RECENT EPISODES
Mon 2 NovWhy the Midterms Matter for Market Liquidity | Macro Mondays: Nov. 2, 2026The episode examines how a major hedge-fund deleveraging and crowded trades are straining market liquidity, and whether midterm surprises could trigger a rally when a Democratic sweep is already largely priced in. The hosts discuss Iran negotiations, oil prices and the potential for the lame-duck Congress to address funding risks. They also assess AI’s compute constraints, rising GPU prices and the outlook for semiconductors.Wed 28 OctWhy Privacy Coins Are Quietly Crushing the Market | Trading the MarketsZcash and Monero are trading near or at all-time highs while Bitcoin remains well below its own, with speakers pointing to privacy use cases and new European privacy laws as sources of sustained interest. They contrast Zcash’s product and promotional backing with Monero’s decentralization and broad distribution, while noting that limited exchange listings and jurisdictional restrictions may constrain the trade. The discussion also assesses Bitcoin’s choppy outlook and key support near $76,000–$76,300.Mon 26 OctWhy AI Is NOT the Next Dot-Com Bubble with Andreas Steno and Mikkel Rosenvold | Macro MondaysAndreas Steno argues today’s AI buildout differs from the dot-com bubble: compute is scarce and costly, while companies such as Anthropic and OpenAI generate substantial revenue. But demand alone does not ensure attractive returns, and lenders may question whether massive spending will pay off. He also discusses falling quality-adjusted AI costs and how cheaper, more capable models could accelerate adoption.Thu 22 OctThe GENIUS Act Is Here — What Changes for Stablecoins? w/ Jonathan Gould, U.S. Comptroller of the CurrencyThe OCC’s final rule implementing its part of the GENIUS Act sets the stage for payment stablecoin issuer applications starting January 18, when the law takes effect. Comptroller Jonathan Gould says the agency expects scores of applications and will assess issuers case by case, with reserve, liquidity and reporting safeguards. He expects stablecoins to speed payments, especially across borders, and potentially strengthen the dollar’s global role; rules on rewards remain open to review in context.Mon 19 OctIs Inflation About to Derail the Rally? with Andreas Steno | Macro Mondays - Oct. 19, 2026Andreas Steno says US inflation momentum has been roughly flat since early May, while stronger manufacturing, rising orders and AI data-center investment are helping drive the rally. He sees the outlook hinging on a near-term resolution to the Strait of Hormuz crisis: fuel reserves are limited, and prolonged shipping constraints could turn a muted economic impact into a serious headwind. He also expects a near-term liquidity boost as the Treasury draws down its cash balance.Mon 5 OctHow Much Longer Can This Cycle Run? w/ Andreas & Mikkel | Macro Mondays Oct. 5, 2026Andreas Steno argues that rising long-term yields no longer automatically signal the end of the expansion, pointing to stronger-than-feared global growth and Japan’s rising yields alongside a powerful Nikkei era. The cycle’s path still depends on inflation and the Strait of Hormuz: prolonged disruption could keep energy prices high and prompt rate hikes. He also sees room for the technology rally to continue, with semiconductor demand and political resistance to data centers key indicators to watch.Mon 21 SeptAre Markets About to Take Off Again? | Macro Mondays: September 21, 2026In this episode of Macro Mondays, Miguel Rosendahl and Andres explore the potential for a market resurgence, examining the synergy between AI and cryptocurrency. They discuss the implications of the upcoming US-China summit on market dynamics and highlight a recent crypto rally linked to a short dollar proxy trade. Despite bearish retail sentiment and historical trends suggesting a tough September, the speakers anticipate a significant fourth-quarter rally, while also addressing the geopolitical factors influencing energy prices and semiconductor growth.Wed 16 SeptBitcoin’s Next Move Comes Down to the Fed? | Trading The Market: September 16, 2026In this episode, Chris Bullock examines how the Federal Reserve's decisions could shape Bitcoin's trajectory, particularly in light of a predicted 25 basis point rate hike. He discusses the implications of the Clarity Act and ongoing SEC rulemaking for the crypto market, emphasizing Bitcoin's role in the debasement trade. The episode also highlights Ethereum's strong performance relative to Bitcoin and the growing interest in tokenization of securities, suggesting a shift in investment strategies within the crypto space.Mon 14 SeptIs the Risk-On Trade Breaking Down? | Macro Mondays: September 14, 2026In this episode of Macro Mondays, Michael Oussman and Andreas Denau analyze a significant downturn in markets, signaling a potential breakdown in the risk-on trade. They discuss investor sentiment, highlighting a muted response to recent comments and a lack of urgency regarding AI regulations.Wed 9 SeptBessent Just Made His Move. Is Bitcoin Ready? with Kris Bullock & Bijan Maleki | Trading The Market - September 9, 2026In this episode, Kris Bullock and Bijan Maleki delve into the recent Federal Reserve bond buybacks and their potential impact on Bitcoin and the broader crypto market. They discuss how liquidity measures could favor cryptocurrencies and gold, with Bullock predicting Bitcoin might reach 83,000 if positive catalysts arise. Maleki highlights Solana's strength and the importance of market conditions, emphasizing that while Bitcoin currently outshines Ethereum, caution is warranted as resistance levels persist.Wed 2 SeptThe Bitcoin Bottom Is Looking More Convincing | Trading The Markets: Septmeber 2, 2026In this episode, the hosts analyze the Bitcoin market's recent performance, noting its significant close above the 10-month and 20-week moving averages, suggesting a potential bottom. They discuss the implications of a solid close above 83,000 for a new bull market and the importance of dollar-cost averaging. The episode also highlights the strength of altcoins like Solana and Uniswap, while cautioning against chasing meme coins and emphasizing the need for strong fundamentals in asset selection.Mon 31 AugIs Risk-On Too Risky? | Macro Mondays: August 31, 2026In this episode of Macro Mondays, the discussion centers on Kevin Warsh's recent speech and its implications for Federal Reserve policy, particularly regarding interest rates and inflation measures. Andreas Steno highlights the divergence between the PCE and CPI indices, warning that inaction on rate hikes could lead to a "cry wolf" scenario. The episode also touches on geopolitical tensions in the Strait of Hormuz and anticipates a more aggressive stance from the European Central Bank, potentially impacting currency dynamics.Wed 26 AugBitcoin Just Flipped! Is the Bottom Finally In? w/ Kris Bullock & Bijan Maleki | Trading the Markets August 26, 2026In this episode, Kris Bullock and Bijan Maleki analyze Bitcoin's recent price surge, driven by a significant short squeeze and record ETF inflows, suggesting a potential reversal in market sentiment. While both analysts acknowledge the positive momentum, they caution that Bitcoin has not yet confirmed a long-term uptrend and requires further validation. They also discuss the shifting financial conditions favoring riskier assets and the importance of focusing on strong-performing cryptocurrencies for better long-term outcomes.Mon 24 AugScott Bessent Just Changed the Liquidity Setup | Macro Mondays: August 24, 2026Scott Bessent's recent decision to double the buybacks of longer-running US Treasury bonds to $4 billion has ignited discussions about liquidity and market dynamics. While the immediate impact on liquidity appears minimal, the move aligns with a broader narrative of dollar debasement amid rising gold and Bitcoin prices. The episode also explores the role of hedge funds as key buyers of Treasuries and the implications of the Treasury's strategy on the Treasury General Account for future market liquidity.Wed 19 AugTreasury Just Flipped the Setup for BTC & Gold w/ Kris Bullock & Bijan Maleki | Trading the Markets Aug. 19, 2026Kris Bullock and Bijan Maleki break down how a Treasury announcement to double buybacks on 10-year and 30-year bonds starting September 9th sent long-end yields sharply lower, pulling the dollar down and mechanically pushing capital into Bitcoin and gold.Mon 17 AugInflation Is Cooling, So Why Is the Fed Running Hot? | Macro MondaysAndreas Steno makes the case that a Goldilocks regime, defined as inflation falling while growth recovers simultaneously, has risen to the second most likely outcome in his nowcasting framework, and that the Fed is not symmetrically accounting for disinflation the way it flagged inflation risks on the way up.Wed 12 AugGold Is Outperforming Bitcoin - Can It Continue? | Trading The Market: August 12, 2026In the August 12, 2026 episode of Trading The Market, Bijan Malekki explains why gold is currently outperforming Bitcoin, arguing that easing financial conditions over the past two weeks are routing TradFi risk-on money into gold first, with PaxG reclaiming its 20-week moving average and its chart against Bitcoin showing early uptrend signals including a D-Mark reset at an upcount of only one and two.Mon 10 AugIs the Economy Running Too Hot? | Macro Mondays: August 10, 2026In this episode, Andreas Theiner presents a below-consensus August inflation nowcast of 0.1 percent month-over-month for headline and 0.2 percent for core, attributing the softness partly to tariff revenues being recycled back to corporate America and reducing pricing pressure. He sees oil markets as calm, with physical spreads roughly flat and China providing a demand floor, while base effects from the March through April price peak will create a meaningful disinflationary impulse into early 2027.Wed 5 AugAre Financial Conditions Finally Turning for Crypto? | Trading The Markets Aug. 06, 2026In this episode recorded August 6, 2026, the discussion centers on whether easing financial conditions are close to triggering a meaningful crypto rally, with the financial conditions index sitting at 51, just above the 50 threshold separating tight from neutral and still short of the confirmation needed for a breakout.Mon 3 AugU.S. Rescues The Yen | Macro Mondays: August 3, 2026On August 3, 2026, the United States intervened in the yen market alongside Japanese authorities, effectively the mirror image of the 2011 operation, with the coordination framed as essential because Japan cannot control inflation without controlling the currency's path.Wed 22 JulClarity Act Progress Boosts Bitcoin | Trading the Markets w/ Kris BullockKris Bullock breaks down why the Clarity Act's rising passage odds lifted Bitcoin and what a potential sell-the-news reversal could look like if the legislation clears. She reads the near-term technical setup as constructive, with Bitcoin holding inside a prior range, a Traities indicator recently flipping green, and a DMARC count of only three suggesting the rally is not overextended, though she expects a rejection at the 20-week or 200-day moving average.Wed 22 JulClarity Act Progress Boosts Bitcoin | Trading the Markets w/ Kris BullockKris Bullock breaks down why Bitcoin's rally on rising Clarity Act passage odds looks technically constructive but not yet durable, pointing to a break back into a prior range and a traities indicator flipping green while warning that negative ETF flows of roughly five and a half billion dollars year to date and an absent US retail bid suggest the move is driven by stablecoin rotation rather than fresh capital.Mon 20 JulChina Just Shocked The AI Race | Macro Mondays: July 20, 2026China's Kimi K3 from Moonshot AI rattled markets last week, but the hosts argue the reaction misread the threat: the model leads on front-end coding per Arena AI scoring yet sits 5 to 7 percentage points behind Western flagships on the Artificial Analysis intelligence index, making it a sharper problem for Anthropic than for OpenAI and a weak case for reduced hardware demand, a point Moonshot itself undercut by announcing GPU shortages within 40 hours of launch.Mon 20 JulChina Just Shocked The AI Race | Macro Mondays: July 20, 2026China's Kimi K3 model from Moonshot leads on front-end coding per Arena AI scoring but Steno argued the market misread its implications, framing it as a threat to software companies like Anthropic and OpenAI rather than to hardware firms, since cheaper Chinese intelligence drives more usage and therefore more chip demand.Wed 15 JulWhy Bitcoin Still Can’t Catch a Bid?| Trading The Markets w/ Kris Bullock & Bijan MalekiKris Bullock and Bijan Maleki examine why Bitcoin continues to struggle to catch a bid, tracing the pressure to a dollar that bounced off its 10-day moving average and a global liquidity trend that remains negative across three-month, six-month, and yearly rates of change.Wed 15 JulIs a Bigger Move Coming?! | Trading the MarketsBitcoin sits at a critical inflection point near the 65,000 resistance level, carrying a DeMark nine exhaustion signal and declining volume, with Chris Bullock seeing a realistic path to the lower fifties within two to three months. Hyperliquid draws significant attention after generating over one billion dollars in volume on day one of the SpaceX IPO, with HYPE potentially reaching 300 dollars if US regulatory clarity confirms legal access to its perpetuals.Wed 15 JulWhy Bitcoin Still Can’t Catch a Bid?| Trading The Markets w/ Kris Bullock & Bijan MalekiKris Bullock and Bijan Maleki examine why Bitcoin continues to struggle for upside momentum, noting that after closing below a major support and resistance line Bitcoin was immediately rejected at its 10-day moving average, with bullish divergence signals on both the daily and weekly timeframes having weakened considerably.Mon 13 JulWhy Did the Iran War Restart? | Macro Mondays, July 13, 2026In this episode, recorded roughly ninety minutes after Trump declared the Iran ceasefire over and posted that the US intends to control the Strait of Hormuz, the host walks through what a resumed conflict means for oil markets, Federal Reserve policy, and the semiconductor trade. The current regional supply deficit sits near four million barrels per day, strategic reserves provide a three-to-five month runway, and the likely oil price equilibrium is around eighty dollars.Mon 13 JulWhy Did the Iran War Restart? | Macro Mondays, July 13, 2026In this episode, recorded July 13, 2026, the hosts examine why Donald Trump declared the Iran ceasefire over and resumed strikes on the IRGC, with the IRGC assessed to have deliberately disrupted the memorandum of understanding to preserve institutional leverage over the Strait of Hormuz. Despite the escalation, oil prices remain below the prior Thursday peak, with a four-million-barrel-per-day regional shortfall partially buffered by strategic reserve draws.Mon 13 JulWhy Did the Iran War Restart? | Macro Mondays, July 14, 2026In this episode recorded July 14, 2026, the discussion opens with Trump declaring the ceasefire with Iran finished and launching strikes on the IRGC after a message arrived roughly ninety minutes before recording stating US intent to control the Strait of Hormuz, with the IRGC's disruption of the memorandum of understanding attributed to a US miscalculation and the strait viewed by the IRGC as both a revenue source and an existential guarantee.Wed 8 JulIs a Bigger Move Coming?! | Trading the MarketsBitcoin sits at a critical juncture after bouncing off a double bottom near 60,000 dollars, briefly clearing 65,000 before falling back below it on fading volume and a DeMark 9 exhaustion signal, with a potential move into the lower fifties still on the table through approximately October.Wed 8 JulIs a Bigger Move Coming?! | Trading the MarketsBitcoin sits at a critical decision point after bouncing from a double bottom near 60,000 only to stall at a DeMark 9 exhaustion signal, with volume falling below its moving average and a single close above 65,000 resistance failing to hold. Chris sees a potential capitulation into the lower fifties by around October if Bitcoin cannot reclaim 65,000 as support.Mon 6 JulThe Fed's Mistake | Macro Mondays: July 6, 2026In this episode, Andreas makes the case that the Federal Reserve is committing a policy error by holding rates too high for too long, even as inflation data on both sides of the Atlantic undershoots expectations by a meaningful margin. Eurozone June inflation came in 0.2 to 0.3 percentage points below consensus with broad-based softness in non-energy components, and ECB governor Lagarde acknowledged the undershoot directly.Mon 6 JulThe Fed's Mistake | Macro Mondays: July 6, 2026The episode examines broadening disinflation after eurozone inflation undershot ECB projections and U.S. inflation-swap pricing and Andreas’s nowcast came in below economists’ expectations, strengthening his view that inflation is rolling over and a central-bank pivot after summer is likely. It also weighs oil’s return to the low $70s amid potential oversupply and accelerating HBM demand against the risk that semiconductor stocks peak before industry activity does.Wed 1 JulWhy Bitcoin Still Can’t Catch a Bid?| Trading The Markets w/ Kris Bullock & Bijan MalekiKris Bullock and Bijan Maleki examine why Bitcoin continues to struggle for upside momentum, pointing to an unconfirmed bottoming flag signal, a weakened RSI divergence, and the real possibility of a decline into the 50s with chop expected through at least September and October.Mon 29 JunIs Everyone Wrong About the Dollar? | Macro MondaysThe US dollar hitting its highest level against the Japanese yen since 1986 sits at the center of this episode, with Andreas tracing the move to a widening gap between falling market-implied inflation and increasingly hawkish Federal Reserve rhetoric that pushed real rates higher.Mon 29 JunBitcoin Is Stuck... What’s Next?Bitcoin is consolidating near 59,500 at the bottom of a range stretching down to roughly 50,000, with bullish RSI divergence visible on both daily and weekly charts suggesting weakening downward momentum. The core problem is an absence of marginal buyers, as Strategy has paused net purchases, ETF flows have flattened, and retail and institutions are sitting out, leaving thin order books that can produce sharp wicks without reflecting real demand.Mon 29 JunIs Everyone Wrong About the Dollar? | Macro MondaysThe dollar surging to its highest level against the Japanese yen since 1986 sets the stage for a debate over whether consensus dollar views are simply wrong. Kevin Warsh's hawkish pivot at his first FOMC press conference, where every forecast shifted in a more hawkish direction and the committee signaled it would take guidance from markets, has widened the gap between falling inflation data and tightening Fed rhetoric, pushing real rates higher and amplifying dollar strength.Wed 24 JunBitcoin Is Stuck... What’s Next?Bitcoin was trading near 59,500 at recording time before dropping toward 50,000, sitting at the bottom of a multi-month range with a bottoming process expected to take three to four months. Global M2 liquidity has rolled over, the dollar index broke out after nearly two years of consolidation, and real rates have tightened sharply, creating a risk-off impulse across crypto and other risk assets.Wed 24 JunBitcoin Is Stuck... What’s Next?Bitcoin's stagnation near 59,500 dollars is examined through the lens of a global liquidity squeeze, with M2 contraction, a dollar index breakout driven by the Fed being more restrictive than the ECB, and real rate differentials all weighing on risk assets simultaneously.