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“A billion and a half of outflows over the last couple of weeks is pretty significant.” – 02:22
Remy welcomes Andy Baehr, Head of Product and Research at Coindesk Indices, to provide expert insights into the factors influencing the market’s current softness. Andy explains that the market is experiencing a “tender” phase, which has led to a sense of vulnerability among investors. He discusses various reasons for this softness, including lower liquidity, profit-taking by long-term Bitcoin holders, and the effects of external economic factors such as Federal Reserve policies and government shutdowns.
The conversation shifts to the importance of liquidity in the market, with Andy emphasizing that a significant amount of money is currently flowing out of ETFs. He notes that while some of these outflows may be related to arbitrage positions, the overall trend indicates a cautious sentiment among investors. Remy and Andy also explore the distinction between “fast money” and “slow money,” with Andy reassuring listeners that long-term investment interest in the crypto space remains robust.
As the episode progresses, Remy and Andy discuss the broader implications of recent market volatility, not only in cryptocurrencies but also in equity markets and other asset classes. Andy shares insights from the Ripple Swell event, where he observed notable advancements in mergers and acquisitions, as well as significant fundraising efforts that could shape the future of the industry. He emphasizes the importance of viewing the crypto landscape as a long-term technological evolution rather than getting caught up in short-term market fluctuations.
The discussion also touches on the political landscape, particularly the implications of local elections in New York and the ongoing U.S. government shutdown. Andy expresses hope that the regulatory environment for digital assets will not become more complicated with additional municipal regulations. He advocates for a balanced approach to consumer protection and regulation that can help maintain New York’s status as a leading hub for cryptocurrency.