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Risk assets chopped sideways as traders kept their powder dry ahead of tomorrow’s Fed decision. BTC slipped a touch but continues to hold firm around the $90k mark. Yesterday saw Strategy lift 10k BTC and BMNR scoop up 138k ETH, both encouraging prints, though more follow-through will be needed to move the needle. OTC flow stayed muted with spot still quiet. Spot CVD remains negative but started to perk up this morning. Options traders are leaning defensive, with BTC puts still pricing at a premium to calls across the curve. Alts were mostly rangebound, even as a few names like ZEC, ADA, and TAO caught quick intraday bids.
On the macro side, President Trump said the U.S. will let Nvidia ship its H200 AI chips to “approved customers” in China and elsewhere, with 25% of sales reportedly going back to the U.S. government. He added that Xi responded “positively” to the plan.
The main event is still the Fed. Traders are dialed in for Wednesday’s final meeting of the year, with markets largely pricing another 25bp cut after similar moves in September and October. Powell’s tone and the new dot plot will set the tone for year-end positioning. The 10-year yield continues to grind higher as investors wrestle with sticky inflation and the risk that easing may not come as fast as hoped.
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This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
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