Welcome to the 18th edition of Markets, Distilled—your edge on capital flow across the exponential age.
1. Market Overview:
A. BTC Breaks ATH:
BTC breaks $110K to hit a new all-time high, but altcoins lag as dominance climbs.
Still, falling USDT dominance hints at a broader risk-on shift.
If BTC consolidates near the top, altcoins may finally catch a bid.
B. Is US Tech Still A Buy?
SPX is down -0.63% YTD—but the Mag7 is trailing harder at -6.83%.
Why? Valuations ran ahead of reality: Mag7 stocks surged +112% on hype, doubling actual earnings growth.
Now, tariffs are biting. With 51% of tech revenue coming from abroad, investors are demanding profits—not promises.
Source: OptimistiCallie
C. EMs > US?
Emerging markets are catching a bid—projected 10–12% earnings CAGR with valuations still cheap at 12.3x P/E.
In contrast, the US trades at a steep 21.9x P/E, now facing headwinds from rising yields.
The pitch? EMs offer rare combo: growth, value, and less political noise. Exposure: EEM ETF (large-mid cap EMs) is up +10.08% YTD.
Source: Mike Zaccardi on X
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