Crypto Flows

Indeed a steady start with regards to crypto flows in Q1 2024 thus far. Today we had > 1 bln traded in the iShares Bitcoin Trust ETF. It's as clear as daylight to me that trying to fade these flows is going to lead to you getting your face ripped off. We haven't even seen rate cuts yet and any kind of turmoil would lead me to believe that crypto will outperform (due to the expansion of liquidity). My intuition suggests that this cycle is going to be a bubble cycle due to these flows and the anticipated participation of everyone and their dog. There is also potential for an Ethereum ETF this summer and I have my discretionary price targets this cycle where I will take some chips off the table where I feel we have reached "irrational exuberance". Let's see how this plays out and most importantly enjoy the journey.