Welcome to the 25th edition of Markets, Distilled — your edge on where capital’s flowing across the exponential age.
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1. Market Overview:
A. The Gold Rally Continues:
Gold is holding strong, with $75B in projected inflows for 2025—set to break records.
Up +27.2% YTD and ranging near $3,100–$3,400, the metal shows no signs of fading.
Central banks keep hoarding, while retail eyes gold as a macro hedge—momentum remains intact.
B. Institutions Pile Into BTC:
BTC ETF AUM just hit $132.3B, with IBIT racing to $70B—5x faster than GLD.
Despite ATH-level prices, the MVRV Z-Score is only 2.42—well below euphoria.
As U.S. equities bleed, BTC is emerging as the hedge of choice against fiscal decay.
Source: Coinglass
C. Europe’s Turn: Capital Rotates Out Of U.S.
As U.S. rates stay high and the dollar weakens, flows are shifting to the EU.
YTD: SPX +2.7% vs DAX +32.4%—a clear divergence.
Germany’s €500B stimulus, falling inflation, and resilient demand are fueling the rally.
Top gainers: DB +47.8% (credit tailwind), RHM +177% (defense boom).
Source: Mark Holowesko on X
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