highlight how foreign reserve investment strategies impact U.S. interest rates