Bitcoin Is The 'Last Functioning Smoke Alarm Of Liquidity,' Says Macro Analyst Luke Gromen - Stocktwits
Bitcoin Is The 'Last Functioning Smoke Alarm Of Liquidity,' Says Macro Analyst Luke Gromen - Stocktwits
Source: Stocktwits
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DW NOTE
Luke Gromen's formulation fails the moment you price gold in dollars. Gold is down 18.8% from its January high while the Fed is hiking into a shooting war that has cut global oil supply by 5.7 million barrels per day. If Bitcoin is a smoke alarm, it is sounding in an empty room — the actual liquidity drain is showing up in crude inventories falling 3.1 million barrels per day and 10-year yields at 5.18%, not in coin premiums.