The War Is a Distraction to the Biggest Trade of the Decade
Trump said he was going to destroy an entire civilisation and then within a few hours a peace deal was brokered, albeit temporarily, and the market obviously loved it.
Oil crashed and Bitcoin and equity futures ripped.
I said yesterday that this is Trump's playbook.
He anchors to something so extreme that when that thing inevitably doesn't happen, he can relish in success.
He literally wrote a book about this. And people really thought he was gonna "destroy a civilisation," lol.
It's a negotiation tactic, and the market knew it. The S&P was already up heading into the deadline.
Nobody actually believed Trump was going to turn a country into a living hell. And now we're back above that broken support level I've been writing about on the S&P 500, and as far as I'm concerned that's bullish.
I think crypto moves higher from here while everyone obsesses over every movement in that strip of water.
But my broader point is that you're being sold something at every turn.
It's always something scary. Tariffs, war, oil, rates.
And while you're getting swept up in all of it, you're not hearing about how we're about to undergo the single largest shift in financial markets since the advent of electronic trading.
And in all fairness, why would the media tell you that? It sounds boring. It kind of is boring. I read the entire DTCC manual today for how institutional settlement works. 200 pages of custody chains, entitlement orders, and the plumbing underneath every stock trade you've ever made. And yes, it is boring, but that's kind of the point.
Nobody reads this stuff.
But Jamie Dimon just told his shareholders that blockchain represents an entirely new wave of competitive threat to JPMorgan, separate from fintech, and that they need to roll out their own blockchain technology as a core competitive strategy.
This is the CEO of the largest bank in America who's been publicly skeptical of Bitcoin for a decade telling his shareholders that tokenisation is an existential priority.
The biggest institutions in the world are building for a tokenised financial system right now, today, regardless of what oil does or what happens in the Middle East. And retail hasn't figured this out yet because it doesn't make for a good headline.
Tokenisation is the single most underinvested theme from retail in the world right now.
The entire financial web is being upgraded, and the fact that you're probably hearing about it for the first time from a newsletter in your inbox should tell you everything about how early we are.
Best,
Louis Sykes
Senior Crypto Analyst, All Star Charts
