JPM trading desk: We think the market setup is bullish and expect a wave of new all-time highs as we gain clarity on the budget/tax bill and trade policy entering earnings season where expectations are too low

Deutsche: the market being back at the highs raises the risk of renewed escalations on tariffs.

🚨US Supreme Court has rejected Coinbase user James Harper's appeal against the IRS.
*Harper argued that the IRS violated his privacy rights under the Fourth Amendment by asking Coinbase for user data.
*The court dismissed the appeal without explanation.
*This means the IRS is still allowed to access user data from 3rd-party platforms like Coinbase. [Tax dodgers in disbelief!]

Worst case scenario is another taco 🌮: Trade FUD until July 9, then last minute extensions and rally toward new ATHs. BTFD, ignore macro FUD. -@bullcase insider

President Trump just issued a handwritten note to Fed Chair Powell. 1% rates coming? [BTFD]

The first half of July has consistently been the best half-month of the year since 1950. July has histrically been a good month for BTC overall too. [BTFD]

🚨Bitcoin balances at OTC desks have plunged

Bitcoin/ Ethereum Spot ETF Flows: 2nd July 2025

🟢Bitcoin ETFs: $407.8M net inflows

🔴Ethereum ETFs: -$1.9M net outflows

🚨GS most shorted stocks index, Russell keep pushing higher. [Load the short squeeze narrative]

🚨Treasury Secretary Bbessent: Meeting with European Union negotiator today... we'll see what happens with the EU.
*Warn countries not to drag out trade talks; tariffs can cantilever back up to April 2. [reload the tariff FUD until July 9, BTFD]

Bessent: President Trump's agenda is growth agenda. Once we pass the OBBB, US economic growth will reach levels unseen since post-WW2. [Self reinforcing loops, policy firehoses, and market still short. Ignore FUD, BTFD! July will be glorious]

🚨The Nasdaq is in a strong V-shaped rally, similar to the one we saw during Covid. This type of rally reflects sharp reversals in financial policy. Back then, the reversal was the massive injection of liquidity to support the economy during Covid.

Today's reversal lies in the shift from an initially 'old-school libertarian' Trump (low taxes, limited spending, and minimal debt) to a 'neoliberal' Trump (massive debt increases, freewheeling spending, and trade restrictions).

Our loyal followers will remember how, since April, we've been telling everyone to BTFD. Our bull thesis rests on the unique role of stablecoins this cycle. Stablecoins will freewheel capital into crypto and fuel the biggest bull ever.

When, in April, we pointed out stablecoin issuers' massive UST holdings and their unique strategic position in funding U.S. government debt, bears retorted that stablecoins bid the short end, not the long end. Trump answered them a few days ago, stating: “I’ve instructed my people not to do any debt beyond nine months or so.”

Now, a massive issuance of short-term T-bills will have an effect very similar to QE. Today, the Treasury is stepping in for the Fed, effectively promoting real monetary easing. Like in the old Covid days, we're about to enter a new phase of up only.

Ignore macro FUD. BTFD. @bullcase

Bitcoin vs Global Liquidiy: BTC continues to mirror global liquidity expansion

🚨Retail is rushing to buy stocks here [S&P bull to take a break in August-Sept before resuming in fall]

🚨Professional managers are also buying now [the guys that panic sold in April]

🚨Put/Call ratio at range lows [As stocks top, we should see more money rotate into crypto now]

The S&P bull market began after retail gold fomo started. Liquidity moved ahead while CTAs (trend following funds) kept buying gold. Now stocks have become over extended and CTAs are buying stocks. This is the perfect time to rotate into the next risk on asset: crypto.

Gold ➡️ Stocks ➡️ Crypto.

@bullcase

Deutsche bank: CTAs chasing the rally in stocks but exposure is still not at overbought extreme. [Stocks' top is near, rotation into crypto imminent]

3 month volatility trending lower but still higher than 30 day vol. Soon systematic strategies and vol control funds, which are created to minimize volatility impact, can start buying again. [Vol control funds are top buyers, rotation into crypto imminent.]