Brief #Macro thought:
1) As interest rates remained near zero during much of the past decade, the TINA (There is No Alternative) thesis supported equity valuations. In this environment, asset managers were forced to invest far out on the risk curve, which supported #NASDAQ and #crypto.
2) With the Fed now committed to beating back inflation, short duration Treasuries are hovering around 4% yield. Thus the environment has shifted from TINA to TARA (There are Reasonable Alternatives).
3) This implies that assets like $BTC and #ETH are unlikely to meaningfully rally as long as TARA remains in place.
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