Tuesday, Apr 18, 2023

Earnings misdirection, crypto vulnerability and more on ETH withdrawals... plus, bank tokens and emerging use cases

“The street finds its own uses for things.” – William Gibson

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WHAT I’M WATCHING

• Earnings misdirection. Strong earnings are good news for stocks but not for bonds since economic strength means more tightening ahead. Since this stock market rally has been skewed toward tech companies, the implication for rates means it might not last for much longer. More on this below.

• ETH withdrawals. These have again dwindled to an almost negligible amount, while deposits continue to come in, leading to a net positive inflow. This could change tomorrow, however, as Binance starts enabling withdrawals. More on this below.